How much can you save?

rictus123

I have been putting away 25% net income last few months. If i do that for the next 10 years il have more than 100k. The plan is to increase what i put away. Plan is £50k by 25 with mortgage and living in own home.

Isabella_k

Miss_Thrifty wrote: »

Wow, £100'000!!! You must be very determined. I salute you :T

I feel like a bit of a spendthrift, saving a poxy £1000 a month! I couldn't imagine saving for ten years. My goals are a bit more short term.

1000 a month is a lot. Does seem more manageable thinking short term, good luck, at this rate you'll do well :-)

Isabella_k

zag2me wrote: »

Its certainly possible.

I managed to save around 50k in 7 years and I'm earning and saving a lot more these days.

I started off saving £80 a month

wow, well done that's really excellent, and encouraging to hear :-) good for you, how does it feel to have 50k in savings?!

Isabella_k

rictus123 wrote: »

I have been putting away 25% net income last few months. If i do that for the next 10 years il have more than 100k. The plan is to increase what i put away. Plan is £50k by 25 with mortgage and living in own home.

Hope you reach your goals, sounds like a very good position to be in at 25. Good for u.

Isabella_k

CatherineMM wrote: »

Hi I just found your thread whilst mooching around. I am trying to save for a house deposit too. I am 36 and live in rented accommodation from my husbands work...which he leaves in 6 years!!!(with 2 DS under 6 years old and DH) So I need a deposit and soon...:eek:

I hope to raise £30000 by April 2013 Then a further £30000 by April 2015...then I want a house and mortgage... I started to save this tax year with opening an ISA and have saved a lovely £4021.88 so far...I hope to put away £1000+ per month (although sadly only get £6.50 an hour and 9 hours work a week!) I will be ebaying alot I think...My DH is contributing aswell and I am using up every penny of a work pension too.

Fingers crossed I can do as well as some of you peeps on here.
You inspire me
Catherine x

Sounds like an achievable plan - brilliant on the ISA so far - keep going like that and you will probably get beyond your goal :-) :T
I started saving 5 months ago, after clearing about 30k debt in about 5 years. i reckon if i can do that, i can save more in the same time. Saving is easier. It's strange, but i treat my savings like debt - its as if the money is not there- when it leaves my account its gone and i dont feel i have access to it. Havent touched the savings as a result - and i used to be someone who would live for the day and spend every penny.

zag2me

Isabella_k wrote: »

wow, well done that's really excellent, and encouraging to hear :-) good for you, how does it feel to have 50k in savings?!

It feels AMAZING!!

Whats even stranger is that I have never told anyone how much I managed to save. Not even my girlfriend knows!

At one point I had 30k in an ISA paying 4% interest. That was giving me over £100 a month in interest alone. Which when you compound it makes your savings grow really fast!

But when interest rates went down I used it all to pay off my mortgage as I have always wanted to live debt free. Only a couple of years to go to reach that goal

redbull5

Would be able to save loads this month as got an extra little bit from work, but need 4 x new tyres as all 4 are nearly bald lol. SO thats about £250 and my windscreen has a massive crack in it so thats another £80 excess to get it fixed. And road tax is up end of july so thats either £165 or £90 for a year or 6 months. and fuel is so expensive, gosh lol.

Anyways, up to a nice £6500. just up to earning 23k in august cant wait.

UnluckyT

payday tomorrow.
having rejiged my butdget to ensure everything can be covered plus what with using my credit card to buy odds and sods, as well as having to soon pay out on fares including taxi to get home from the hospital after having my ganglian sorted, i doubt i can save anything this month.
plus what with having a week off the beggining of next month, my pennies seem to be having to stretch further.

Zekko

Hey all, new poster here. Just wanted to say well done to everyone on here who is saving like mad for whatever reason, and good luck on reaching those targets.

For my own situation, I am currently saving for a house, and will have just under 70,000 saved once my bonus money gets paid at the end of this month :j

I live at home with my father at the moment and pay him 300 for board, so managing to save around 1100 a month which goes directly into various savings accounts, and a further 250 a month into my private pension, which is topped up by my employer by 180. I am really grateful that my father lets me stay at his place to allow me to save up, and well, it's nice to have the company really. It will surely feel strange to live on my own when that time comes.

My target is to have a house bought outright (or atleast a small mortgage) and atleast 35k in my pension pot by the time I'm 35, which gives me just over 6 years to achieve my goal. After this I will begin putting money into investments.

Who knows what the future will bring, but this is my plan.

Desperate_Housewife_2-2

just updated my sig, managed to save £635 this month totalling £4700 after a very tight month and just done a big top up shop as store cupboard running low...good luck to everyone and keep on with the savings.

BTW does anyone think they will put interest rates up? I keep seeing inflation at 4.5% and they normally put them up when that happens, even though I would benefit from it I feel sorry for the people who are in debt, food especially is going up and I have definitely noticed the squeeze.