How much can you save?

compound

hey guys i havent posted in a while so i thought i would update you on my progress. Well i dont know if anyone remembers but i was aiming to reach £6500 by the end of the year. At the time of typing this i have saved £6400+. Very close to the target! So i think i will need to revise my target. I will have some big expenditure over the next month and so in the shortfall i wont be adding much to my savings but i've taken a calculated risk that in the long run should prove to grow my savings more quickly. Thats all for now!

xrjtg

tinkerbel wrote: »

Please can you point me in the direction of Halifaxs 3%?!

Halifax Direct Reward pays 2.8%, or 3% if you have their premium, not free current account.

pawlala

jibadeeha wrote: »

Managed to put £1500 into my savings this month which makes my savings £59,500, so now just £500 short of £60K. Have some unexpected expenses coming out next month, so probably won't reach my £65K target by January 2011. Still going in the right direction though. Hope it keeps going this way

what are your aims?

jibadeeha

pawlala wrote: »

what are your aims?

My aim is to build up my savings having paid my mortgage off, so I feel more secure about the future should I ever lose my job or find it difficult to get another one. Not really that exciting, but makes me feel happier and less stressed about life. Would really love to have a £100K saved up in my account before I reach 40, and then just forget about it. Though, who knows what will happen between now and then.

newaccount_2

xrjtg wrote: »

Halifax Direct Reward pays 2.8%, or 3% if you have their premium, not free current account.

Thats the one.

newaccount_2

Got my pay today, extra cash for all the extra hardwork that I put in over this month. Although, not happy that £1000 has been deducted for tax!!! Not happy to be paying so much for people on benefits for the wrong reasons!!

jibadeeha

newaccount wrote: »

Got my pay today, extra cash for all the extra hardwork that I put in over this month. Although, not happy that £1000 has been deducted for tax!!! Not happy to be paying so much for people on benefits for the wrong reasons!!

I know what you mean. I don't mind paying tax for the good of society and this country, but it annoys me how much is wasted on bureaucracy in the public sector and benefits to those who don't actually need them but take advantage of system that accommodates them. I really hope the coalition government sort this out soon, but I won't hold my breath.

The_Pixi

Well done other forum savers, This months money has made its way into my accounts. Nice that this month the 28th is a weekday so all monies moved on the same day:T

Only one more payment to the Paris holiday fund and I'm away:D

Castleman

jibadeeha wrote: »

I know what you mean. I don't mind paying tax for the good of society and this country, but it annoys me how much is wasted on bureaucracy in the public sector and benefits to those who don't actually need them but take advantage of system that accommodates them. I really hope the coalition government sort this out soon, but I won't hold my breath.

And how much is wasted on bureaucracy etc? Do you actually know? Is it 10%, 1%, 0.1%?

Or is it just that you see a few things that you don't like and assume that they are a large part of the £600billion that is spent annually? E.g. all spending on unemployment related welfare is 0.8% of public spending. But that is everything related and not just jobseekers etc. And that costs us about 20p a day each, recovered through all forms of taxes and government revenues (VAT, tax, etc).

So really, it's not costing you much at all, though it is of course great to jump on the bandwagon about beaucracy and waste (which is of course all true, but any efficiency savings will benefit us nationally, not individually through the tax you pay on what you earn).

jibadeeha

Castleman wrote: »

And how much is wasted on bureaucracy etc? Do you actually know? Is it 10%, 1%, 0.1%?

Or is it just that you see a few things that you don't like and assume that they are a large part of the £600billion that is spent annually? E.g. all spending on unemployment related welfare is 0.8% of public spending. But that is everything related and not just jobseekers etc. And that costs us about 20p a day each, recovered through all forms of taxes and government revenues (VAT, tax, etc).

So really, it's not costing you much at all, though it is of course great to jump on the bandwagon about beaucracy and waste (which is of course all true, but any efficiency savings will benefit us nationally, not individually through the tax you pay on what you earn).

I did not profess to have an exact percentage figure on something that is not measurable, but if you have the answer then I would be glad for you to enlighten me.

As for unemployment benefits, I would like to think I could depend on this in a time of need so I don't have a problem with this specific example you have applied.

You will also note that I never said that benefits in general were a large part of the £600 billion spent annually, you just assumed! For me, the benefits system and bureaucracy are just two areas that this country needs to tighten up on.

Obviously I have struck a raw nerve with you.