How much can you save?

Desperate_Housewife_2-2

I used to be paid weekly too but lucky that hubby was paid monthly and it worked out well. I would just re examine the budget and see where to make savings/cutbacks, sometimes timing payments helps.

I am pleased with my savings progress even though our dishwasher konked out and I decided to buy another one (£390) but I felt it was worth it. I am sweeping extra money into my ISA and the plan seems to be working.

I am staging my savings pot so this year I have been saving every month into santanders regular saver at 5% on the first £2.5k. Hubby and me both got one and have £5k in there now. Interest rate is for the 1st year so come Feb I will close and move to his ISA. Now they are full I am putting savings into a Halifax ISA at 3% (considered santanders which paid a bit more but dont like the service so sticking with halifax...more convenient).
My aim is to have 2 full ISAs by the end of the financial year and if by any stroke of luck I have more then that will go to next years ISA.

On the budgetting front I am always looking at ways to cutback and save, food is getting more expensive so I have been making my own bread and the cost per week for 4 of us (incl. packups) is under £3 so huge savings there. I but bags of bread flour from Lidl at 68p and use Lakelands yeast which is just over £1 for a big packet. Energy is low as I use my remoska so it costs around 33p a loaf. I use 3 bags of the flour a week (68px3=£2.04) plus approx 55p a week on electric. Over the year it all adds up and the result is in my ISA! It doesnt take long really if you get organised.

No doubt that it is getting harder to save/pay off debts in todays economic climate. I feel lucky to have a job and have advised my kids to choose carefully when they decide what to do for a living. Feel for those who are struggling at the mo.
Good luck everyone, hope you manage to save some money this month!

bodmil

Cashback- true, it's nice not having to wait a whole month until I can update my spreadsheet.... what a geek I am! I've transferred most of my money out of my current account so I am really forced to have some no spend days. I find working in London near shops makes it so easy to spend in my lunch hour. No wonder I saved so much working at sea!

anm_2

http://www.GetMyMicrosoftPoints.com/?i=181644 get free stuff

redbull5

Ciaran124 wrote: »

£24k pa? Do you mean £24 per year? If so that brilliant at 18. And see your trying to save 9k by the end of this year that brilliant and best of luck to you.u :P

Are you working full time or part time at the minute?

And nearly fainting is what not enough sleep and red bull does to yo

Yeh mate 24 k per year. WIll go upto 26 in february aswell. Thanks
Work full time.

Yeh, was because i watched someting gorry but im fine now thanks.

Cheers

stardance

Hey all, I'm a newbie

I get paid weekly too and must admit it gets difficult when everything seems to go out at the same time, but I think I've got it under control now . I'm currently saving for a Masters course, and once the fee's are covered, I want to keep saving so that when I finish I have money there to aid relocation, start of a house deposit, or whatever I need depending on my circumstances at the time. I know saving will be a bit more difficult once I reduce my work hours whilst studying but hopefully I can still make progress, just unsure of a target at the moment.

There's a few changes I'm looking at making in terms of budgeting too to try and save a little more; coffee on the go being a big one! Think I'm going to stop buying and just ake my own in a travel mug. Obviously Ihave many more changes to make too!

[Deleted User]

Hi All
I have just started a new Cash ISA and have put in £380 as my first payment.
Allie

PJC89

Hello all

i am currently trying to save £1200 per month.

just put £490 into my cash isa which is now full for the year,
i am putting £500 a month into a isa investor and a further £300 amonth into a regular saver account with 1st direct @ 8%.
with the rest of the money i can save i am putting it into a internet savings account with halifax but the rate is not good. Does anyone know a better way i could save this money. As the rate is nothing great i often find myself pulling money out of there and spending it on things that i dont really need.

Hughesy84

Save £950 a month, however can save up to £1200 a month if I behave!

emilyka

Good Morning,

Please can I join? I am saving for a deposit on a property. I had a lightbulb moment after looking at MSE last year, I then cleared £7k of debt and has since saved just over £10000. This is with a bit of help from the economy and public sector budget cuts pushing me out from my badly paid public sector job (redundancy!) and starting work in a new job in banking.

I now earn £38000 plus limited overtime (usually about £500 a month after tax). I currently live in a shared house so outgoings are quite low. I think after rent, going out and bills etc I usually spend about £800 a month. Now unfortunately this new job also means I have to make £3k a year to stand with my nose in someones armpit (i am vertically challenged!) on the lovely system that is London's public transport. This however I got a season ticket loan for from work so that comes out on a monthly basis.

At the moment If I'm good I should be able to save £2k a month, but the problem is I'm not always that good :-( I transfer the money to my various savings accounts as soon as I get paid but by the end of the month I've usually transferred a few hundred back because I'm out of funds- oops.

I would like to save £25k by my 24th birthday (March) however as that's 7 paydays away and I'm not managing to save the full £2k every month I somehow doubt that will happen- especially with Christmas between now and then!!
I need a little bit of advice re savings accounts. On the kind advice from some MSE-ers I went out and got the Santander current account where you get 5% on balances up to £2500 but if more goes in you get something like 0.2% lol. This account was great for my old job as my income never exceeding that but my new job pays my salary in every month in excess of that amount (not complaining!) but now the account now longer meets my needs.

I currently get paid into the Santander account, transfer across spending money to my natwest current account (fab iphone app and online banking). I have then been transferring into my ISA however I'm not at the limit. Since I've been at the limit i've just transferred into an e-saver but it's got such a rubbish interest rate. Has anyone got any advice? What I would love it a regular saver that I could put £2k in a month by standing order, cant transfer the money back but can get to the money within a month. Does anyone know an account like this or have any other advice?

Thank you so much and so sorry for the very long post!!

Ciaran124_2

emilyka wrote: »

Does anyone know an account like this or have any other advice?
QUOTE]


Hi there, read this page here.
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

It is all about the best interest rate for regular savers.

http://www2.firstdirect.com/1/2/savings/regular-saver-account;jsessionid=0000sjC25TzdYStdvMa5x46tbwv:11qkqgmtb?clear=true

Is currently the best one with interest at 8% however who can only add £25-£300 a month and the you can withdraw money however the interest rate drop from 8% to 0.5% for that month. So just open this account and save as it says because in any other account you would not get 8% interest.