How much can you save?

leahciM

Hi guys and gals.

I'm brand new to this forum, but it seems like the perfect place for me!

I'll keep my story short, but I think I need to lay it out so that I can be honest with where I am with my savings.

I'm just back from traveling and finished my post-grad and got a 'real' job (for real job, read: not the same minimum wage bar job that saw me through high school, college and Uni!)

I'm a big fan of the idea of getting rich slowly and diligent saving and shrewd investing is the best way for that.

I'm just enough pay packets to get me out of my overdraft, so as of next friday I'll actually be earning my own money and I'm hoping to save £250 a month via direct debit and then as much as possible on top of that on a more relaxed basis.

If the 'relaxed basis' works out then I'll up my monthly direct debit savings accordingly.

Not really saving for anything, I suppose a house deposit at some point though renting is fine for me. Rather, I just like having money, not to be a flash idiot with, but the security that comes with knowing its there.

Well, that's my wall of text over. I'm going to have a good look around for a good regular savers account (I don't need instant access or anything), if anyone has any suggestions then I'd be mighty grateful.

Best Wishes,

Michael (see what I did with my username? )

bodmil

grn.w.nv wrote: »

Just been chatting to my mechanic / family friend, who thinks it could be a fuel injector pump which could cost over a grand to replace. Great, just what I need when we're buying our first house

Just had similar news... not only is it a massive bill, but not worth paying. Car will be scrapped and I've got to fork out for a new one. Just I was really getting the ball rolling, I feel like it's just rolled over me!

leahciM

bodmil wrote: »

Just had similar news... not only is it a massive bill, but not worth paying. Car will be scrapped and I've got to fork out for a new one. Just I was really getting the ball rolling, I feel like it's just rolled over me!

Feel your pain, my car failed its MOT today - but I'm moving into London in the next few months so just needed it to last till then.

Looking forward to scrapping it tbh - been a cash sink for more years than I care to mention.

Rose_Crow

Welcome Michael and slowandsteady!

The problem with the car is, when do you draw the line and stop forking out for it? I could pay out a grand, and it not give me any problems for ages, or it could go wrong again. If I scrap / sell it, I've then got to find another couple of thousand to buy a new car, which will be just as old and high mileage as the one I've got now, then the cycle begins again.

hostie1985

Welcome to the thread Micheal and slowandsteady!

grn.w.nv - I know what you mean, didn't you just wish you could have a crystal ball to see what is the best option for you!

Hostie

xx

slowandsteady_2

Hi,

thanks for the welcome everyone, its appreciated!

Cars seem to be a theme at the moment, mine just had its MOT today, failed which we knew it would as we had it looked at a couple of weeks ago, but we have found a great mechanic a few months ago and he should be able to do the repairs for less than £200 hopefully. Thats partly what im saving for too, a newer car, i don't want one on finance though so am hoping to use £3000 out of my projected £5000 savings by the end of the year to buy a used car thats newer than mine! That will leave £2000 for emergencies and i will just keep adding to it. Just need to get this one to get me through another winter of commutes!

Well, payday on Tuesday, heres hoping there's something left from sick pay to tuck away! Roll on going back to work in a couple of weeks!

Driving_Soon

Just added a spare £75 to my savings, so now at the total of £20,775.00

hostie1985

Driving_Soon wrote: »

Just added a spare £75 to my savings, so now at the total of £20,775.00

Thats a really impressive total u've got! how long have you been saving for?

Hostie

xx

dippykitty

slowandsteady wrote: »

Hi everyone,

have just found this thread and read through the first few pages-i have been hoping to find a thread like this for a while, obviously didnt look hard enough!

We have had a difficult 3 years or so financially and have only recent been in a position to save anything, so now im putting every spare penny away i can find, im even being very MSE and selling unwanted stuff and thats helping!

I am the main wage earner in my house, dh is a full time dad but is doing ad hoc agency work as a driver at the moment as i have been off sick but go back next week. So basically its all down to me!

I have a few savings targets that im working towards but basically involves a goal of-

£5000 in total savings by December 2010.

This is not a great deal i know, but it is to us! We are not saving for a mortgage as we are happy renting, just general life!

I am with Nationwide for my current account and i have an Instant Access ISA and a Regular Savings and an e-savings account with them (dont use the e-savings though). From memory, i have

£1439 in Regular Savings
£1103 in the ISA

The Regular Savings interest rate varies according to how much i increase the balance by each month, but has a maximum amount you can put in of £1000 a month (i wish!). I am getting rid of the ISA because the interest rate is terrible, as its instant access, i am putting that money in a higher interest ISA or in the Regular Savings

My official salary is just over £21000, but im a nurse and work unsocial hours so my salary varies anywhere between around £1200 and £1400 a month after tax, according to the shifts.

As a minimum i want to save £300 a month, which is possible, but this wont quite take me to my end of year target, so i like to put as much away as possible. We have just had some random WTC and CTC payments as our income was much lower than expected last tax year so we had an underpayment, the WTC extra payment i got went straight into savings and CTC is going on some essential bills. I have no idea if we are entitled to Tax Credits this year due to my income being back to normal as i havent had my award notice back but have obviously done my renewal. If we are getting any payments, it wont be much but every little helps and it will go in savings.

So thats it really, sorry for the long post!

Im so glad to have found this thread, i usually haunt the OS forum, so hope you will have me!

leahciM wrote: »

Hi guys and gals.

I'm brand new to this forum, but it seems like the perfect place for me!

I'll keep my story short, but I think I need to lay it out so that I can be honest with where I am with my savings.

I'm just back from traveling and finished my post-grad and got a 'real' job (for real job, read: not the same minimum wage bar job that saw me through high school, college and Uni!)

I'm a big fan of the idea of getting rich slowly and diligent saving and shrewd investing is the best way for that.

I'm just enough pay packets to get me out of my overdraft, so as of next friday I'll actually be earning my own money and I'm hoping to save £250 a month via direct debit and then as much as possible on top of that on a more relaxed basis.

If the 'relaxed basis' works out then I'll up my monthly direct debit savings accordingly.

Not really saving for anything, I suppose a house deposit at some point though renting is fine for me. Rather, I just like having money, not to be a flash idiot with, but the security that comes with knowing its there.

Well, that's my wall of text over. I'm going to have a good look around for a good regular savers account (I don't need instant access or anything), if anyone has any suggestions then I'd be mighty grateful.

Best Wishes,

Michael (see what I did with my username? )

Welcome aboard!

Driving_Soon

hostie1985 wrote: »

Thats a really impressive total u've got! how long have you been saving for?

Hostie

xx

That's about 2 years worth of saving really, I saved that much while working, I was only 18-20 at the time so did not have much out-goings (just a little bit of rent, driving lessons and spending money) so much of it just went into Savings. But I quit work 2 years ago to go back to College and then Uni in September so I don't get to save much now, but just the odd bit if I get anything left over lol. I'm scared of the fact once I go to Uni I'll have to dip into the savings plus the fact that I will be in debt haha!