How much can you save?

ppolly

We've managed to save £600 in the last few months due to saving most of what I earn (which isn't much -only a little more than unemployment benefit). But it feels very good to have any savings at all. I need to finish with the minimum wage work and concentrate on the things that bring in more money from self-employment.
Food prices are going up still. Thank goodness for Aldi and Lidl !

mummyofonechild

Hello, Can I join please?

I have just paid our mortgage off and now need to replenish our savings account. I have started an ISA and have contributed £200 this month. It will be more next month which is our first MF month

Good Luck Everyone.

MOOC xx

JimLad

mummyofonechild wrote: »

Hello, Can I join please?

I have just paid our mortgage off and now need to replenish our savings account. I have started an ISA and have contributed £200 this month. It will be more next month which is our first MF month

Good Luck Everyone.

MOOC xx

A massive well done on paying off your mortgage! You are where i want to be in 10 years time. I havent even bought the house yet!

How long did it take?

atush

We save monthly.

I don't know our totals, but save 500 into 2 reg savers (premier HSBC 8% I think), 300+/pm OP Mortgage, 300 into investment trust savings schemes. I save some of my child benefit each month-try to save half (60 per week total). 25month x2 into my kids saving accts. This doesn't incl pension saving. We should save a bit more, but am paying university exps for son1 out of income this year- abt 475/month plus travel costs and books.

darkvader

Time for me to get on the savings bandwagon - 30 now and partner 28, no kids and no home, living in rented places for about 5 years now so time to pull our socks up and go about this seriously.
We have about £1700 in savings per month from this FY onwards. My plan is as follows
1. £500 in S&S ISA
2. £500 in 2 HSBC 8% Regular Savers
3. £250 towards Emergency fund in Natwest
4. An additional instant saver - post office or Halifax - where the balance £450 will be saved as a deposit towards our first home

I am a higher rate tax payer so in 2 minds to top up my company pension. I believe I will be investing about £65 a month and the company adding about £200 - will be sure next month as I just signed up. Maybe I need to put in additional contributions or maybe get a few NS&I certificates and get rid of Saving option 4? Really don't know how best to go about this.

As of today, we have £4000 in cash sitting in a Natwest current account earning peanuts which if sufficient as emergency cash frees up Saving Option 3 above to put away in higher interest accounts....still need to sort myself out

Lets see how thing pan out, any advice to better manage will be appreciated. Will try and post an update every month
DV

mummyofonechild

JimLad wrote: »

A massive well done on paying off your mortgage! You are where i want to be in 10 years time. I havent even bought the house yet!

How long did it take?

Thank You.

It took 7 years in total but only started overpaying in Jan 2010

atush

darkvader wrote: »

Time for me to get on the savings bandwagon - 30 now and partner 28, no kids and no home, living in rented places for about 5 years now so time to pull our socks up and go about this seriously.
We have about £1700 in savings per month from this FY onwards. My plan is as follows
1. £500 in S&S ISA
2. £500 in 2 HSBC 8% Regular Savers
3. £250 towards Emergency fund in Natwest
4. An additional instant saver - post office or Halifax - where the balance £450 will be saved as a deposit towards our first home

I am a higher rate tax payer so in 2 minds to top up my company pension. I believe I will be investing about £65 a month and the company adding about £200 - will be sure next month as I just signed up. Maybe I need to put in additional contributions or maybe get a few NS&I certificates and get rid of Saving option 4? Really don't know how best to go about this.

As of today, we have £4000 in cash sitting in a Natwest current account earning peanuts which if sufficient as emergency cash frees up Saving Option 3 above to put away in higher interest accounts....still need to sort myself out

Lets see how thing pan out, any advice to better manage will be appreciated. Will try and post an update every month
DV

Definitely top up your pension to the max, esp cover up to and over the level of all Co-payments by your firm. We do and pay a few exra % as well.

Milly-Ann-Molly

Just impressed myself with the knowledge that my savings have reached £4506.85 with minimal effort and after payday will top the £5000 mark. Can anyone tell me any good places to save after my nsandi isa is full please? I have never filled an isa quota before and have no idea where to put my money once i reach the isa 2011 target...I have been told premium bonds but feel that is a bit wishy washy perhaps? all ideas gratefully received thanks x

TheMoneySavingNovice

Maybe a regular saver?

[Deleted User]

Hi Folks
Could I join please? I have no savings at the moment and am trying to pay of debts but at the same time I want to build up a wee emergency savings fund. Not having some money that I can fall back on does keep me in debt as, just as I get a loan paid off, something happens and I have no money to deal with it.

I currently have an offset mortgage so will probably put my savings into that account. I get paid next week so am going to aim to save around £150 - £200 per month to my emergency savings. Once I pay off my debts I hope to make this alot more and for something exciting.
Allie