How much can you save?

jasperwilliams30

Thank you for your response and i'll look into those options.

Would you recommend premium bonds as well?

innovate

Premium Bonds are good for people who are happy to lose money. You can hope - statistically - for a 1.5% annual return. This is way below inflation, so statistically you are almost certain to lose money. I personally do have Premium Bonds but I am very aware that this is not a rational place for my money.

Read this for more detail: http://www.moneysavingexpert.com/savings/premium-bonds

Pocketsaver

YoungBusinessman wrote: »

Going good guns there Pocketsaver. How do you get to a £4,000 total? Seems double what I thought you were away to say....Is that including loss of earnings?

Job to date has paid me £3,971.84 (net) and I saved £3,600 from it. My part-time job has paid me about £400 since June. Parents have helped me along the way by paying for petrol, refusing rent/ me paying for anything, so I can save for a home someday. The rest was paid back by family members since I gave them some money to increase their house deposit - still a lot more of this to come. I wasn't counting on this money until I put my own deposit down on a home. That is another story for another thread though.

Now for the big news...
My position came to a close today. The company have decided to promote me and give me a pay rise to £21,200 from £17,600 on a 6-month contract, effective from Monday. Not bad for a summer job! :T:beer: Money I get from now on is a complete bonus as I did not calculate for it. I'll probably use this opportunity to save for my Marathon Des Sable 2014 adventure.
Although the money is great and the experience valuable (even gained a level 4 City and Guilds qualification in Project Management because of it), I want to move to London by the end of the first half of next year. The people at the office are lovely, but it is just not where I want to be; I want to get out of Wales and go to somewhere new/ start my own life away from family and friends. Fortunately, my sister and BIL work in London and have their own place, and said they will always have a room there for me when I want it.

YoungSaver20

My savings took a dip recently but hopefully it will recover soon. I have been offered a full-time job, so I needed to buy a car and insurance to drive to the office.

So savings went down to £36,500 (Age 23). So hopefully I can get to £60,000 by the time I am 26, supercharge_me but it is early days.

Colin297

Currently saving approx £600 p/m.

I had a few "bad weeks" but on course to have saved close to 7k this year. I'll calculate exact amounts at the end of the year.

I'm paying £200 p/m back on a low interest loan and i just cleared, reluctantly, a old student £800 overdraft which has just started charging me interest. That broke my heart - but i just used last month's saving for it to put it behind me.

Onwards and upwards. I hope to save 2k between now and year end

Can't wait until im debt free, good healthy current account, 2 full ISA years (i.e. next year) and have a few K for a house deposit. On the right path - at last!

lvm

Well, I officially hit £20k of deposit savings this month. It's so annoying that this is some people's total target and they can buy a nice house with a decent mortgage however I'd be lucky to get a studio in a rough part of Edinburgh considering house prices here :-(

Another 2 years of saving and having no life before I finally can consider looking at a new house!

nat21luv

Due an update. I was saving 4k for a new car and insurance and I'm pleased to say my little Eco beauty is sat on the drive it'll save me a fortune on running costs.

My next challenge is to save between £1k and £1.5k for an emergency buffer and after that the real hard graft starts....house deposit I really hope to start this pot at the beginning of January, going to London for new years eve(instead of a holiday in Goa ) then the fun begins

Well done everybody, your totals are amazing :beer:

Andrew_Middleton

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!

This might be the best solution to your problem...

wikihow.com/Save-Money

mahoney

Just found this thread, page one says 12% savings!!! Those were the days!!!!!!!!!!!!!!!!!

YoungBusinessman

Even when i started out 5 years ago at 16, 9% was common in alot of places!