How much can you save?

kimquotes

This is the formula:

Income - Savings = Expenses


Be wise and get advice....:D

nakiwala123

High all, May I join? I have been saving for the last 2 years but then spending it all on unforeseable stuff, e.g. mum crashing my car into neighbours front door, moving into rented with boyfriend and buying all our furniture ( i did not realise how expensive it is initially but im banking on not spending too much on household wares once we get to buy our own place).

I dont have any debt but no major savings either (just over 1k). BF has 10k in savings but does earn as much as me so hope to match his 10k by dec 2012. That way we will start to look at our options on whether to buy a home or save for another year for an even bigger deposit while he may be secures a better paying job.

Good luck everybody and hope you manage to meet your targets.

YoungSaver20

I have saved approximately £45,000 and I am 23. Unfortunately I won't be able to save that much more to it anytime soon as I don't have a full-time job at the moment, I'm just working part-time.

I do have 20,000 in my ISA, then 3,000 in my Stocks and Shares ISA. The rest is just in a current account. Any suggestions for what I can do with the rest? I'm with Bank of Scotland and I was thinking of setting up a Fixed rate bond.

bodmil

Boo! I just missed my £64k target this month. It's not by much and it's all just numbers but still annoying all the same!

bodmil

YoungSaver20 wrote: »

I have saved approximately £45,000 and I am 23. Unfortunately I won't be able to save that much more to it anytime soon as I don't have a full-time job at the moment, I'm just working part-time.

I do have 20,000 in my ISA, then 3,000 in my Stocks and Shares ISA. The rest is just in a current account. Any suggestions for what I can do with the rest? I'm with Bank of Scotland and I was thinking of setting up a Fixed rate bond.

It depends on your plans for the next year or more. I always like to have 6 months salary in an instant access savings account, I use the incentive saver from Lloyds but Santander do a good current account with interest. Be careful with bonds though, I put 20k away 6 months ago thinking I was far away from wanting a house, and sure enough I've now found one that's pretty ideal and have to borrow that amount for my deposit.

Timay

ReportInvestor wrote: »

I think it is the right place.

Having seen on other boards the impact of encouragement it would be great to have a group of savers who encouraged each other.

Especially those who had managed to get themselves out of debt.

Martin suggests starting with tax free Cash ISAs BUT

Top tips at the moment, wanno, are the regular saver accounts and 7%+ gross (5.6% net) beats all of the Cash ISAs out there.

12% at A&L
10% at Barclays
8% at HSBC
8% at LLoyds (especialy good as this is a 2 year account)
You need current accounts at the above to open their regular savers.
8.25% at Ipswich BS (with some windfall possibilities thrown in).
7% at Halifax
6.5% at Yorkshire BS (and no 12 month rule here, either - a good option).
6.5% at Principality BS.

Good luck with your savings. You are on the right track .

Sorry just quoted the first page, but I so wish these interest rates where available today!

It so not worth saving money today although I am trying

In my plan for retirement I'm hoping for an average yearly return of 8 percent until I hope to retire, pretty sure that's a pipe dream though

Anthorn

kimquotes wrote: »

This is the formula:

Income - Savings = Expenses


Be wise and get advice....:D

In my case the formula is Incoming - outgoing = savings.

What is obvious is that in order to save we have to live below our means. I'm nearly 62 years old now and nothing much to save for really. But I well remember when marriage was approaching we went short on everything in order to save the deposit for a mortgage. We had a hard time then but in the long run it was the best thing we ever did apart from giving birth to our kids.

What I'm trying to say here is that in order to save we need a goal and we have to be prepared to make sacrifices in order to achieve that goal.

But getting back to the first post, there are some banks which help you to set up a goal and regular saving to achieve it. The only one I know for sure which does that is the one I bank with, Santander. But I'm sure many other banks will be providing much the same sort of thing.

Timay

Anthorn wrote: »

In my case the formula is Incoming - outgoing = savings.

What is obvious is that in order to save we have to live below our means. I'm nearly 62 years old now and nothing much to save for really. But I well remember when marriage was approaching we went short on everything in order to save the deposit for a mortgage. We had a hard time then but in the long run it was the best thing we ever did apart from giving birth to our kids.

What I'm trying to say here is that in order to save we need a goal and we have to be prepared to make sacrifices in order to achieve that goal.

But getting back to the first post, there are some banks which help you to set up a goal and regular saving to achieve it. The only one I know for sure which does that is the one I bank with, Santander. But I'm sure many other banks will be providing much the same sort of thing.

Lloydstsb do this through there money manger bit where you can set up a savings goal an it breaks it down for you and tells you if you are on track or not

guitarman001

YoungSaver20 wrote: »

I have saved approximately £45,000 and I am 23. Unfortunately I won't be able to save that much more to it anytime soon as I don't have a full-time job at the moment, I'm just working part-time.

I do have 20,000 in my ISA, then 3,000 in my Stocks and Shares ISA. The rest is just in a current account. Any suggestions for what I can do with the rest? I'm with Bank of Scotland and I was thinking of setting up a Fixed rate bond.

Jesus, that's amazing! Are you in a high-paid job? Working from a young age?

Perhaps uni doesn't pay - I'll be 28 later this year, still at home and by that time will hopefully have £27k saved. I've another £13k in stocks but that's only 'worth' £5k right now (OUCH). Student loan now reduced from £15k to £8.7k, due to be paid off in just under 3 years' time. Unfortunately I'm not a councillor, in finance or marketing etc... so max return on uni investment will probably be ~£40-45k wage unless I move into management (in future, if ever!). Some random recruiter tried to get me to work abroad - I think the opportunities could be amazing, but I'm loathe to leave home when I'm saving so much right now. Could be damaging long-term prospects there, don't know.. hard one to call.

23 with £45k... well done - and I am more than envious..! I'm constantly amazed at the amounts saved by people (especially younger ones).

The rate I'm going... I'll hopefully have about £50k by age 30. Used to sound like a lot but it really doesn't anymore. 30!! Then if I get a 20 year mortgage I'll be 50 before I can finish it all off.. Can't get anything NICE for less than about £180k round these parts, so say £130k mortgage for 20 years at 5% interest rates... £860 a month!! So no savings for 20 years (council tax, bills etc). And that's if I'm lucky to keep a job. And if inflation hasn't eroded the '£50k'! No wonder people struggle to get by!

YoungSaver20

Jesus, that's amazing! Are you in a high-paid job? Working from a young age?

Perhaps uni doesn't pay - I'll be 28 later this year, still at home and by that time will hopefully have £27k saved. I've another £13k in stocks but that's only 'worth' £5k right now (OUCH). Student loan now reduced from £15k to £8.7k, due to be paid off in just under 3 years' time. Unfortunately I'm not a councillor, in finance or marketing etc... so max return on uni investment will probably be ~£40-45k wage unless I move into management (in future, if ever!). Some random recruiter tried to get me to work abroad - I think the opportunities could be amazing, but I'm loathe to leave home when I'm saving so much right now. Could be damaging long-term prospects there, don't know.. hard one to call.

23 with £45k... well done - and I am more than envious..! I'm constantly amazed at the amounts saved by people (especially younger ones).

The rate I'm going... I'll hopefully have about £50k by age 30. Used to sound like a lot but it really doesn't anymore. 30!! Then if I get a 20 year mortgage I'll be 50 before I can finish it all off.. Can't get anything NICE for less than about £180k round these parts, so say £130k mortgage for 20 years at 5% interest rates... £860 a month!! So no savings for 20 years (council tax, bills etc). And that's if I'm lucky to keep a job. And if inflation hasn't eroded the '£50k'! No wonder people struggle to get by!

Thank you, guitarman001. No, I don't have a high-paid job (I wish, even a modest paying job would be good), I've just had part-time jobs and some good-pay placements and my parents only asked for rent/house and board when I was working on the placements. Not having much of a social life helps I guess. Luckily, I graduated from University without any student loan and as I live in Scotland, SAAS paid the tuition fees.

I did decide to setup a fixed-rate bond for £15,000. So that can earn some interest I guess, around £450.