How much can you save?

RyanEzio

I've only just starting this saving lark since I posted on here. I must admit I've saved more than I thought I could save then. I've saved £150 since I last posted.

Pretty good i thought.

It's kind of addictive as well.

I still have my weekends clubbing, etc.

I've quit buying the things I don't need either! I have clothes in my wardrobe that i've wore once! So i think i shall wear them until I need anymore haha!

shrewsaver

Payday today!

Woohoo!

Anyway £268.68 has been transferred into my "savings" current account where £210 has already been distributed to various accounts. I am looking at where to put the rest of it.

So my total stands at £14,245.87

Only £1,754.13 to go to hit my target.

kwan205

Wow after reading this forum I feel I can do it too! This is all very inspirational. I am currently looking to save £50,000 in 4 years so I can buy a decent London pad. I can save around £1000 a month without compromising too much and hopefully more when I get my pay raise! I shall be reading how everyone manage to save in their own way as a support. Thank you for all your post!

FrugalRed

I'm going to join the party here. Looking to save up around £15k for a deposit on a house/flat in about 2 years, 2011 is going to be the year of saving...

shrewsaver

Just received some passbooks back and my current total is even better than expected. I am now on £15,188.19.

Only £811.81 to go, so that means I would only need to save £73.80 for the next 11 months to hit target so it certainly looks like I am going to hit it this year. WOOHOO!

System

I put £300 into a high risk stocks & shares ISA

I then just put the rest in my HSBC savings account (making sure I always have around 500-1000 in my debit account) but I only get like 10p interest a month from a few grand)

I'm not saving for anything in particular, but I need to find something better than my HSBC savings account, I just don't know what

tersus_slate

you're all a bunch of smug gits

guitarman001

cashbackproblems wrote: »

Theres been talk of a crash for 20years, simply put supply and demand especially is cities means we will never see such a crash. Im in the process of buying in london and still anything half good is getting snapped up. As with interest rates about to rise now is the time to buy and fix for max no. of years you can, and as a long term buy house prices only move one way.

Sorry but I don't agree - and no offence but when I hear 'snapped up' or 'house prices only go one way' I cannot take it seriously.

1) Rate rise and unemployment is going to trigger sales, bringing prices down due to forced sellers.

2) With no little fish, big fish aren't going to survive. FTBs can't afford it; record student debt, low paying jobs, then signing up to a house for a fraction of a million pounds for the next 25+ years never mind saving for a pension etc...

3) Banks don't want to be in trouble again and they're directly linked to property, hence why BoE is keeping rates low in an attempt to slowly erode house prices (via inflation over a longer period).

4) House prices rose by 300% last decade but wages never kept up, the whole thing was a con. What do you think, a one-bed flat will cost a million pounds in 20 years' time?

5) Mortgage rationing truly is the death-knell for the property market. People talk about supply and demand but that's not what fuelled it last ten years... it was people maxing out on credit for a lifestyle they couldn't afford and the banks know that's a bad thing for their balance sheets, they don't want to re-fuel that.

I could make at least another ten points, and I'm sure you could, also! Not trying to argue, but property prices are a massive chip on my shoulder and a massive detriment to the young right now - I certainly wont be buying when I think prices are going to fall not only this year (10% forecast by many) but years after. Prices only go up? Gordon Brown was wrong, you cannot prevent boom and bust - look back to previous property crashes... And even if they DID go up, it only benefits you if you downsize upon retirement. If prices double the price difference between your place and the place you want to move to also doubles!

To be honest, property in the UK is so small and poor value anyway - as an engineer, I am seriously thinking about moving abroad to Germany or other where not only build quality is better (and better value) but wages for jobs like mine are much better (and where they respect engineering and manufacturing).

I still say to anybody reading, now is NOT the time to buy...

guitarman001

Lost £150 the other day. Deposited some money into my spreadbetting account on a short-term gamble (that's what it was). Absolutely gutted. Have got 1/3 of savings in some risky stocks hoping to make back some money over the next 3 years, hope it doesn't go pear-shaped. Still saving the usual amount each month but I hate to see a loss like this.

TomMK

tersus_slate wrote: »

you're all a bunch of smug gits

There's nothing wrong with saving for a decent financial future tersus. And posting here to share with and encourage others in the same situation is no different to those posting in the DFW area. Do you think once you get back to 0 you have to stop?

Edit: Today I just put away my first ever savings. And subscribed to this thread.