How much can you save?

tara747

tara747 wrote: »

*ahem*

I overestimated what was in my Santander accounts, my end of year total is actually a nice round £62,200 - so I saved a total of £7,858 in 2012! Way less than £12,000, but we did have the unexpected wedding expenditure and we also had to change our car, so that explains it. I will make up for it in 2013!!!!!!!!!!!!

That makes just under £80,000 in savings between me and OH. :beer:

Hi all

I didn't get to update at the end of January, so I've just done my end of Feb total. I have £64,271 saved - a total of £2,071 in the first 2 months of 2013!

I'm still aiming for £13,000 in 2013

Well done to everyone, keep up the good work!

Fleurlur

Aw I feel so lowly, I have £50 in my savings account towards my £285 total for the month!

Tylium

This is a bit depressing. A lot of people seem to be saving more than I actually earn in a month. Do you all have high paying jobs or is it savings between two people?

marathonic

My overall, long-term goal is to save the maximum into a S&S ISA by dividing the annual allowance by 12 and saving that amount monthly.

Having just bought a house, this goal is a long way away. The next year will be spent building up an emergency fund - I'm hoping to use my 2013/2014 Cash ISA allowance for that.

I have reduced most of my expenses down to the bare-bone and am working on the remaining ones.

My disposable income when I start saving the maximum will be almost non-existent but it will increase as the years go by.

Lokolo_2

Tylium wrote: »

This is a bit depressing. A lot of people seem to be saving more than I actually earn in a month. Do you all have high paying jobs or is it savings between two people?

Don't worry you're not alone there! I have 2 low paying jobs and get about £1400 a month working 60h+ weeks! I manage to save about £1k a month though however this will change when I have to move out of the parents house!

Stroppypops

Quick update. I got paid £4,900 after a good month and a savage amount of deductions. Therefore I have managed to put away £1500 this month. I cleared some debt and spent some on the other half and daughter. Also have a new car being delivered next week so couldn't save more unfortunately. My target of saving 6k this year is going to be easy I think so I may aim for 8k (unless something goes wrong).

I'm really enjoying finally saving and being out of my credit cards, long may it continue.

Stroppypops

Luke273 wrote: »

Hi guys,

I'm currently a student, however I'm on placement this year earning a £15,500 salary. I thought this would be a great time to start saving for life after university. I'm able to save around £350 a month, and I have currently saved up £2,800. I'm hoping to have at least £5000-6000 by the end of this placement in August, and then also save a further £4000 for my final two years at university (as I usually get too much student finance). I'll be really pleased if I can get £10000 savings by the end of university!

After that? I'm hoping to get a secure job whilst renting in a city centre, and with no other commitments, hopefully continue saving. But that's a good two years away! Short term goal, £10k by 2015 for a student?! I hope so!

What you're doing is a great achievement and I congratulate you for this.

However, remember you only live once and University as well as being for a degree is for enjoying the latter stages of your younger life (before proper job, family, mortgage etc).

For me Uni was the best four years of my life and I had an amazing time and I don't regret coming out with debt whatsoever.

There is plenty of time for saving after Uni. Enjoy it whilst you can!

BritAbroad

Can I join this thread please?

At present I only have around $1000 in actual cash savings. This is partly because I've been aggressively paying things off. In the past seven months I've cleared 2 CCs and a car loan, but still have one CC and another car loan to go (and a student loan, but that's currently deferred). However, our house also needs a significant amount of work so we've gradually been doing that too, and we've been making making mortgage overpayments too.

We have a substantial chunk in shares, but only some of that is actually usable at the moment. I prefer to think of it as a dire emergency fund. So I'd like to build up the cash savings if possible. Having such a small amount of cash savings really doesn't give me much comfort as one medical bill can wipe that out.

I'd like to aim to save around $6000 by the end of this year.

Saving_NOW

Fleurlur wrote: »

Aw I feel so lowly, I have £50 in my savings account towards my £285 total for the month!

That is £50 more than I had last year in savings and since I started on MSE look at me now!! :j
Never did I think that I could save anything it soon mounts up, will look forward to seeing you hit your target:)
Is £285 your target for every month?

Can't believe it's pay day next week again!! woo hoo think I will hit the £4000 marker if I don't have any surprise expenses. Doing lots more hours at work as well and with the change in tax code DH and I should be bringing in around £50 pm more, we shall see though because I'm sure it will get swallowed up in another price hike somewhere??
having said that though our council tax has stayed the same and I managed to reduce the Gas/Elec by £15 pm. I may be saving more than I think, will only be able to tell when I do the figures next week.

Look forward to updating everyone next week

Saving_NOW

Fleurlur wrote: »

Can I join? I've got mini targets for the next few months through until August rather than one large total.

First target is £285 by the end of the month and that's to buy a wardrobe and buy our camping plot at Silverstone for the F1.

Sorry didn't see this post ignore my question about your target above lol