How much can you save?

unlockk

Looks like a very interesting thread! Will subscribe and watch and maybe join later on myself. :beer:

Fleurlur

Currently got £190 as I had to borrow money back off myself for essentials. I think my target will have to be lowered to £250 but still enough to buy what I need.

Perelandra

About 6 years ago, I set myself two targets:

1) To save 15% of my take-home pay every month
2) To increase that percentage by at least 2% per year

I did make a change last year, though, to the first condition: To save *or invest* the percentages.

6 years on, and I'm now at about 70%... ! (including the offset savings against my mortgage).

Not sure where the 2013/2014 2% is going to come from though... lol

Fleurlur

I'm not going to have a savings target for April because I'm buying various treats for myself, having my hair done etc. Then whatever money I've got left each week is going towards my credit card.

unlockk

Don't you think that it should somehow be the other way around?

nat21luv

Agreed, tried paying yourself first?

Fleurlur

I've been doing that for 4 months, I'm fed up so I'm having a month off! I'm paying the majority of the CC off beginning of April anyway. It'll be paid off by end of April, I can treat myself and pay off my debts :P

Ash1982

I think thread should be '% of income saved', some people earn more than others and it is not very useful just saying 'I save approx £900 per month and have £11,000 in savings' (which is my actual case). Better to say 'I save approximately 45% of my income' (again the actual case). More comparable and achieveable for people whatever their income.

ninjaryder

ReportInvestor wrote: »

I think it is the right place.

Having seen on other boards the impact of encouragement it would be great to have a group of savers who encouraged each other.

Especially those who had managed to get themselves out of debt.

Martin suggests starting with tax free Cash ISAs BUT

Top tips at the moment, wanno, are the regular saver accounts and 7%+ gross (5.6% net) beats all of the Cash ISAs out there.

12% at A&L
10% at Barclays
8% at HSBC
8% at LLoyds (especialy good as this is a 2 year account)
You need current accounts at the above to open their regular savers.
8.25% at Ipswich BS (with some windfall possibilities thrown in).
7% at Halifax
6.5% at Yorkshire BS (and no 12 month rule here, either - a good option).
6.5% at Principality BS.

Good luck with your savings. You are on the right track .

Those were the days !!

YoungBusinessman

% of income also doesn't work very well as easier for someone on £200k to save 80% of income as opposed to someone on £20k who would be doing well to save half.