How much can you save?

ThankYouAndEnjoy!

Hello

Thank you.

Although i understand and appreciate your coment, if i overpay and complete my mortgage within 5 1/2 years (as i am intending to instead of its 34 year term) i Save myself over £90,000 in Interest charges (as opposed to making the minimum contributions)

I notice within your signature you have both saved and have had an outstanding debt at the same times as one-another; this i suggest is no different to what i am proposing within my first post.

For reference, the overpayment has the availability of being withdrawn from my Mortgage Provider, therefor acts like a savings/offset mortgage

save-a-lot

zag2me wrote: »

Basically no, it's not saving.

Saving is something you do once you are out of debt.

Debt is money you don't own so it can never be saving. Its an important distinction to make.

I believe that you are wrong, investing into the debt brings a saving in total interest payable, so I think this could be counted

EagerLearner

Agreed - reduces the debt overall so should count.

gelato_cat

How come you managed to save while you still had your student loan then?

I think in the spirit of supporting and encouraging each other, we should work out some way of including what the OP suggested. JMO.

Suze

zag2me wrote: »

Basically no, it's not saving.

Saving is something you do once you are out of debt.

Debt is money you don't own so it can never be saving. Its an important distinction to make.

November - Saved: £370 | Student loan reduced : -£127
December - Saved: £690 | Student loan reduced : -£350
January0ii - Saved: £000 | Student loan reduced : -£550
February0 - Saved: £100 | Student loan reduced : -£1050

jamtart6

yep i spose it is saving...but isnt there a debt free and mortgage free/overpay challenge too? (of course th OP is more than welcome here! i just want him/her to be amongst friends with a uniting goal!)

dexters_mum_2

Can I join?
I'm looking to save for a new car in about 2-3 years or sooner!
I've only managed to save a measley £5 in a month so far and I'm lagging!
I keep my saving(!) in a 6.2% interest Citi account, linked to my current account but with no instant access, which is good because I get tempted.
Don't have a lot of disposable income but really want to save!

DM xx

save-a-lot

You certainly can join, welcome into this fantastic thread!

What areas in your life could you live more frugally? are there saving to be made on the food bill? or could you remortgage to get on at a better rate etc. If the thread could know a little more about you and your situation, then suggestions on how to squeeze more savings into your Citi account could be made. We are all friendly here and there are lots of ideas. Maybe have a read through the thread.

jamtart6

hello!! can you flog stuff on ebay? i didnt think it was worth it, and suddenly i have £60 for bits i dont use any more. Just stuck it all on for 99p and was glad it sold for that or higher. Got £15 for a perfume I dont even like so it was just taking up cupboard space!

we will soon have that £5 into a £10 and then a £20, it all mounts up! i add 18p to my quidco account each day, and now i have £14... it all adds up!!!

jamtart6

Right I know its the wrong place to ask, but I asked on the house board and was not met with much help, and i fear i might have got a few eyes rolling!

I have read the "buy ing a house" guide, and know i need a free whole of the market broker if i want to buy a house, but do you just literally sift through the yellow pages? and will they really not charge you??

sorry for asking, i just feel like i "know" you lot better!!

jamtart6

lol yes me again. message for Eager Learner: I have a spreadsheet!! woo hoo! I wanted to set up an aim eg. £950 for my NYC trip, and updated how much i earn on quidco/ebay etc each month, so ive got a posh pie chart where the blue (savings) are slowly eating into the marroon (aims)...

i have £32.57 of £950! but it looks so great and achievable!! i just had to tell a spreadsheet enthusiast!