How much can you save?

TimBear

Is there anything particular you are saving for Viv?

I have been doing some calculations and have worked out I will be able to save around £1k from my January pay at the end of the month due to a bonus I will be receiving at work :j Don't want to wish my life away but can not wait for pay day so I can put this money straight in my savings!! Have never and probably will never again be able to save so much in one go and I'm so pleased and excited!!

butschwa

I know im about 4 years to late for this thread, but i've finally decided to save money towards a deposit for a flat.

I'm 23 and have just got a new job that pays well, but i'm also self employed so the income is not secure. Currently renting in a cheap flat and im looking to save £30000 in 2 years and already have £8000.

I'm hoping that i get motivated by this thread as i've been living the 'highlife' recently ...haha.

Just a quick question as there are 280 pages and i dont have the time to read them all. Where are people putting their money whilst they are saving? as the banks are up in the air at the moment for interest rates.

John

dippykitty

butschwa wrote: »

I know im about 4 years to late for this thread, but i've finally decided to save money towards a deposit for a flat.

I'm 23 and have just got a new job that pays well, but i'm also self employed so the income is not secure.

John

I'm similar to you - I've been self-employed for a few years but started a contract job in November that runs through to May. Nice to have a steady income to fall back on for once but I'll be back to full-time freelancing again there isn't enough funding to keep me on.

How much are you aiming for?

butschwa

dippykitty wrote: »

I'm similar to you - I've been self-employed for a few years but started a contract job in November that runs through to May. Nice to have a steady income to fall back on for once but I'll be back to full-time freelancing again there isn't enough funding to keep me on.

How much are you aiming for?

I'm hoping to get £10000 a year into savings, and hopefully the odd bonus if i can get it.

However i've done very little research about how much i need for a deposit. I have just heard 25% roughly for a deposit towards a mortgage. I'm looking at properties around £90k mark and it will be a buy to let mortgage which apparently needs a larger deposit than a normal mortgage. I've resisted going into the bank to ask because i've only just started and in 2 years things might change so im hoping for a total of £30000.

Pocketsaver

Hi all!
Mind if I join the club? I'm trying to reach £10,000 by the end of the year/ graduation in December. I have just under £4,000 to save up, as my entry into 2011 is £6,073! I hope it is doable; all depends on the first 3 months of the year.

redcoltraine

Hi and welcome Viv and John,
250 to my regular saver has gone out today, happy days - but i did have a bit of an internet sales shop so that could me done on the savings front till end of the month but we shall see, still waiting on the refunds etc to comein/go out so will update my totals later in the week

Cheers

Red

weeclick

Had to re-evaluate the savings tonight due to an unexpected bill of errears from landlord so have had to empty out savings of £500 to cover this. Have had to add the extra £500 onto my savings target now as its needed for the holiday in July. Means savings now stand at £228/£43,500!!!

compound

Hey guys its been a while since i last posted. Last year my target was to reach £6500 and i achieved it a month or so earlier than expected in 2010.

Since then i have had a fair few expenditures especially with Christmas and seen myself starting to slip back into bad habits so i have created a new target for 2011. I want to save £15,000 by the end of 2011.

It is going to be very tough saving this month due to my car insurance being up for renewal. I will post my total at the end of the month.

Let the savings mission begin for 2011.

butschwa

weeclick wrote: »

means savings now stand at £228/£43,500!!!

How long have you given yourself to earn this amount? thats quite a hefty goal!

compound wrote: »

Hey guys its been a while since i last posted. Last year my target was to reach £6500 and i achieved it a month or so earlier than expected in 2010.

Since then i have had a fair few expenditures especially with Christmas and seen myself starting to slip back into bad habits so i have created a new target for 2011. I want to save £15,000 by the end of 2011.

Is that including the £6500 is that another £15000?

weeclick

the main target is collected over a lot of smaller goals.

£3,500 needed for holiday - £1,500 by May and a further £2,000 by July - Definately will achieve this as I am also a freelance wedding photographer and have 2 weddings coming up in April and May which will cover some of this.

Another £20,000 by the end of 2013 for a houe deposit

Last £20,000 theres no time limit as its just an amount I would like in savings as an emergency fund/ fun money. Wont even start saving for this until the deposit is got in 2013