How much can you save?

evenasus

All 16 posts by JenniferPatterson are SPAM.
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leahciM

bodmil wrote: »

I may have gone MSE mad! Went out drinking last night and woke up to find my laptop open on my budget spreadsheet with spending for the night already entered!

this made me lol

rictus123

What does everyone who has a car on finance pay monthly? And whats your insurance?

leahciM

Quick, someone tell me this was a good idea!
I paid off a chunk of my CC today rather than put anything into my savings. Furthermore, I'm considering going into my overdraft to dump the rest of my CC debt as the interest is lower on my overdraft than my CC meaning that, in the long run, I'll be able to save more, quicker.

Is the logic of this idea good or have I missed something? Cheers

hostie1985

rictus123 wrote: »

What does everyone who has a car on finance pay monthly? And whats your insurance?

Hi Rictus,

I pay £186 a month for my car, but only have 5 months left! I don't miss it coming out of my bank account! I bought it from new 2 and a half years ago.

I pay my car insurance in 1 go, which is due september, hopefully another year of 'no claims'....... :rotfl: last year it was £450 fully comp.

Hostie

xx

leahciM

had a stroke of genius today. Every three days I'll round down my regular bank account and put the excess into my ISA - this will be a negligible amount each time, but will probably add around £50 a month to my ISA.

Ok, maybe not genius, but I'm happy enough with it

gallygirl

leahciM wrote: »

Quick, someone tell me this was a good idea!
I paid off a chunk of my CC today rather than put anything into my savings. Furthermore, I'm considering going into my overdraft to dump the rest of my CC debt as the interest is lower on my overdraft than my CC meaning that, in the long run, I'll be able to save more, quicker.

Is the logic of this idea good or have I missed something? Cheers

The logic of this may be good or may not! If your CC was maxed out & by paying a load off you are giving yourself more credit to use up then no, it's not a good idea. If however you are sensible enough to not incur more spending (which I suspect you are, from this & your subsequent post & fact you're on a savinsg board!) then yes, it is a good idea.

Whilst we are told to have 3 months savings to tide us over in case of redundancy etc it MAY be better to have that as available spends on your CC and use the actual cash to pay off the debt.

Re the rounding down - ok, not a lot of money but every little helps. Not just in the concrete sense but in having savings to the front of your mind you'll be less likely to squander money in general. If you can round down every 3 days for a month or so & don't miss it then why not switch to 2 days, then maybe even 1 day?

foster123

Can i join please. Not long started saving as had debts to pay but being sensible now i'm thinking that i need to get a couple of thousand saved for emergencys.

hostie1985

Welcome to the thread Foster123!!

Do you have an amount in your mind that you want to save?

Hostie

xx

dippykitty

leahciM wrote: »

had a stroke of genius today. Every three days I'll round down my regular bank account and put the excess into my ISA - this will be a negligible amount each time, but will probably add around £50 a month to my ISA.

Ok, maybe not genius, but I'm happy enough with it

I do something similar but it's not a regular thing, just when I've got a bit to spare. Look for the Virtual Sealed Pot (VSP) thread - there are lots of FM's in there who do much the same thing so it's good for mutual support and encouragement! I think the thread is in the DFW section.

foster123 wrote: »

Can i join please. Not long started saving as had debts to pay but being sensible now i'm thinking that i need to get a couple of thousand saved for emergencys.

Welcome aboard!