How much can you save?

Angelselondon

Hi all,

I've been doing my monthly sort out on my finances. I need to transfer my ISA to a better rate. The Higher rate ISA's all tend not to let you transfer but I have found one, M&S Money at 5.5% on a variable, which I don't think is too bad, also I work for M&S so how loyal am I.

My question for those in the know is this: Should I transfer now or after my interest is paid. My gut feeling is after in April but I wanted to ask just in case.

Thanks

Leanne

obsessed_saver

Hi Leanne,
There are better ISA rate than 5.5% that allows transfer in. Go read Martin's cash ISA guide. I think Yorkshire BS is probably the top one with no minimum amount. I believe there's a better one at over 6% if you have £15,000 minimum.

As for transferring now or later, just make sure you're not going to fall foul of any small print with your current provider like earning less or no interest if you transfer out before the end of their special rate offer. Doesn't really matter either way otherwise as long as you're transferring to a higher rate.

savingforoz

I'm doing quite well, managed £1,000 in February despite car tax/car insurance etc - and have now set up a regular standing order so I have money for those things in advance next year.

Next feww months will be tight as I'm having a few house repairs done, but overall I am pleased with the savings progress! Hope everyone else is doing OK.

gelato_cat

Hi all

I saved my usual £750 in regular savers this month and opened a new RS into which I put £500. I then saved another £400 on top of that, so £1650 altogether this month.

My tax code has also been sorted out now so I take home about £100/month more than originally thought! However, that's also thrown my percentages out slightly - I'll just have to save a little bit more to compensate

Suze

Dr.Lou

Gosh is March here already.

Well, have saved 11.4% of disposable income up until end of February and have stashed away some for March. Hurrah - bronze!!

EagerLearner

I should be able to add at least £77.47 on Monday from Quidco and Paypal, I will then be at 12%. I think I can prob also add a bit more - depends what my budget tells me!

Maddie

May I suggest there is an explanation of the olympic challenge on the first post, including an explanation of how to calculate 'disposable income'

I take home £1k a month and save £500 in two regular savers, so thought that put me on gold, but if I take out rent (£250) etc I will easily hit platinum - I don't like spending!

gelato_cat

:T

I hadn't thought of doing this - I usually do it the other way around whereby I top my savings accounts up so that the balance is rounded up to the next £100, rather than skim my current account down.

Suze

EagerLearner wrote:

- Do the 'slim skim' on your current account - whenever you have an odd amount/balance, 'skim' the odd part into savings and leave the remainder. For example, if you have £152.34 in your bank account, 'slim skim' £2.34, leaving you with a round £150. You will never notice this tiny amount going into savings, and it builds up incredibly.

Redbedhead

I have now got my Bronze and am part of the way to my silver. I hope to get to the Silver after the next pay day:j

ThankYouAndEnjoy!

Hello

Could I Join :question:

Im overpaying my Mortgage by £500 per month (maximum allowance), and am lookin to save around £42,500 by April 2011 for a 'lump sum' overpayment when my fixed rate finishes and i incur no penalties for overpayment.

In total, looking for £12,500 Cash, remainder will be paid by an Investment