How much can you save?

bodmil

ljaneyr wrote: »

Totally unrelated - has anyone here considered going back to uni? I have a degree and a pgce but wish so much that I had done a different subject. Unfortunately fees for a second undergraduate degree appear to be astronomical (sp?) with no student loans availlable, not to mention living costs while studying .

Do you know what you want to do? I'm currently applyingfor a 2nd degree myself but it's a course that requires company sponsorship. Is it possibly yours could have a similar route in? Your previous experience is likely to make you very popular in that sense.

On that note, my house buying idea has to go on hold if I do get into a course. The traning rate for 3 years is a real step down from what I am earning now so I'm going to have to see the implications of not paying into my regular savers is. And also how to tie up the majority of the money until I'm in a proper job again.

I won't leave my job until January so my aim is to have 57k saved by then, which will be a real stretch but great if I can make it. Then I could potentially do something with 50k for 3 years.

A silly part of me would still love to buy a smaller place now and let it out to pay off the mortgage. But if anything goes wrong I'm really stuck so I won't be going down that route. It'll just have to wait!

So not great news as of now, but hopefully good things to come. Just need to get a company to sponsor me first. Not liking the initial rejections at all!

ljaneyr

edinburgher wrote: »

Well done - that's great news!



Do you mean a different subject for your PGCE, or a different subject entirely? I ask as my Mum taught for about a decade (hated it!) and started out as a RE teacher with a PGCE (or the equivalent) and ended up as a History teacher thanks to completing an open university degree.

If you mean an entirely different academic discipline - I've considered it (I have a MA and a PgDip in library and information studies), but the figures didn't really add up. Studying is expensive and while I could probably drop my hours at my current job, it would be hard to work reduced hours, study and try to get experience in a new field.

The way I see it, the current crop of school leavers will need to be a lot more aggressive due to the recession and increased competition for courses/work experience/jobs. If you fancy a change, I'd make damn sure it's something you really want to do.

bodmil wrote: »

Do you know what you want to do? I'm currently applyingfor a 2nd degree myself but it's a course that requires company sponsorship. Is it possibly yours could have a similar route in? Your previous experience is likely to make you very popular in that sense.

I have been looking into second degrees but there is no way to fund a full-time course and I definitely don't want more debt. Apparently I'm having a quarter-life crisis. I'm 25 and thinking 'I really don't want to be a teacher for the next 35ish years!'.

The subject I would like to do is not something with good job prospects but I can study it part-time. I'm considering an introductory course for 10 weeks one evening a week then seeing how I feel, then I could do an AS and A level. If I really want the degree I could do a part-time foundation degree then a top-up year at my local college and Bristol offers a part-time BA but it takes 6 years and is VERY expensive!

I feel a bit like time is passing me by and it will take years to get anywhere part-time but as my friend pointed out last night, I'm only 25 and loads of people my age are either unsure of what to do, in a job they hate, or out of work entirely so I'm not doing too badly!

Anyway, back on to savings as whatever I choose to do I'm going to need money! My OH has just paid off the last of his debts to me so I'm very very proud. He is not good with money and has been out of work due to illness for months but is not getting back on track:).

I have just paid another £50 into my ISA, and still have £150 out of my August budget for our weekend camping which is great as I thought I'd have to use my OD! Also I bought a gorgeous winter coat with my £2 coin savings so it almost feels free!

Now off to ponder my future...

KrazyKel

Ive got 2k Saved so far, and ebaying as much as I can for extra money too!
Only work 16 hours, so not able to save much per month with rent (my mum) but do get DLA/Tax Credits too

Not sure what to do or should do with my little savings.
Due to my income, I dont know if ill ever get a mortgage, not till im full time / decent wage, and not ready for full time work at the moment due to my arthritis, or not a job i can find anyway

I could use any savings to move out eventually, but still its a big risk due to struggling with my arthritis and keeping up with my job

Also wanted to do one of those Trek America tours, but they are very expensive

Is it worth spending so much money on a long holiday? a lot of my friends have done it in Australia in the past etc and really enjoyed it, while I was working what i could and saved up for my car etc, just dont know what to do for best in my situation!

bodmil

I think when you only have 2k saved, spending it on a holiday might not be the best idea, particularly if you can't build it back up again too quickly. Trekking America sounds pretty arduous, will your arthritis not impact that, if it impacts your ability to work? I think if I were in your position I would really try to find a career that's not dependant on physical ability to try to increase your prospects long term.

PARIS_5000

KrazyKel wrote: »

Ive got 2k Saved so far, and ebaying as much as I can for extra money too!
Only work 16 hours, so not able to save much per month with rent (my mum) but do get DLA/Tax Credits too

Not sure what to do or should do with my little savings.
Due to my income, I dont know if ill ever get a mortgage, not till im full time / decent wage, and not ready for full time work at the moment due to my arthritis, or not a job i can find anyway

I could use any savings to move out eventually, but still its a big risk due to struggling with my arthritis and keeping up with my job

Also wanted to do one of those Trek America tours, but they are very expensive
Is it worth spending so much money on a long holiday? a lot of my friends have done it in Australia in the past etc and really enjoyed it, while I was working what i could and saved up for my car etc, just dont know what to do for best in my situation!

I would spend some money on a short hoilday and save the rest for emergencies. Good luck

edinburgher

I feel a bit like time is passing me by and it will take years to get anywhere part-time but as my friend pointed out last night, I'm only 25 and loads of people my age are either unsure of what to do, in a job they hate, or out of work entirely so I'm not doing too badly!

I know you'll take any comments from anonymous contributors with a justified pinch of salt, but this feeling may not go away. I'm in exactly the same boat career wise, am 27 and feel exactly the same! I've spent the last 2-3 years hoping that I'd suddenly stop hating my job, but there hasn't been the 'dumbing down Eureka! moment' that I'd expected when I learned to tolerate the job. It's a bit of a catch 22, because I'd struggle to earn as much as I do elsewhere at the moment...

Back to the savings

S&S ISA for the month - payment made
Cash savings - £620 saved
Honeymoon - £180 saved, up to £360 thanks to a generous gift from my parents!

KrazyKel

bodmil wrote: »

I think when you only have 2k saved, spending it on a holiday might not be the best idea, particularly if you can't build it back up again too quickly. Trekking America sounds pretty arduous, will your arthritis not impact that, if it impacts your ability to work? I think if I were in your position I would really try to find a career that's not dependant on physical ability to try to increase your prospects long term.

Yeh I think using all ive saved on a hol is too much, Was looking at booking cheap flight to the US and going for a couple weeks, just need someone to come with me and a lot of my friends cant afford to, as finishing uni etc and others just come back from Australia, thats why i was looking at Trek America tours as its with a group of people.
Will just have to keep saving and see early next year i think.

I finished Uni 2 years ago and struggled to find a job relating to my degree and lack of propper experience too, and confidence as time went on. but with good and bad days now not sure what I can manage so trying to carry on with my job now, and ebaying, and also starting to learn web design again too by doing a couple sites for friends will at least build my portfolio and experience to hopefully feel more confident about applying for jobs in the future!..... hopefully

jibadeeha

KrazyKel wrote: »

Ive got 2k Saved so far, and ebaying as much as I can for extra money too!
Only work 16 hours, so not able to save much per month with rent (my mum) but do get DLA/Tax Credits too

Not sure what to do or should do with my little savings.
Due to my income, I dont know if ill ever get a mortgage, not till im full time / decent wage, and not ready for full time work at the moment due to my arthritis, or not a job i can find anyway

I could use any savings to move out eventually, but still its a big risk due to struggling with my arthritis and keeping up with my job

Also wanted to do one of those Trek America tours, but they are very expensive

Is it worth spending so much money on a long holiday? a lot of my friends have done it in Australia in the past etc and really enjoyed it, while I was working what i could and saved up for my car etc, just dont know what to do for best in my situation!

I would forget the holiday and build up an emergency fund so you can secure your future. Work out your minimum monthly expenses (ignoring luxuries) and how long it would take to get a new job should the worst happen.

Look into instant access accounts or savings builder accounts to save the money in, so you can get your hands on the money pretty quickly if you need it in the event of an emergency.

The government recommend you have an emergency fund of 3 months, but that was before the recession so it might take you longer to get another job. And of course you can always use the emergency fund for other types of emergency.

If you are finding it difficult to save then consider changing your job to increase your income, but whatever you do don't touch that £2K unless in an emergency.

newaccount_2

Thank you for the warm welcome and encouragements!

May be I will think of setting a target. I did some extra work over the weekend for some extra cash.

edinburgher

The government recommend you have an emergency fund of 3 months

But don't let that put you off

I've read between 1-6 months suggested for an emergency fund, fiancee and I only have one month's combined income saved, more seemed unecessary at the moment.