How much can you save?

chocaholicmanc

Having read some of these amazing posts I think I'm going to join! My OH and I want to buy a house next year (he already owns his). I moved in with him end of last year and he is (very generously) not asking me to pay any rent - we just split everything else 50/50.

I will finally be almost debt free (including student loan) at the end of this month - bar my loan which has about 28 months to go.

I was hoping I can save between £500/£600 a month, but having read some of these posts I think I should be aiming for at least £700! Also going to up my pension contribution by the amount I used to pay to student loan. I figure I've never had that money anyway so I may as well do something useful with it. That makes me feel OLD though! (I'm 29)

Good luck everyone!

Rule_no._4

Like many on here i'm currently saving for a house deposit (around 15K) and hope that joining tis forum will provide me with motivation. I aim to have this amount by June 2014 by regulary putting money into savings every month. Currently have 3.5K.

Good luck to my fellow savers!! :money:
RN4

londoner01

londoner01 wrote: »

Starting to monitor how much I can save more closely. It looks like I can save at least £500 most months. I seem to have saved £1,600 over the last two months which is great, but I was at home / with relatives for about two weeks during Christmas which meant pretty much no expenses
Not too bad given my net monthly salary is just over said £1,600 - for London it's a good ratio I think! What do you reckon?

Six months down the line, and my savings ratio is roughly 45%. I'm extremely proud of this considering we live in London. Hoping it won't change too much next month when we move to a new property. We will have flatmates this time though, that should make it slightly cheaper on bills and food. And my salary has gone up by £50 a month

tinkerbel

Londoner - how do you save 1600 when you earn 1600?!
What about rent or do you own your own place?

londoner01

tinkerbel wrote: »

Londoner - how do you save 1600 when you earn 1600?!
What about rent or do you own your own place?

Is that from my original post? The £1,600 saved was over two months, so about £800 a month. On an average month I seem to be able to save around £700-£750, which is roughly 45% of my salary (which in turn was a bit over £1,600, and has just edged closer to £1,700 with this month's raise).

guitarman001

I'm up to £26k or so. Shares were worth £18k, now £3k (big regrets). Almost 28 years old. Feel I'm not doing well AT ALL. Live at home (as per other posts), still have £8k of student loan. Hoped for more money at this point in my career... so I'm in agony deciding whether to stay at home on 'low' wage where I can save a lot.... or move country where I'd get a massive pay jump BUT rent and living costs would decimate further savings. TOUGH CALL...

nat21luv

Is that opportunity a one off or is the pay scale always higher elsewhere in the country? If it is then stay put, get money behind you and then move. If its a one off then do it!

guitarman001

If I read your post right....
The other country pays more in general. So I could stay here for longer and save more. Unsure.

nat21luv

Sorry I didn't read your post right! Thought you meant there was a better paying job where you are now rather than another country. Like I say, if it's a one off opportunity to move and improve your career long term then do it, if not stay and save.

Ps, you should not regret your investments, see them as experience and learn from it. Is there no chance they could pick up in the long term? Could you reassess in 5 yrs?

newsaverr

Maybe a daft question but i'm new to this. if savings offer 5% p.a what will i get a month? i'm looking at some long term accounts and short term so i've got a spare 'pot' and a rainy day 'pot. just trying to work out what i can earn a month or year. any clues anyone?