How much can you save?

Addo

Hi guys,

Can I join too? I have close to £7k saved so far and aiming for 10k, I sort of stopped saving a lot last year but am starting up properly again, so therapeutic getting it all sorted. Back to saving £250 pm! :j

Quick question - how do you all stay on track? Sheer will or is there something else driving it?

Cheers,

Addo

KrazyKel

Ive done me a SOA so i can keep an eye on my savings, got my Tax credits sorted now and started getting my payments the last 3 weeks.
Now i can finally work out what I can save, and budget for too as i got a newer car less than 2 months ago too!

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 390
Benefits................................ 372
Other income............................ 297
Total monthly income.................... 1059

Monthly Expense Details
Secured/HP loan repayments.............. 214
Rent.................................... 300
Mobile phone............................ 35
Satellite/Cable TV...................... 18
Internet Services....................... 15
Groceries etc. ......................... 100
Clothing................................ 0
Petrol/diesel........................... 50
Road tax................................ 0
Car Insurance........................... 65
Car maintenance (including MOT)......... 0
Car parking............................. 30
Presents (birthday, christmas etc)...... 0
Entertainment........................... 0
Total monthly expenses.................. 827


Assets
Cash.................................... 2500
Car(s).................................. 10750
Total Assets............................ 13250


Secured & HP Debts
Description....................Debt......Monthly...APR
Hire Purchase (HP) debt ...... 5000.....(180)......0<
GAP Ins........................370......(34).......0
Total secured & HP debts...... 5370......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,059
Expenses (including HP & secured debts). 827
Available for debt repayments........... 232
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 232

Personal Balance Sheet Summary
Total assets (things you own)........... 13,250
Total HP & Secured debt................. -5,370
Total Unsecured debt.................... -0
Net Assets.............................. 7,880

A few notes:
Food Shopping - estimaed, work in a supermarket so always spending money on food etc
Clothes - dont budget for, dont usually buy many apart from recently, so wont be now for a while
Car Tax - Free (Disabled)
Presents - dont budget for these either, but dont have many to buy for!

Hopefully gives me a healthy balance to carry on with my savings, plus any extra income from ebaying etc I try to save too!

Lokolo

You need to save something for Car Maintenance.

You have approximately £232 a month left over.

I would put

£50 into Car Maintenance
£25 Presents
£50 Extra Savings
---
£100 into paying off debts quicker. (if you can)

The Car Maintence, Presents and Extra Savings can all go into an instant access savings account, then take it out when need it.

Thats what I'd do anyway!

Lokolo

Addo wrote: »

Hi guys,

Can I join too? I have close to £7k saved so far and aiming for 10k, I sort of stopped saving a lot last year but am starting up properly again, so therapeutic getting it all sorted. Back to saving £250 pm! :j

Quick question - how do you all stay on track? Sheer will or is there something else driving it?

Cheers,

Addo

I tend to have spend months and save months. So one month every quarter I save a lot less than usual months, but spend more on lunxuries, it usually keeps me happy and motivated

LucyTheDwarf

Addo wrote: »

Quick question - how do you all stay on track? Sheer will or is there something else driving it?

Cheers,

Addo

Don't deprive yourself too much. It's important to treat yourself to keep motivated.

KrazyKel

Lokolo wrote: »

You need to save something for Car Maintenance.

You have approximately £232 a month left over.

I would put

£50 into Car Maintenance
£25 Presents
£50 Extra Savings
---
£100 into paying off debts quicker. (if you can)

The Car Maintence, Presents and Extra Savings can all go into an instant access savings account, then take it out when need it.

Thats what I'd do anyway!

My old car cost around £200 ish a year to get through the MOT.
Not sure with my new one (2008 Model - so hopefully less repairs, but will need servicing, but wont be for ages for me as i dont do that many miles)
Only Debt is my car finance, which is 0% APR over just under 2 and a half years now. (50% Deposit)
Just got to put something down for presents, but I dont have many.

I havent put anything into my savings account for ages (Just all in my normal bank account)
But now I got my money sorted whats in and out, will make more of an effort to put money away, not just sitting in my bank account.
I have another account i could use or savings account.

Aim to save £150 a month - Will try to keep a spending diary for work too, so easy to spend so much on food, everyday i finish work im buying something, A lot of time (as i live at home) I pick up bits for my mum too who pays me back

bodmil

I stay on track with a spreadsheet. As I have a variable salary I can see ahead how much I aim to save each month so there's always a target to work for. I hope to buy a house next year and am also planning a big holiday so I go through the expenses of that to remind myself why I'm saving so hard.

You need to have a point to this exercise to stay on track. You will always save once your used to it, but to really make the most of every penny you have to know what you're getting at the end of it!

KrazyKel

Yeh, My pay and my DLA gets paid every 4 weeks, and my tax credits every week now, all different days, so hard to keep track of money going in and out the bank all the time too.

Geebee

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dippykitty

Addo wrote: »

Hi guys,

Can I join too? I have close to £7k saved so far and aiming for 10k, I sort of stopped saving a lot last year but am starting up properly again, so therapeutic getting it all sorted. Back to saving £250 pm! :j

Quick question - how do you all stay on track? Sheer will or is there something else driving it?

Cheers,

Addo

Welcome to the thread!