How much can you save?

fuzzybear01

I use a basic bank account that I hold with barclays, only have a card for getting money out of the atm. Not sure whether it is a current account or not to be honest as I've had it since I was a child.

dippykitty

fuzzybear01 wrote: »

I use a basic bank account that I hold with barclays, only have a card for getting money out of the atm. Not sure whether it is a current account or not to be honest as I've had it since I was a child.

I've got an account with an e-Savings with Natwest that isn't a current account but isn't really a savings account either. I've just updated my TCB details with the bank details for that account and it seems to have accepted it. Based on that, perhaps you don't actually need an out-and-out current account anyway.

Vixstar

I've been putting all my MSE/Quidco money away in a separate savings account. There isn't a huge amount there at the mo as I used it as a treats fund. At the moment I'm not too sure whether to use it as that or to just stash it to buy stuff for my new place if I ever move. Suppose I should assess how my treats (which seem to be many at the mo) affect my normal savings.

fuzzybear01

I've also taken money out of the bank and put in lots of separate labelled envelopes to make sure that I budget properly. So very little spending on treats that are just for the sake of it, and a cap on spending for birthdays/xmas.

My husband got a little bit moody about it at first but now realises that it is important.

cashbackproblems

fuzzybear01 wrote: »

I've also taken money out of the bank and put in lots of separate labelled envelopes to make sure that I budget properly. So very little spending on treats that are just for the sake of it, and a cap on spending for birthdays/xmas.

My husband got a little bit moody about it at first but now realises that it is important.

What about loss of interest if its a big amount, or is you get robbed or if you lose the money or if a guest steals it? doesnt seem the best idea!

StudentD

fuzzybear01 wrote: »

I've also taken money out of the bank and put in lots of separate labelled envelopes to make sure that I budget properly. So very little spending on treats that are just for the sake of it, and a cap on spending for birthdays/xmas.

My husband got a little bit moody about it at first but now realises that it is important.

I have to admit I do this too.

Of course not all my savings, but I like to keep a little cash at home and put into seperate piles, so 'spare cash' 'Christmas' 'Dont touch this unless a real ermergancy' haha

fuzzybear01

cashbackproblems wrote: »

What about loss of interest if its a big amount, or is you get robbed or if you lose the money or if a guest steals it? doesnt seem the best idea!

It's not a big amount, I'm talking about money that gets spent in the week after payday. E.g. childminding costs, driving lesson money, petrol. It is not somewhere that would be easily found by burglars, and I don't have guests here really.

davej87

Hi all,

I’m new to the forum but I saw this thread and thought it was a great idea and that I should post as I think it will give me the motivation to get my money sorted as over the last month I have not sorted anything.
Just a little background finished Uni in 2008 and since then I have just been temping never been able to get a permanent job. A couple of weeks ago paid off my car 2 years early which means I save about £600 in interest so I’m now debt free (not including student loans). Moved back home after Uni so living with parents, which is really getting on my nerves now after 3 years living away and that is my main motivation on saving, either for a deposit for a house or to rent somewhere. Also, just been told by my work that after 18 months here this is my last month, so in October I will once again be unemployed.:(

My main worries are that I won’t be able to get a mortgage without a permanent job. But at the moment I have £3600 in an ISA that matured a couple of months ago now and I haven’t done anything with it and I have just under £2000 in my bank which I’m thinking I should move into an easy access savings for emergency funds and to save more in this once I have found a new job.
Any advice would be greatly appreciated

cashbackproblems

davej87 wrote: »

Hi all,

I’m new to the forum but I saw this thread and thought it was a great idea and that I should post as I think it will give me the motivation to get my money sorted as over the last month I have not sorted anything.
Just a little background finished Uni in 2008 and since then I have just been temping never been able to get a permanent job. A couple of weeks ago paid off my car 2 years early which means I save about £600 in interest so I’m now debt free (not including student loans). Moved back home after Uni so living with parents, which is really getting on my nerves now after 3 years living away and that is my main motivation on saving, either for a deposit for a house or to rent somewhere. Also, just been told by my work that after 18 months here this is my last month, so in October I will once again be unemployed.:(

My main worries are that I won’t be able to get a mortgage without a permanent job. But at the moment I have £3600 in an ISA that matured a couple of months ago now and I haven’t done anything with it and I have just under £2000 in my bank which I’m thinking I should move into an easy access savings for emergency funds and to save more in this once I have found a new job.
Any advice would be greatly appreciated

Where about in the UK are you thinking of buying?

Obviously you need a full time job to get a mortgage and most good deals now days at with a 20-30% deposit. IM in the same situation as you, graduated 2008 and lived home and worked for 18months before moving out as i started a graduate scheme quite far from home so renting. I know its difficult but i would take advantage of living rent free for 2/3yrs and saving for ur own place, as when u rent ur wasting money paying someone elses mortgage and bills etc.

Id stick it in a 1yr fixed rate account, good online ones are ICICI and ING offer 2.6% instant access if you prefer tht.

Best thing u can do is get a job, as 5k is hard to save but doesnt get u very far.

edinburgher

Id stick it in a 1yr fixed rate account, good online ones are ICICI and ING offer 2.6% instant access if you prefer tht.

Or they can get 2.8% from AA instant access