How much can you save?

stark_source

tinkerbel wrote: »

Is everyone's isas full for this year?

Mine will be, by about July/August.

RonLeroy

Wanno wrote: »

I thought I would post a new thread being a newbie to this.

There seems to be a diary for getting out of debt, and clearing your mortgage, but not one for the amount you can save to put towards something.

I'm saving for a deposit for a house and am aiming for about £16,000.

It would be useful to log how much I can save in a diary format and get as much support as possible.
I'll be keeping a log of my progress and would love to hear any tips you guys have on budgeting and making the most of the money I can keep.

If anybody would like to join me then great- the more the merrier!

The topic is very old, I hope OP finally bought his lovely house.
From my experience you can save alot:

1. Rent a room rather than a house right near your job. Cheaper rent, no council tax, no communal payments, no tv license. No payments for transport
2. Get rid of car. You you sell it, you'll get limp sum and do not need spend on car insurance, and car maintenance.
3. Always use debit card rather than credit.

Suarez

RonLeroy wrote: »

3. Always use debit card rather than credit.

Why?

You have no protection on purchases and you will build up no credit history which will make it harder to get a decent mortgage.

tinkerbel

Need to move an isa which has just matured, then think about next years!

Brallaqueen

I've had to withdraw from the 12 in 2012 thread (not that I could ever save that much!) as true to form, life has c0cked up my plans and it's only April!

My job is likely to be under threat so trying to learn to drive to widen my search area and maybe even get some hours as a part time home carer as a fall back option. Forgot how expenive it is and how useless i am at driving - this will be the most expensive piece of plastic ever.

i have less than 500 saved now and it is making me really itchy in case other things to pete tong...

LIB3RTY

I've done quite well considering my age (22).

Through a few investments and working a part time job I have managed to save around £20K this past 2 years. I'm hoping to have around £100K or so by the time I am 30 to buy a home in cash.

innovate

LIB3RTY wrote: »

I've done quite well considering my age (22).

Through a few investments and working a part time job I have managed to save around £20K this past 2 years. I'm hoping to have around £100K or so by the time I am 30 to buy a home in cash.

I'm afraid, that's gonna be a rather small house, for 100K in 8 years time. well done on getting £20K to one side though, hope you can continue at that rate.

LIB3RTY

innovate wrote: »

I'm afraid, that's gonna be a rather small house, for 100K in 8 years time. well done on getting £20K to one side though, hope you can continue at that rate.

Depends if we have either another Great Depression or if we try to inflate our way out of this economic crisis. I have several plans for every outcome.

£100K is just a number, if we have high inflation obviously that will change.

Miss_Spendalot_2

LIB3RTY wrote: »

I've done quite well considering my age (22).

Through a few investments and working a part time job I have managed to save around £20K this past 2 years. I'm hoping to have around £100K or so by the time I am 30 to buy a home in cash.

Well done on saving, whatever you do though don't have kids before you finish saving otherwise those savings will go flying out of the window :-)

robbie131986

Hi guys. I'm wanting to join this thread as I have the opportunity or a very attractive investment opportunity in the next 9months. I am in line to receive a £5000 gift off my dad in January and I'm looking to match that amount in 9 months. For the last 5 years I never seem to have made any headway with saving but now I have this chance I'm bot letting it pass me by. So far in 5 weeks I've managed to put £800 into a savings account. I'm going to open an ISA though to make the most of my money. I've been doing my best to be tight with cash and constantly rounding down my current account into my savings, pretty much every day. I haven't been missing the extra pounds and pense so far and I wanted to post on here to keep an online diary and to stop myself cheating. Lol. Anyway. I'll keep everyone posted in the following weeks and months to let you know how I get on. Wish me luck.