How much can you save?

LucyTheDwarf

I don't think I'd cope with festivals / camping / portaloos etc... need my home comforts.

June update - twas a write off. Actually spent more than I earned. Shame faced, I am. I have plenty of clothes and shoes and handbags and purses though... I think I must have been knocked on the head and forgot that I'm a Primark girl really.

compound

I think this thread is a brilliant idea. I would like to join this too. I have been trying to be more money savvy and trying to save as much as i can this year. My target is to get to £6500 (random figure- about half of my annual wage) by the end of the year. My salary is not great either so it has been a lot of hardwork and splashing out smartly on the more important things as i see them instead of spending willy-nilly.

I bought a car at the start of the year which was necessary. I spent £2300, that paid for the car and some of the insurance. I was helped out for the rest (£700).

I then saved money and before the end of the tax year (end of march) managed to put in £1510 in the santander cash ISA 3.5%.

I have been a bit wayward the last few months especially with birthdays and going out costing a far bit. But i managed to save about £2450 upto now. I should have a cheque (tax refund) clearing in a few days onto my account to take me upto £2850+. So at the moment that is nearly £4400 savings. Also wages should come in about 2 weeks so that should boost things. All this on a low wage (13k), need to improve on that! Not bad overall savings wise, but i know i could do better.

leahciM

compound wrote: »

I think this thread is a brilliant idea. I would like to join this too. I have been trying to be more money savvy and trying to save as much as i can this year. My target is to get to £6500 (random figure- about half of my annual wage) by the end of the year. My salary is not great either so it has been a lot of hardwork and splashing out smartly on the more important things as i see them instead of spending willy-nilly.

I bought a car at the start of the year which was necessary. I spent £2300, that paid for the car and some of the insurance. I was helped out for the rest (£700).

I then saved money and before the end of the tax year (end of march) managed to put in £1510 in the santander cash ISA 3.5%.

I have been a bit wayward the last few months especially with birthdays and going out costing a far bit. But i managed to save about £2450 upto now. I should have a cheque (tax refund) clearing in a few days onto my account to take me upto £2850+. So at the moment that is nearly £4400 savings. Also wages should come in about 2 weeks so that should boost things. All this on a low wage (13k), need to improve on that! Not bad overall savings wise, but i know i could do better.

Welcome to the thread! :beer:

Sounds like you're making some great progress!

What are you saving for? Anything in particular or just because it's a good hobby to get into?


In terms of being on a 'low wage' like you mention - there's a massive range of wages on this board with everyone reaching for different goals so (I'm not saying you will) try not to compare your exact numbers with other people on here as it could put you off saving! (As in XXXXX has £50k saved, I'll never reach that).

Glad to have you on board!

compound

leahciM wrote: »

Welcome to the thread! :beer:

Sounds like you're making some great progress!

What are you saving for? Anything in particular or just because it's a good hobby to get into?


In terms of being on a 'low wage' like you mention - there's a massive range of wages on this board with everyone reaching for different goals so (I'm not saying you will) try not to compare your exact numbers with other people on here as it could put you off saving! (As in XXXXX has £50k saved, I'll never reach that).

Glad to have you on board!

Thanks. I’m just getting into the habit of saving as it’s a sensible thing to get accustomed to. I feel really old and feel the need to save for the future (I’m 22, LOL).

Yeah I know what you mean. It’s just that I graduated last year and found it very difficult to find a good job which in my opinion pays far greater to what I am earning now. So that is why I consider my job to be paying a “low wage”.

dippykitty

compound wrote: »

I think this thread is a brilliant idea. I would like to join this too. I have been trying to be more money savvy and trying to save as much as i can this year. My target is to get to £6500 (random figure- about half of my annual wage) by the end of the year. My salary is not great either so it has been a lot of hardwork and splashing out smartly on the more important things as i see them instead of spending willy-nilly.

I bought a car at the start of the year which was necessary. I spent £2300, that paid for the car and some of the insurance. I was helped out for the rest (£700).

I then saved money and before the end of the tax year (end of march) managed to put in £1510 in the santander cash ISA 3.5%.

I have been a bit wayward the last few months especially with birthdays and going out costing a far bit. But i managed to save about £2450 upto now. I should have a cheque (tax refund) clearing in a few days onto my account to take me upto £2850+. So at the moment that is nearly £4400 savings. Also wages should come in about 2 weeks so that should boost things. All this on a low wage (13k), need to improve on that! Not bad overall savings wise, but i know i could do better.

Welcome aboard! My income isn't great either (I'm freelance so it fluctuates) so you're definitely not going to be the only person on similar ground. Sounds like you're on the right track with what you've been doing so far so it's just a case of keeping things moving really. This thread is so motivating for that so you've come to the right place!

hostie1985

compound wrote: »

Yeah I know what you mean. It’s just that I graduated last year and found it very difficult to find a good job which in my opinion pays far greater to what I am earning now. So that is why I consider my job to be paying a “low wage”.

Welcome to the thread Compound!

I graduated 3 years ago (i'm 24 now!!!) I work for an airline as cabin crew so my wages are pretty low, but it fluctuates as well depending on how much your working.

I've been saving for a year and a half and havent done too bad on the savings front so it can be done

Hostie

xx

Castleman

hostie1985 wrote: »

Welcome to the thread Compound!

I graduated 3 years ago (i'm 24 now!!!) I work for an airline as cabin crew so my wages are pretty low, but it fluctuates as well depending on how much your working.

I've been saving for a year and a half and havent done too bad on the savings front so it can be done

Hostie

xx

Lol, your wages can't be that low given you saved over 18k in 18months - an average of £1000/month ain't bad going! Add on rent, food, other expenses...it can't be a bad salary being cabin crew!

bodmil

I don't know how it works exactly for cabin crew, but I also work away from home, so when I'm working all my expenses are paid for. If you're cheeky and live at home then you've got very little outgoing on average.

hostie1985

bodmil wrote: »

I don't know how it works exactly for cabin crew, but I also work away from home, so when I'm working all my expenses are paid for. If you're cheeky and live at home then you've got very little outgoing on average.

Yeah, i still live at home and my parents refuse to take any rent money from me because they know that i am saving. I dont have many outgoings - in the summer, i can earn alot more than in the winter months.

Hostie

xx

bodmil

compound wrote: »

Thanks. I’m just getting into the habit of saving as it’s a sensible thing to get accustomed to. I feel really old and feel the need to save for the future (I’m 22, LOL).

Yeah I know what you mean. It’s just that I graduated last year and found it very difficult to find a good job which in my opinion pays far greater to what I am earning now. So that is why I consider my job to be paying a “low wage”.

It took me 8 months to get a decent job after university, and 2 years after that before I started to earn and save properly, basically when I joined MSE! So don't worry, I think once you start thinking more MSE you are able to find opportunities to increase your income as well as make more efficient use of it.