How much can you save?

TimBear

Thank you for your comments guys.

Not shopped around yet for my insurance but will be doing this for definite nearer the time as I usually do. Being only 23 and having only had my license for three years in March I absolutely have to compare because whilst the lowest quotes for me (fully comp with two additional named drivers) are around the £400 mark, I often get quotes exceeding £1000 :eek:

I think I will pay off my loan then; I called the bank and asked for a settlement fee which is £100 less than the amount I'd pay back in the next year I have remaining. A huge saving considering I would no way get that in interest should I save the money!

I'm feeling confident that I can do this, and am hopeful to hit my target...this should benefit me two-fold as to hit my target I will have to do very well at work for my commission to increase so hopefully then I may be noticed for a pay rise too! Wishful thinking perhaps...!!

I was also considering a small part time jobs a couple of evenings a week to boost my savings. Does anyone else do this?

Thanks

TimBear

Masomnia wrote: »

But also consider:

-How secure is your job?
-How long will it take you to build the money back up? ie. how likely is it that the boiler will go and you'll need to fork out?

Job is (hopefully!) secure. I have been here for three years now and am doing well. Of course, you never know what's around the corner but no real threats there for the time being.

We rent at the moment so luckily for us if the boiler breaks it doesn't come out of our pocket! But completely see where you're coming from with this way of thinking. To get me back up to the £1,000 mark would hopefully only take me a couple of months all being well so I guess I'm not really losing out too much by wiping my savings to pay off the loan.

alohahawaii

TimBear wrote: »

I think I will pay off my loan then; I called the bank and asked for a settlement fee which is £100 less than the amount I'd pay back in the next year I have remaining. A huge saving considering I would no way get that in interest should I save the money!

See saving money by paying it off early! well done you could even put the extra 100£ you would have paid into your new savings
saving will become addictive once you've paid off your loan and it will be a huge weight off your shoulders and your money will be yours again

bodmil

Hello new people! I've done a vanishing act lately and have been haemorrhaging money! Getting further and further from my end of year goal unfortunately, but just had word from HRMC that I will get a return of about £3000, yipeee! Would be very lovely if that comes through before the end of the year so that will my salary I'll be a lot closer, although still about £1000 off my target, but not bad at all! Come on MR Tax Man!

tara747

TimBear wrote: »

I was also considering a small part time jobs a couple of evenings a week to boost my savings. Does anyone else do this?

Thanks

Much as I want to save up as much as poss, I couldn't do this TBH, I value my spare time too much - and my job pays me well enough not to have to, thank goodness. I do eBay though, have made a right few ££s lately. Do you have stuff to sell?

Grace_Styles

I read this article and thought it has some interesting insights in to savings.
'Why it's not possible to save & what you can do about it'
by Ken Eisold

It talks about how if you saving were to go in to an account automatically you wouldn't miss the money you were putting away - but if you have to do it yourself every month people make excuses not to put them in.
The approach it talks about is called "choice architecture," a means to encourage people to make choices that are in their own interest. They suggest employees be offered the opportunity to sign up for automatic savings when they get raises. That way, it appears to cost them nothing, as it comes out of income they never had before. Nothing lost, something gained.

One problem with this though, which most people can proabably relate to is if you don't get raise, where is the money going to come from...

bambi1984

i know this aint a lot at all never in my life have i being able to save allways being in debt but thats turning corner in january dont owe a penny to anyone got £1000 saved in 2 months need another 3 then got my car of my dreams and save once i have it for my other car of my dreams . i ant got feeling yet but i bet its so nice being debt free and paying cash for car

TimBear

tara747 wrote: »

Much as I want to save up as much as poss, I couldn't do this TBH, I value my spare time too much - and my job pays me well enough not to have to, thank goodness. I do eBay though, have made a right few ££s lately. Do you have stuff to sell?

This is my dilemma! I earn enough to live and save money, which I know puts me in a better position than some, but I would like a boost to my savings and this is the only way to do it really! Will look into the logistics of it seriously in the New Year.

I did have lots to sell (clothes especially but a few house things and DVDs etc) but moved house at short notice earlier in the year and so the majority of that went to the Charity shop as I didn't have time to organise myself for a car boot. Very annoying!

dippykitty

Payday today so I've transferred £240 into the ISA and I'm going to transfer £150 into the new laptop fund so the accounts are actually looking quite good at the moment.

zag2me

Not been here i a while but still saving. Great to see some new posters (and old).
Up to £550 a month now after paying off 25k of the mortgage a while back.

Slowly but surly getting to the next target of 25k again!!