How much can you save?

2108

MONEYME wrote: »

After getting to my £40k target earlier this year and now pushing towards £50k I've been thinking about my next target. Ultimately I want the money as a house deposit but £50k would a only be a small dent in the type of place I'm after. I don't want anyhing flashy just a 3 bedroom place in or around London.

With my savings not being helped by the low interest rates I've looked at other investemnt alternatives but can't afford to take any risks.

Interest rates are expected to stay at 0.5% until end of this year and could hit 3% by the end of 2011.

House prices are also expected to fall throughout 2011 so also means I don't need to rush to buy and can try and save as much as possible.

After all that I've decided to put my target at £100k by August 2014. It is achievable I've worked out but means I'll have to be disciplined like I have for most of the past 18 months.

Congrats on reaching above and beyond your initial target, always nice to have that happen :beer:

Do keep us posted on your progress, and thanks for sharing your opinion on the forecast for the coming year, I'm sure it's helped some of us, me included.

Thinking of setting a new target of £50k by the end of 2011.

compound

Hi guys, thanks for all the responses to my first post on this thread. I wish you all luck on reaching your saving targets. Since my last post i received my tax refund so that was a positive. However i had an eye test and needed an upgrade on my glasses which set me back a bit so that was a negative. I have also been a bit more social and outgoing which has cost me a bit but it was a tradeoff i felt was worth it on balance. I had a few other miscellanous expenditures as well. So not particularly a great month i must say.

Although i did get my wages on the friday and minimised the cost wherever possible so im currently at £5000+. Target was £6500 by the end of 2010 and only really started saving from March so im on track.

The other thing i think im going to start doing is keep a log of my own expenditure in a notebook i.e. everytime i use the cashpoint i will note it down later in the book. I think this would help because i notice i usually head up to the ATM and draw money out for small things that could otherwise be avoided i.e. money for food, etc. I also think i need to look over the month how much money goes into account and how much leaves and try to set a target percentage/ net i should have. For example money in to money out ratio could be 60/40 and then look to increase it (brainstorming ideas to be more efficient, LOL).

tking

Hi all,

Unfortunately my 1998 car died a death last week! Totally unrecoverable so I've had to buy a new car (necessary for work). It means I have reduced my savings down to $2700. Oh well, just have to work harder to catch up again!

ljaneyr

That's a shame tking, the same thing happened to me in February. It's a good incentive to save more to get back to where you were!

I've just opened a santander first home saver with £100 so I've added it to my total. It's a bit annoying having my savings in 2 ISAs and the first home saver but at least the interest is worth it Can't wait until Friday as it's pay day. I need to pay for next years car insurance and buy a new mattress so won't be saving much but this month has been very expensive so my current acc balance is -3.00!

Vixstar

TKing the other way you could look at it is at least you had the savings to buy a new car else you would now eith be carless or paying back a loan.

mannie

Fredkirkz reported as spam, 14 other identical posts too !

snowqueen555

ReportInvestor wrote: »

I think it is the right place.

Having seen on other boards the impact of encouragement it would be great to have a group of savers who encouraged each other.

Especially those who had managed to get themselves out of debt.

Martin suggests starting with tax free Cash ISAs BUT

Top tips at the moment, wanno, are the regular saver accounts and 7%+ gross (5.6% net) beats all of the Cash ISAs out there.

12% at A&L
10% at Barclays
8% at HSBC
8% at LLoyds (especialy good as this is a 2 year account)
You need current accounts at the above to open their regular savers.
8.25% at Ipswich BS (with some windfall possibilities thrown in).
7% at Halifax
6.5% at Yorkshire BS (and no 12 month rule here, either - a good option).
6.5% at Principality BS.

Good luck with your savings. You are on the right track .

I can't believe how high savings rates used to be

dizzybee

well I'm back on the savings wagon, i have £300 from e bay sales saved and £40 from surveys,have manged to get some work in a bar on a sat nights so hope fully will be able to save a bit, in order to motivate my self i am setting my self a target of £4000 saved by oct.

calltheshots

I would like to join this, please! I'm starting to save for a house deposit. At the moment I'm only working part time but hopefully I will find something full time soon so I will be able to save more. My goal is £20,000-ish by 2013.

ljaneyr

Vixstar wrote: »

TKing the other way you could look at it is at least you had the savings to buy a new car else you would now eith be carless or paying back a loan.

like me