How much can you save?

cashbackproblems

Current situation: Working in financial services aged 24yrs old and looking to save for a house longg term, moved down to london recently so currently renting having lived rent free in my old job as i was still living at home.

Savings in ISA/Accounts - approx 11k and about £750 in a monthly saver which im building up (250p/m) and absolutely love these accounts as last yr i had thousands once they matured and id forgot i had this money!!

Stocks: have 8k in a range of shares self invested (at current value), overal i am up but still down by about 2k down compared to last yr as one share has become a dud, however i always intended to hold for 5 yrs so not yet a loss. Plus a few pay good dividends which get reinvested and will make up any shortfall over time.

No debts apart from student debts and target to save about 50k before i can afford a house, will get abit of help from parents but still reaching this figure will take years as i do alot of travelling! Have visited New York, Mumbai, Paris, Greece and Prague in the last 12-18 months!

tinkerbel

I havent done any saving for ages! I will try and see what I can do come payday though! esp as I want to go snowboarding this season! everyone on here is amazingly inspiring though, I think its good if I manage to save £100 in a month and that is with scrimping

dippykitty

tinkerbel wrote: »

I think its good if I manage to save £100 in a month and that is with scrimping

Ditto! I've not been saving much lately either, just the odd bit here and there but nothing like as much as I hoped.

Driving_Soon

dippykitty wrote: »

Ditto! I've not been saving much lately either, just the odd bit here and there but nothing like as much as I hoped.

Let me join that club too .

I think the reason for me giving up on the saving a little bit is the fact I don't really know where I am in life at the moment ... Just finished college but now I don't know what to do ... Shall I get a job? Uni? ... I have a place waiting for me in September, but I don't know .. Ahhh!

I think once September comes and I know what I'm doing hopefully I can get back on track.

cashbackproblems

Out of everyone here who rents, what % of your net income do you save? Im aiming for 60%.

ljaneyr

I'll join the 'saving very little' club too! I only work part-time and do temp work when I can get it. Luckily my wages are well over minimum wage and my hours have been upped a lot starting next term but it still varies month to month. I've also had an expensive few months what with going to a festival, a gig in London, paying off my student OD, buying a new mattress and paying next years car insurance, oh and buying tickets for a gig in Nov. When I look at it like that it's a miracle I have managed to save anything at all! I'm hoping to get my head down the next few months as I will be very busy at work and just save save save!

Good everyone!

Also: I live with OH's parents so my rent is 16% of my income roughly, and I only manage to save 30% as a very rough estimate. I don't earn a lot so general living costs and my car take up the rest. When I earn more my living costs will stay the same (they are as low as I can get them) and I can save more. Hopefully.:o

jibadeeha

pawlala wrote: »

having paid mortgage off I'm hoping to save £20000 per year until 2012, then re-evaluate another property. On track so far!

Well done with the mortgage - such a good feeling :j

I am looking to save about £18,000 a year. I could stretch this to £24,000 but that would mean not going on holidays and things

skaps

I save £50 a month for emergency savings and atm the rest of the money goes on paying back the debts I owe. Once these debts are paid off then i will be able to save about £400 a month, can't wait till I can do this.

tking

cashbackproblems wrote: »

Out of everyone here who rents, what % of your net income do you save? Im aiming for 60%.

I try to save 50% of my income (rent is high-ish at 30% of income - but I choose to live alone and in a nice place after years of dodgy share houses). I try to keep my expenses down to a minimum and also to earn extras for my saving pot through extra work, surveys etc. Sometimes I manage to save more than 50%, occassionally less.

Good luck all!

Vixstar

Well I will be joining the low savings club this month. Due to having paid for some house tarting up on my credit card I now have an unusually high bill to pay off so I'm not going to stick anything in saving this month, pay it off and then hopefully have a little more left over next month.