How much can you save?

Saving_NOW

I wonder what it's like to have £2000 in savings I will know for myself when I get paid next it's the first time I have ever had that amount in the bank and it not be used up on something else. woo hoo.

guitarman001

Good luck on reaching your target
I echo what was said in another thread - sometimes too much saving can be a bad thing - I spend ages deliberating whether or not to buy this or that. Impulse buy on the weekend for something I've been thinking about for months... and it's turned out great.
Expensive times coming up. Might go on a 4 day trip abroad prior to starting work again next year.

debrag

How do people have such big savings each month? I want to start saving for a house in 2015, once I've moved to Worthing but I estimate I'll be making £15,000 with my OH on £11,000. I'd like a place by the time I'm 40 so in 9 years but it's looking impossible Saving for our holiday first, then the move.

Pocketsaver

debrag wrote: »

How do people have such big savings each month? I want to start saving for a house in 2015, once I've moved to Worthing but I estimate I'll be making £15,000 with my OH on £11,000. I'd like a place by the time I'm 40 so in 9 years but it's looking impossible Saving for our holiday first, then the move.

I am living at home until I find a permanent full-time job - currently full-time temp. I have never been a big spender on small things (shopping, going out etc). Currently saving about £1,000 a month. Since I am a temp, the insecurity of it makes me want to save every penny I can. I Quite like seeing a decent figure (personal perspective) in by bank. I don't definitively have an aim for it all, apart from £5,000 set aside for an adventure race in 2014. Not sure whether to spend another £2,000 learning to sky dive (a life-long dream) or save it as part of a future house deposit once I get a permanent, full-time job. For now I am just happy to see my net value grow, as it builds my confidence and security.

FATBALLZ

Pocketsaver wrote: »

I am living at home until I find a permanent full-time job - currently full-time temp. .

It's not an option for everyone though - when I took up my first full time job I had to relocate too far away to stay with my parents. It annoys me somewhat when older people tell youngsters they should live at home to save up - good for you if you can but don't assume it's an option for everyone.

When I was saving up for a house deposit (bought 18 months ago after 6 years saving), I was able to save quite a lot at the end because we rented a small and cheap flat, and my partner was lucky enough to have a company car and I could get the train to work, so in effect we didn't have a car and the associated running costs (except petrol, which wasn't much in the scheme of things). Also we earned decent salaries so typically could save over £1k a month. With house prices today though some people really are stuffed though.

Pocketsaver

FATBALLZ wrote: »

It's not an option for everyone though - when I took up my first full time job I had to relocate too far away to stay with my parents. It annoys me somewhat when older people tell youngsters they should live at home to save up - good for you if you can but don't assume it's an option for everyone.

I never assume.
Understand the situation all too well though. At the moment, me and my friends are very fortunate in that we have found jobs near where parents live, so everyone of us has the opportunity to save. I am hoping to relocate to London in March if a job follows through. Can't wait to see what happens to my savings then! There is the option of staying with family in Kent, but that would mean roughly an hour and a half commute just to get to London.

tinkerbel

Savings have gone in the wrong direction a little at the moment because of christmas, and the general cold making me want to buy lots of hot chocolate and jumpers and scarves! also I love buying people presents!!

I will try to get my finances back in shape though.. bit wierd because we get paid early this month which means that january will be very tough!!

waiax73

Hi,

Moved to the UK 4 months ago, had to use ca. 4k of my savings for all the costs (deposits, living costs, etc.). Now I've got ca. £5600 in foreign accounts which I'm thinking of moving here (because of the lower inflation, higher rates).

According to the plan (Financial-wise, I'm a very strict 23-year-old) my ISA contributions will increase in January from a silly amount (had to pay off a credit card and 'rebuild' part of my savings) to £400/month which gives an estimate of £4800 in ISA savings next year. Free of any debt, got to start thinking about getting myself a flat in London in 3-4 years.

Cheers

Saving_NOW

Hello Tinkerbel know what you mean about Christmas spending and savings taking a hit but it is nice to be able to afford those little luxuries here and there as long as you don't go too mad!!!! January is a nice month to start afresh and build back up our savings in spite of our little ahem.....spending sprees...!!

waiax73 All the best with your saving target I hope we can encourage each other to stick to our plans, I am determined to get to 10k by next December and God willing I will.

Its my birthday next week so hoping to get some money to spend I have already saved my target this month so think a little treat is in order

debrag

Pocketsaver wrote: »

I never assume.
Understand the situation all too well though. At the moment, me and my friends are very fortunate in that we have found jobs near where parents live, so everyone of us has the opportunity to save. I am hoping to relocate to London in March if a job follows through. Can't wait to see what happens to my savings then! There is the option of staying with family in Kent, but that would mean roughly an hour and a half commute just to get to London.

I have an hour + commute and rent as parents live in total different area of england. We have the cheapest flat around but still can't save much.