How much can you save?

tara747

Congrats redbull5! :T

Gillybean wrote: »

Hi, my first post on this thread.

I'm trying to save as much as poss to get the mortgage paid of asap. I do post sometimes on the MFW board, but don't really have enough to say to do my own diary!

We've got enough in savings now, so what we were saving we're now diverting to the mortgage. In recent months I've rejigged our finances a bit and we're a bit better off each month as well. So this month I'm hoping to have the £400 a month we used to save, £100 overpayment saving that we've always done and I reckon i can syphon off £300 from the joint account once the bills have all gone out. £800 per month is pretty good going I think!

If i can be consistent with that then we should be mortgage free in around 6 years. Obviously rates will change, certain living costs will increase etc, but chipping away, saving every little bit, will always make a difference no matter what.

Ooh, almost forgot, got £200ish in my £2 coin jar too!

Welcome to the thread Gillybean, you're doing really well xoxo

guitarman001 wrote: »

Wish my girlfriend was as excited about saving lol!!!

I am female and love saving, don't understand why anyone wouldn't! :rotfl:

guitarman001

Got any nice friends!? (Only joking lol!!)

coolsaka

I think it is the right place. thanks moneysavingexpert.com sharing deal

System

snooping_around wrote: »

pay day in a couple of days, and will hit the big 100K! Im 25, 26 in a few months and feel ive done well on the saving front.

I have student loan debt of 16K. I need to really think about property for investment.

wow, thats amazing. are you a doctor/dentist if you don't mind me asking.

I'm 21, with no debt and have £15k saved. I plan to reach £30k-£50k by the time I finish uni in 3-4 years (late starter:()

snooping_around

...........

Suarez

guitarman001 wrote: »

Wish my girlfriend was as excited about saving lol!!!

I'll second that!

liam1989

its been a while since ive posted on here so i thought id just write a quick update.

i have just purchased a flat (first time buyer) and i have worked out after bills, mortgage, beer money etc, i will be able to save £50 pm, which aint a lot, but its something.

i must admit it was hard seeing 18k odd leaving my bank account and i now only have £150 in savings

Gillybean

liam1989, you've saved it up once, you'll get there again!

Got a nice surprise the other day, a nice rebate from our old energy supplier! So that's another £200 on top of the usual savings. Should be on target for saving £1200 this month, which equates to almost 3 months mortgage payments.

RyanEzio

liam1989 wrote: »

its been a while since ive posted on here so i thought id just write a quick update.

i have just purchased a flat (first time buyer) and i have worked out after bills, mortgage, beer money etc, i will be able to save £50 pm, which aint a lot, but its something.

i must admit it was hard seeing 18k odd leaving my bank account and i now only have £150 in savings

It's good that you have purchased a flat, instead of renting. I'm really not sure why people actually rent for, It's dead money. You're just paying to survive tbh! That's why I have a lot of respect for people who buy. You're actually paying for something.

I only save £100 a month, but over a year it really does add up, helping paying for holidays, etc. Plus that's the amount i don't really miss either.

tara747

RyanEzio wrote: »

It's good that you have purchased a flat, instead of renting. I'm really not sure why people actually rent for, It's dead money. You're just paying to survive tbh! That's why I have a lot of respect for people who buy. You're actually paying for something.

I only save £100 a month, but over a year it really does add up, helping paying for holidays, etc. Plus that's the amount i don't really miss either.

Oh, the old 'rent is dead money' chestnut again...

:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

That, coming from someone whose savings are for HOLIDAYS... are holidays not dead money as well by your logic?

p.s. I have a lot of respect for people who were sensible enough not to rush in during the boom and have held off, they will buy at a far lower price and be better off financially throughout their lives.