How much can you save?

Money_Saving_Monkey_2

Nut97 wrote: »

Wow! really well done :j

grn.w.nv wrote: »

MSM - Well done for saving an impressive sum!

Thanks guys

tara747 wrote: »

Hi all

Belated end-of-Sept update from me (was on hols)! I'm up to £39,245

Blimey, that's a huge amount to have saved! Nice one :beer:

tara747

Thanks Money Saving Monkey, I am proud of it! Can't wait to break the £40,000 barrier, hopefully at the end of this month. It does take a bit of work (and persuading myself not to spend as often as I would like!), but it is so worth it.

p.s. well done yourself!

youngmummy

hi all i have set up a joint savings account up today for me and OH so here we gooooo....
im hoping to of saved £8,000 by december 2014 ... hopefully we will get there you never know it might be more than that we're not starting properly till new year of 2011 so thats
about £52 a week or £208 a month

anyway hope you are all doing ok and good luck

Nut97

Well its pay day and just added £130 to my over time fund, really do need to sort my accounts out with one bank if possible

KrazyKel

I havent saved much lately, I did just pay for my car insurance in one go, rather than monthly, used a lot of my savings but will save in the long term not paying in installments

Also going to ebay more now, just put loads listings on which I never got round to over the past few weeks

Also looking to change my hours at work, at the moment I do 4 hrs a day over 4 days (due to my disability cant work too much and can struggle doing the 16 now) but going to ask to do 5 hrs x 3 days!
More time at home, to ebaying and other stuff, and If i can i could do overtime when Im up to it on the 4th day, so that will be good for my savings, going to ask next week hopefully can sort something out.

I was saving to move out when im 25 (im 24 now) but with this new budget I wont be entitled to LHA till im 35 now!!! - well would only be entitled to a shared room rate and would have to find a few hundred extra for the rest of rent! eeek! So no idea on the future now!

SuSu1871

Hiya!

Well, after having saved for years to pay off my debt, I've been saving all year, and have introduced my BF to the joys of saving! We've been putting away:

£500 a month (Principality BS postal account) which is our "don't touch" money;
£400 a month (approx) into a linked A&L savings account which is our "holiday/just in case" money

We'll have £6,000 come January which will pay for our wedding & honeymoon in December 2011, while the "just in case money" has paid for three holidays, stuff for the house, and will pay for BF's divorce and bankruptcy (paperwork to be done this weekend :j).

The whole bankruptcy thing will have a knock-on effect on our savings, but we'll still be able to commit to £500 a month minimum.

So, the plan is to save £25k in 3 years, by which time BF's IPA (bankruptcy) payments will end and hopefully we'll be able to get a mortgage. Here's how we're going to do it:

£6k x 3 years = £18k
£2.5k x 2 years = £5k (I will be able to sell shares bought in my company scheme from April 2012 - should be £3k based on current share price)
That's £23k in total, but the other £2k will come from bonuses and squirrelling away any excess we have every month)

I cleared my debts through sheer hard work and focus (see sig below), and I don't really like that my BF has to go bankrupt (joint debts with wife who doesn't work, so he either has to pay £56k himself or go bankrupt - and I WILL NOT skint myself for years to clear debt that's partly hers). But, he is now LOVING living to a budget, maintaining a spreadsheet, and SAVING SAVING SAVING!! :rotfl:

de1amo

can i join in please--i am a habitual saver with no real aim for my savings but i know it will give me a secure future--i have a mortgage of 55k but no real target to pay it off because pro rata my savings interest rate is as good as the mortgage rate--i get 4pc less tax in lloyds vantage and my mortgage is at 2pc--i have got 27k in my rainy day fund.--i have another home and a language school abroad which far exceed in value my outstanding mortgage here--they are worth about 150k.
My only real distant goal would be to maybe buy a 2nd holiday home abroad for about 80k --i can get a second mortgage abroad for about 40k so the aim is maybe the deposit of 40k-i dont like the interest rates abroad --10pc--but the mortgage is available.
i currently rent a second holiday place abroad which costs me 280 quid which i loathe so the second mortgage would allieviated this charge--for an interest rate of 284 pounds mortgage--plus capital!

So my target is 40k -27k--13k but to give me some rainy day money.--i can save 1k on a regular rate at present but i will hopefully up this.-due to the nature of a foreign language school i get more funds during the winter but my wife and teenage daughter have this irritating habit of wanting extras when they see this cash flow! --its them and the expense of running so many homes that limits my saving!--so i need an international approach to money savings expert!

compound

Hey guys, I havent posted in a while so i thought it was time i did. If anyone remembers last month i had about £6400+. However this month i have gone backwards and am now at £6200+. £300 or so off my target of £6500. However the expenditure was necessary. Short term loss for long term gain. My income stream has increased so i should be able to get to the target by next month and then look to make a new target.

I think many of you were right in that to increase your savings level you must first look to increase your revenue stream. Thank you to everyone for their advice. I will report back in a month to tell you all how im doing. Best wishes fellow savers!

dippykitty

Haven't posted much in this thread lately so sorry for the long posts coming up!

SuSu1871 wrote: »

Hiya!

Well, after having saved for years to pay off my debt, I've been saving all year, and have introduced my BF to the joys of saving! We've been putting away:

£500 a month (Principality BS postal account) which is our "don't touch" money;
£400 a month (approx) into a linked A&L savings account which is our "holiday/just in case" money

We'll have £6,000 come January which will pay for our wedding & honeymoon in December 2011, while the "just in case money" has paid for three holidays, stuff for the house, and will pay for BF's divorce and bankruptcy (paperwork to be done this weekend :j).

The whole bankruptcy thing will have a knock-on effect on our savings, but we'll still be able to commit to £500 a month minimum.

So, the plan is to save £25k in 3 years, by which time BF's IPA (bankruptcy) payments will end and hopefully we'll be able to get a mortgage. Here's how we're going to do it:

£6k x 3 years = £18k
£2.5k x 2 years = £5k (I will be able to sell shares bought in my company scheme from April 2012 - should be £3k based on current share price)
That's £23k in total, but the other £2k will come from bonuses and squirrelling away any excess we have every month)

I cleared my debts through sheer hard work and focus (see sig below), and I don't really like that my BF has to go bankrupt (joint debts with wife who doesn't work, so he either has to pay £56k himself or go bankrupt - and I WILL NOT skint myself for years to clear debt that's partly hers). But, he is now LOVING living to a budget, maintaining a spreadsheet, and SAVING SAVING SAVING!! :rotfl:

Don't blame you - they're not your debts after all! Good that your OH is on board with the budgets and savings:D

de1amo wrote: »

can i join in please--i am a habitual saver with no real aim for my savings but i know it will give me a secure future--i have a mortgage of 55k but no real target to pay it off because pro rata my savings interest rate is as good as the mortgage rate--i get 4pc less tax in lloyds vantage and my mortgage is at 2pc--i have got 27k in my rainy day fund.--i have another home and a language school abroad which far exceed in value my outstanding mortgage here--they are worth about 150k.
My only real distant goal would be to maybe buy a 2nd holiday home abroad for about 80k --i can get a second mortgage abroad for about 40k so the aim is maybe the deposit of 40k-i dont like the interest rates abroad --10pc--but the mortgage is available.
i currently rent a second holiday place abroad which costs me 280 quid which i loathe so the second mortgage would allieviated this charge--for an interest rate of 284 pounds mortgage--plus capital!

So my target is 40k -27k--13k but to give me some rainy day money.--i can save 1k on a regular rate at present but i will hopefully up this.-due to the nature of a foreign language school i get more funds during the winter but my wife and teenage daughter have this irritating habit of wanting extras when they see this cash flow! --its them and the expense of running so many homes that limits my saving!--so i need an international approach to money savings expert!

Welcome! Good luck with the savings goals!

compound wrote: »

Hey guys, I havent posted in a while so i thought it was time i did. If anyone remembers last month i had about £6400+. However this month i have gone backwards and am now at £6200+. £300 or so off my target of £6500. However the expenditure was necessary. Short term loss for long term gain. My income stream has increased so i should be able to get to the target by next month and then look to make a new target.

I think many of you were right in that to increase your savings level you must first look to increase your revenue stream. Thank you to everyone for their advice. I will report back in a month to tell you all how im doing. Best wishes fellow savers!

I know how that feels (savings going backwards) but it sounds like you could definitely make up the deficit soon! Good luck!

dippykitty

Nym_Mcfroglet wrote: »

Hi all,
I've just taken the plunge and set up some savings accounts, I won't be putting as much in for now as some but as I've never saved in my life (hangs head in shame) this is a great start. So, each month I'm going to put £50 away and if I have more left over I'm sending it all in. I'm very excited about this I must say!

Welcome! Every bit helps, especially in the early days! Keep us posted.

tara747 wrote: »

Hi all

Belated end-of-Sept update from me (was on hols)! I'm up to £39,245 - almost £1,000 saved in Sept but that includes back pay. This is less than I would have liked, but I have lost over £400 in the CCE collapse so that will set me back, as I had been buying euros for a trip next month. I also gave my mum some money for something that she needed. Still, I aim to get as close as poss to £42,000 by the end of the year. I can do it!

Well done all of you, especially those who have reached their targets and are increasing them. I salute you!

Off to update my sig.

Congrats on your progress - getting really close now!

youngmummy wrote: »

hi all i have set up a joint savings account up today for me and OH so here we gooooo....
im hoping to of saved £8,000 by december 2014 ... hopefully we will get there you never know it might be more than that we're not starting properly till new year of 2011 so thats
about £52 a week or £208 a month

anyway hope you are all doing ok and good luck

Welcome! Keep us updated on your progress!