How much can you save?

YoungBusinessman

Saving_NOW wrote: »

Hello YoungBusinessman that's a hefty target!! are you saving for anything in particular? or like me not sure what your saving for?

Good Luck with your target :T

Well going halfs and investing it into a business.....so i need £4,500 by April so £1,500 a month - Jan, Feb and March and im laughing

I have set a £20k goal for the year.

Paddles

guitarman001 wrote: »

It was my own fault - I gambled £20k and lost (stock market). Reason? Don't want to face a life of indebtedness mainly due to ridiculous housing costs...

I sympathise too, we moved in 2006 into a fixer-upper, turned out to be more than than and by time we eventually sold we'd lost around £30k (that's the short version, but the outcome is the same in the long one ).

We're now stuck renting for what seems like forever, I personally would love a mortgage (would be much less than our rent) but it's unlikley we'll be able to get one for at least another two or three years... maybe more but I try not to think about that - or the amount of money we put into "that house" :eek:

Saving_NOW

A 45% pay rise wow incredible!
Oh just the thought of having to live with my parents again brings me out in a cold sweat!! Have you always lived with them or did you leave and move back?
We are renting at the mo rent is cheap for us where we are, my landlady has said we can buy the house if we can get a mortgage so that's something we may do ....have to save the deposit money first though!! hence why I am here gaining invaluable advice from all you money saving experts :money:
P.S thanks for link to article

guitarman001

Paddles, sorry to hear that! The way I see it, the more capital I build, the sooner a mortgage can be paid off. I get a good pension deal at work so I'd probably chuck 98% of all savings at a mortgage in future. Girlfriend's a bit older with low income so wouldn't want a big mortgage (>£70k) for any longer than 10 years abs max.

Saving_NOW - thanks. Yes, I don't think I'll be getting another like that any time soon! Always been at the parents - really starting to drag now. Even on my new salary the COST of everything... council tax is especially the biggest rip-off. Girlfriend has the mortgage on her flat paid off but to get something bigger closer to work (to avoid ridiculous transport costs) is eye-watering (not worth living together right now due to a benefit she receives.. the country is totally backward). I always wondered how other people did it but I think credit cards and parental help are two big factors. Anyway, good luck with your savings. I hope to have closer to £40k come mid-2013 but no doubt some will get swallowed up with car costs, holiday etc.
Oh, that's one thing I meant to say. Even with her mortgage paid off, my girlfriend's bills are still £800 or so a month! Council tax (!!), gas & electricity, factoring fees, phone, internet & tv, and other..!

tinkerbel

guitarman001 wrote: »

factoring fees, phone, internet & tv, and other..!

Hi guitarman, what are factoring fees if you dont mind me asking! If I were you I would try to stick with your parents for as long as you can! best way to save up! Trying to rent and save at the same time is super hard!

guitarman001

3 people own in my girlfriend's block and 3 rent. When something needs to be done the housing association needs to be paid - these are the factoring fees. For upkeep. It's a joke...

I know what you're saying. At the same time, we've been dating 5 years and I should move in at some point! The commute to my new workplace will be difficult either way (especially from home, though) - but the savings will be more here. I just can't do it too much longer, which is a shame, financially! The 'rent' I'd be paying my girlfriend would just be contributions to all the bills, so something like £400-500 a month or something.

DB_XIII

Aw poor you guitarman. Life is so cruel. Your lucky you have parents to support you for a start.

guitarman001

I'm not asking for any pity - but I think you should get that chip on your shoulder checked out!

Saving_NOW

guitarman001 wrote: »

I'm not asking for any pity - but I think you should get that chip on your shoulder checked out!

Moving on quickly..... lets talk about saving and what our targets this month are considering it's that expensive time of year again :rudolf:

Personally I have a small family so i have kept the cost to £150 for presents and I am fortunate that my mum works at the Frag**nce Sh*p so I get a nice 25% discount for Hubby's aftershave :T
I'm looking forward to a week off work and also topping up my savings accounts, in fact I am really looking forward to topping up my accounts probably more than is healthy haha
Have you bought future Mrs Guitarman001 a pressie yet? tell me to bog off if I'm being too nosy

Saving_NOW

Oh forgot to say what my target is for this months savings hoping to put
£200 into my Barclay's reg saver
£400 into my Barclay's ISA
£150 into holiday fund
£20 in to the start of 2013s xmas fund
Don't know if I will get a Christmas bonus maybe not because I am having to pay my boss back because he has paid my tax bill (£400) reason I have a tax bill is because I didn't pay tax for 6 months waiting for our accountant to get his finger out and when he eventually sorted it I was handed a bill!!! Anyway my boss has paid it and I'm paying him back Jan and Feb straight from my wages.