How much can you save?

Ciaran124_2

McSaver wrote: »

* UPDATE - JULY 2011 *

McSaver went to become McGambler and lose all of his life savings of £80,000.

Sorry for the lengthy updates, couldnt bare to post this one a long time ago.

What???? Are you just pulling us along or did u acc waste £80,000 in gambling? :eek:

firionicable

First, you may try to separate things that you want to buy (wants) from those that can be useful for you (needs). This way, you can start by spending your money on "needs" rather than throw all your savings on unhealthy activities. This what I did that have saved me a lot from £50-£300 monthly. But it took me some time to get started.

Amy77_2

I withdrew all my savings from my Egg account (just under £14k) last week to buy shares in BP. It took a few days for the money to transfer and by the time it did I bottled it and changed my mind and just transferred the money back.

Think I'm getting greedy now, I keep on looking for alternatives to the low rate savings accounts but don't want to "gamble" which I would have been doing.

redbull5

Hi, should have maybe thought about it abit earlier after the explosion.

Also, why not try lloyds tsb?. very low in share price at the moment and i personally think its about to go up. Have a look, there is no harm

maryann16

how can i make money as much as all of you are currently earning? i'm 27 and have no savings in bank yet

climbgirl

maryann16 wrote: »

how can i make money as much as all of you are currently earning? i'm 27 and have no savings in bank yet

It's not about making more money (although clearly that helps!). A lot of people on here earn average incomes and still manage to save a lot.

It's more about refocussing and changing your spending habits so you're not wasting money on rubbish that you don't need (and I mean really need, not stuff you just want to have). The more you cut back on the non-essentials, the more you can save. Even a few quid each month will add up quicker than you think.

Go through your entire budget and work out where your money is going. If you're not sure, keep a spending diary for a month and write down everything you spend. All of it - even the few quid here and there on a coffee or a pint etc. You'll be amazed how quickly that adds up and how much you could save each month by cutting that out.

If you want to post your budget on here, people can give you tips on where to cut back in order to save more.

climbgirl

Amy77 wrote: »

Think I'm getting greedy now, I keep on looking for alternatives to the low rate savings accounts but don't want to "gamble" which I would have been doing.

It's good you can see that's a gamble! Putting all your money on one stock in a market this volatile is a risky business....if you don't know what you're doing and you back the wrong horse, you stand to lose a lot. You could also make money of course, but it depends how much you're prepared to risk your capital.

[Deleted User]

Chrismaths wrote: »

If you have the time to muck around with lots of accounts and move them around after a year. If you just want to keep it simple, the cash ISA is the best route.

I am sorry to remind you that you have to keep an eye on an ISA account and move your money when a better one comes on the market. An ISA is not usually a fixed term investment. You can and should move the cash whenever it is to your benefit.

If you can afford to lose money rather than 'muck around' then that is your decision. Banks make a profit by reducing rates and hoping savers do not 'muck around'.

I have moved ISAs that are 5 years old to get a better rate on 5 years of savings. Well worth the time. Always read Martin's emails.

[Deleted User]

fastdeeds wrote: »

Just starting to save, i buy some daily needs like food, shelter and what's left will go to my piggy bank.

Sounds as if you have the right idea.
Can I suggest you decide on the priority of different things. It is a great help to put them in order when deciding which ones to go without.

Even food can be split down. Food eaten in cafes, take-way food, processed meals, food you prepare and cook yourself. Buying a thermos flask might save you money if you find you spend a lot on coffee when you are out and don't want to go without.

Sooner or later you will need some clothes so you need to allow for spending on them unless you live in a nudist camp.:)

When we were really hard up we had to budget for Xmas and birthday presents. How many are there in your family? Visitors coming for a meal would add to our grocery bill. So we learnt to put money away for that. Your piggy bank will probably have to pay for these expenses so it is not long term savings. As time goes by you will discover these 'few times a year' expenses. Write them down and start another piggy bank for them.

Every New Years Eve we sat down and added up our savings. Realising how much more we had than one year ago compensated for going without all those things.

Life goes in a circle. When we started off we were hard up and economised, saved and prospered :beer:, now we are pensioners:(:( .

At least we have the experience to know what we must do.

I hope this helps.

Ciaran124_2

maryann16 wrote: »

how can i make money as much as all of you are currently earning? i'm 27 and have no savings in bank yet

Yip! Like already pointed out make a budget plan is the way to go... Dont know how to do it check out!

http://www.youtube.com/watch?v=JyyZaFdmIXs :money::money: Go to 3.20 for the know hows of a Budget!

ALso sample tip bring a lunch into work!! :A