How much can you save?

bodmil

leahciM, definitely pay off your CC debts as soon as possible, you'll just end up spending more on them in the long run otherwise. The faster it goes down, the faster you can then think about it going up!
2 days without my car now and I've been cycling to the shops. I've really had to think about what I need as I can't pop in every day now and I can't pick up lots of stuff as I've got to carry it all back. So great news, saving £s and losing lbs! Unfortunately it does mean I turn up sweaty and with a huge rucksack, but compared to the chavs in their micro shorts and layers of make up hanging around the shops, I don't feel too bad!

cookie9

leahcim - Check out the rate you are paying on your credit card - if higher than savings interest then pay it off first.

I managed to get compensation for my bank's mistakes and also exchanged my old holiday money at long last. Together with my loose change managed to bank £110 with £40 for fun money.

bestpud

Great thread! Can I join you please?

I have no savings at all yet (been paying off debt) but need to self fund a Foundation Degree over the next two years and have to get the money together for it (£3290 this year and whatever they increase it to the following year)! :eek:

A family member has very kindly offered to pay the last of my car loan (£750) which I've been paying off at a rate of £250 a month and that will be me debt free :j (excluding student loan but that doesn't really count imo)

Soo I have £250 a month towards the fees, plus anything else I can save! :j

Any ideas what is the best way of keeping this money until I need it, because I will obviously need to access it over the two years? I will pay the fees in installments so I keep any interest as long as possible, of course!

I have an e-savings account attached to my current account and thought maybe that is the way to go...?

I will probably need to get a student account though and use the overdraft for the first year fees but would aim to pay it off before I graduate...

Also, do any of you use an iphone app to help keep you motivated/track your savings total?

Mags_cat

leahciM wrote: »

Also, I know that all the advice tells you to pay of credit card debts before you should save, but it's so much more encouraging to see money go up rather than a debt go down, don't you think?

I agree, it is. But - as others have said it's costing you more than your savings can earn. So paying it off will temporarily dent your savings, but it will save you money in the long run *and* if you're planning to keep the credit card (for emergencies?) then effectively until you replace it with actual saved money you still have that amount in your credit limit but it's not costing you anything.

hostie1985

Welcome to the thread bestpud!!!

leahcim - if u have a higher interest rate on ur credit card than ur savings interest, its better to clear ur credit card, keeping the credit card longer will cost u more in the long run.

Still no update from me on the savings update, need to pop to the bank, but i may just lay in the garden instead and soak up the sun

hostie

xx

hostie1985

i've managed to get myself to the bank, and now have £18,503.65 saved, which i'm really happy about :T

i've also got only 5 months left of my car loan as well - cant wait until its paid off

Have updated my sig as well

Hostie

xx

tinkerbel

well ive just finished all my uni finals so saving is being a bit pushed back while I spend some money celebrating!!

dippykitty

bestpud wrote: »

Great thread! Can I join you please?

I have no savings at all yet (been paying off debt) but need to self fund a Foundation Degree over the next two years and have to get the money together for it (£3290 this year and whatever they increase it to the following year)! :eek:

A family member has very kindly offered to pay the last of my car loan (£750) which I've been paying off at a rate of £250 a month and that will be me debt free :j (excluding student loan but that doesn't really count imo)

Soo I have £250 a month towards the fees, plus anything else I can save! :j

Any ideas what is the best way of keeping this money until I need it, because I will obviously need to access it over the two years? I will pay the fees in installments so I keep any interest as long as possible, of course!

I have an e-savings account attached to my current account and thought maybe that is the way to go...?

I will probably need to get a student account though and use the overdraft for the first year fees but would aim to pay it off before I graduate...

Also, do any of you use an iphone app to help keep you motivated/track your savings total?

Welcome aboard!

hostie1985 wrote: »

i've managed to get myself to the bank, and now have £18,503.65 saved, which i'm really happy about :T

i've also got only 5 months left of my car loan as well - cant wait until its paid off

Have updated my sig as well

Hostie

xx

That's really good going!

Lokolo

bestpud wrote: »

Great thread! Can I join you please?

I have no savings at all yet (been paying off debt) but need to self fund a Foundation Degree over the next two years and have to get the money together for it (£3290 this year and whatever they increase it to the following year)! :eek:

A family member has very kindly offered to pay the last of my car loan (£750) which I've been paying off at a rate of £250 a month and that will be me debt free :j (excluding student loan but that doesn't really count imo)

Soo I have £250 a month towards the fees, plus anything else I can save! :j

Any ideas what is the best way of keeping this money until I need it, because I will obviously need to access it over the two years? I will pay the fees in installments so I keep any interest as long as possible, of course!

I have an e-savings account attached to my current account and thought maybe that is the way to go...?

I will probably need to get a student account though and use the overdraft for the first year fees but would aim to pay it off before I graduate...

Also, do any of you use an iphone app to help keep you motivated/track your savings total?

I'd be shot on site at work if I had an iPhone! All my friends have Androids and are very anti Apple! haha.

Have you attempted to sort out the student finance stuff yet?

bestpud

Lokolo wrote: »

I'd be shot on site at work if I had an iPhone! All my friends have Androids and are very anti Apple! haha.

Have you attempted to sort out the student finance stuff yet?

Oooh, I love my iPhone!

I've found out the situation with SF, yes.

I can't get any finance at all for the first two years but should be able to in the top up year.

If I can get full funding for the top up year, it would be enough to pay the fees for the first two years but I can't rely on that actually happening.

Sooo, I don't need finance to live on so I can manage as long as I can save enough for the fees - hence I'm here.

I need £3290 for this year and that plus whatever they put it up by next year. :eek:

I can get a bursary and a small grant, and I haven't yet finalised this years SF so will have the grant for that soon.

Other than that I am trying to raise/save as much as I can in as many ways as I can.

No hope of me selling my body though as I'd have to pay them! :rotfl: