How much can you save?

TheMatrix_2

toobefree wrote: »

My nephew had an accident last year and is getting paid out 25,000 anytime soon just waitng to sign the final acceptance letter. He is now 21yrs old and is was studing at college until his road accident, but mad a good recovery. I would like him to do something good with his money

Nadal to win mens final at Wimbledon

dawyldthing

I'd say stocks and shares are really risky at the moment so you could split it into 5k bands. If it was me I would put 5k in premium bonds (you never know if the numbers come up and the money is always yours unlike the lottery), 5k in an isa (halifax has good isas, but check out the link on here), send a grand through halifax each month so you get the 5 pounds reward each month and put 5k into lloyds tsb as i think its 3% you'd get on it at the mo, 5k in Yorkshires 3.5% 1 year bonds they have at the moment and maybe 5k in a long term saver?

toobefree wrote: »

Hi all,

Just been spending sometime reading some of these threads, and I need some good advice on the best saving accounts and how to make moneywork for it self while it's sitting in the bank.
My nephew had an accident last year and is getting paid out 25,000 anytime soon just waitng to sign the final acceptance letter. He is now 21yrs old and is was studing at college until his road accident, but mad a good recovery. I would like him to do something good with his money as he is given a start now to invest. What about stock & shares, The best ISA, please help as I feel this money could be wasted if I don't know these answers. Hopefully he will get himself on the property ladder at some point. Not sure what the amount is for a deposit on a property. Help.

mummyofonechild

ShelleyC wrote: »

Its blooming hot!

Well done on the £600 :T

The GP felt a bit of a let down after Canada

Thank You

Have now managed to get it up to £800.

Yes totally agree with you about the GP but its Silverstone next week so come on Lewis and Jenson, you CAN do it :rotfl:

tara747

Hi all

Late I know, but here's the June update from me! I only managed to save £612 (due to treating myself to some holiday flights) but have restarted eBaying and am feeling positive about the rest of the year!!! I am now up to £49,430 (sooo close to £50k!), will update my sig now.

Well done to you all and welcome to the newbies xoxo

compound

Hey Guys i haven't posted in a while. Last time i posted i was in and around the £10,000 mark but i think i was just shy of it. I remained around that figure for a while as my savings seemed to have stagnated due to expenditures, holidays, car problems, waiting for money to come back in, etc. However i have pushed ahead now and have now saved just below £12,500. My target was to get to £15,000 by the end of this year (started saving in March 2010). I think i am on track now to get there.

lee1985

TheMatrix wrote: »

Nadal to win mens final at Wimbledon

I hope that no-one listened to you:rotfl:

bodmil

Haha, I'm glad I didn't put any money on the tennis, such a boring sport anyway! Lovely atmosphere though, I'm really enjoy summer now!

I'm a bit lost of my spreadsheet, whoops, but it's made me try to reorganise things. I'm currently trying to decide between the AA or Santander ISA. I worry that even if opening a fresh Santander account goes smoothly that moving it at the end of the term might cause issues, has anyone else taken the risk with them?

Otherwise I am now officially unemployed! I left my job and am punching above my weight applying for management jobs in the hope of a lucky break. Bit scary and hopefully I won't eat too far into my savings but I have self employment to fall back on and just had a call about a temp job so looks to be ok for now! It's such an incredible feeling knowing I won't have to go back to my old company, very much worth the fear of no immediate income! For now....


Anyway that leaves me abandoning my £80k target this year, and I've taken away my signature as I don't want to pressure myself into chasing money instead of a nice career. Hopefully a decent salary isn't beyond me however, and I hope to be back on track in a few months. I suppose now my target is just to get a 35k salary then! Can't really imagine affording a mortgage on much less as the thought of more than 3x salary multiples scares the bejesus out of me!

Good luck and keep up the good work everyone but I hope everyone gives themselves a nice summer holiday too!

Ciaran124_2

Just wanna join!! :j:j:j

Just to let yos know I dont have big savings yet but not to worry still plenty of time Im only 17 nearly 18. Starting reading into the money saving bussiness and now finding myself really into it. I currently work part time 12-20 hours a week and still in school.

Having about £400-£500 pounds saved up and looking for some tips in how to save my money up? What is the best choice a can make to start getting interest on my money.

Also I want an account where I can later after opening the account I am able to add money either monthly or weekly?

Thanks to anyone who takes an interest and decides to give me some information :T:T

I can also add £160 a monthly, breaking it down into £40 each week then put it away and then at the end of the month put the total £160 in the s&s saving account.

dippykitty

Hi everyone, haven't posted on this thread for a while as my savings haven't been moving forwards that much. My contract ended at the end of May and I'm only working for 12 hours per week for the same place until September and doing my usual freelance work for the most part so I'm in a similar position to before I took the contract. I'm still working towards having £10k in the ISA as my short-term goal but it's slow going!

LucyTheDwarf

Ciaran124 wrote: »

Having about £400-£500 pounds saved up and looking for some tips in how to save my money up? What is the best choice a can make to start getting interest on my money.

Also I want an account where I can later after opening the account I am able to add money either monthly or weekly?

...

I can also add £160 a monthly, breaking it down into £40 each week then put it away and then at the end of the month put the total £160 in the s&s saving account.

Hi Ciaran, welcome!

There are a few pages on this website which have good information on savings, and the different types of account. A few you should read are:-
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#where
http://www.moneysavingexpert.com/savings/best-cash-isa

From the sound of it, you need an instant access savings account. You are probably not a tax payer at the moment, but it is likely that you will be in the future, so an ISA could be a sensible place to start.

I use this website to assess which are the best accounts available. This is the Cash ISAs section, use the search function to filter the results. http://moneyfacts.co.uk/compare/savings/accounts/cash-isas/

Things to watch out for are: the terms and conditions for payments and withdrawals, as it may only allow a set number, or none at all; bonus rates, some accounts may advertise a rate of 3%, including an introductory bonus of 1 year - make a note of the date and switch when the rate drops; withdrawal penalties; minimum or maximum investment amounts.