How much can you save?

MissyD_2

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!

TARGET Deposit for my 1st house!:A NEED £20k :eek:WANT £25k GOT=» Online Reward NR £2,301; Loyalty Reward ISA 2012 £5,732; Esavings Reward £91; Nwide Save to Buy £550;1stD Regular Saver £1,600; 1stD Everyday e-Saver £170==»»>>Total=£10,440.40 :T

Are there any better accounts???

MoneySaverLog

Did HSBC say they required your salary in the current account or did they say that the standing order needs to go from their current account.

Reason I ask is that HSBC and First Direct are not my main banks but I move money into their current accounts for them to take money by their own standing orders.

I'm personally dropping HSBC this year as their rate has dropped to 4%

Saving_NOW

steevennsmithh wrote: »

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.Also found that HSBC said you have to have your salary paid into the current account before you could open a regular saver. I have a current account but have my salary paid elsewhere. Is there a way round this?

Welcome to savers corner!! I'm no expert here, just starting out myself with the saving but I can tell you this forum and the "save 12k in 2013" thread is what keeps me motivated. Just have a look at the other threads there are so many great ideas to help you save that little bit more each month. What seems to come up again and again is how much money we waste on the weekly/monthly food budget and I can verify this as before January we were spending £350 on food every month for 3 people, now I spend £200 if that, just by shopping around and planning our meals we still eat very well in fact better because I am preparing so much myself. So straight away I save £1800 per year just on food :eek:
That's a nice chunk in the bank!. Sorry I can't offer any in depth economical or financial advice but I'm sure someone will soon enough

Don't get paid till the 1st, but I know that we will have saved a massive £950 yippee I've preemptively updated my sig because I just couldn't wait to see the totals in black and white lol!!!!! so unless something drastic happens between now and Monday, God willing this will stay the same.

HAPPY EASTER BREAK MONEY SAVERS :EasterBun

MissyD_2

steevennsmithh wrote: »

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.Also found that HSBC said you have to have your salary paid into the current account before you could open a regular saver. I have a current account but have my salary paid elsewhere. Is there a way round this?

If by, HSBC you mean for the First Direct Current Account, then I would advise you as customer that this is a bank that is easy to have and hassle free switch service (I've been round the block with the banks and tried and tested others & their appalling switch and service in general). FD also get rated top by their Customers!
I've just checked their site which says NOTE: income/TRANSFER:
https://www2.firstdirect.com/1/2/banking/current-account?WT.ac=FSDT_TABS_HOME_BA1325

BUT YOU NEED TO READ THEIR TERMS AND CONDITIONS AS I AM NOT GIVING ANY FINANCIAL ADVICE NOR AM I TRAINED TO DO SO (just sharing my experience):money:

Hope that helps!

Also, for those of you interested in the interest rate.... when I opened the Regular Saver with First Direct the rate was 8% GROSS p.a. (already filled my ISA allowance!) which is 1 of the reasons why I went for the switch when I did. However the the rate is currently 6 % GROSS p.a.
Although I haven't been advised of any rate drop to my account, as such I have sent a "secure message" via online banking to clarify rate on my Regular Saver which I opened in Oct 2012..... will keep you posted......if any of you are interested that is.........?

islandgirl8

MissyD wrote: »

Also, for those of you interested in the interest rate.... when I opened the Regular Saver with First Direct the rate was 8% GROSS p.a. (already filled my ISA allowance!) which is 1 of the reasons why I went for the switch when I did. However the the rate is currently 6 % GROSS p.a.
Although I haven't been advised of any rate drop to my account, as such I have sent a "secure message" via online banking to clarify rate on my Regular Saver which I opened in Oct 2012..... will keep you posted......if any of you are interested that is.........?

I opened this RS in Feb when it was still 8%. When it changed to 6% I phoned them and was reassured that the 8% would continue for the full 12 months. HTH.

MissyD_2

islandgirl8 wrote: »

I opened this RS in Feb when it was still 8%. When it changed to 6% I phoned them and was reassured that the 8% would continue for the full 12 months. HTH.

Thanks hopefully they will confirm in writing!

Do you have any advise on/know of any other saving accounts?:p

islandgirl8

MissyD wrote: »

Thanks hopefully they will confirm in writing!

Do you have any advise on/know of any other saving accounts?:p

Great! Hopefully they will confirm the same thing. I also find FD to be excellent for customer service.

The only thing I have done recently is to open a Nationwide Flexdirect current account and put some savings in there as the interest rate up to £2500 is 5%. I plan to move that over to an Isa just before the end of the financial year next March. The rate seems better than regular savings right now (besides the FD one).

MissyD_2

Ah OK, I'm happy with my current account with FD only opened it in Sept 12 and they successfully switched everything for me in OCT 12 completely hassle free! No need to move.......however, if I was you I would prefer the tax free savings therefore would put as much of the new 2013/14 year's tax free allowance of £5760 into an ISA ASAP to gain maximum tax free interest (I did that with the year thats ending and I get about £14 month in interest!)

MoneySaverLog

islandgirl8 wrote: »

Great! Hopefully they will confirm the same thing. I also find FD to be excellent for customer service.

The only thing I have done recently is to open a Nationwide Flexdirect current account and put some savings in there as the interest rate up to £2500 is 5%. I plan to move that over to an Isa just before the end of the financial year next March. The rate seems better than regular savings right now (besides the FD one).

I was thinking the same, then thought that if you're saving in a cash isa for a while you'd actually be better off putting it in at the start of the tax year.

e.g. £5,760 at 3.7% would earn you £213.12 interest. That gets added onto your total ISA pot and earns you interest in the following years, thus you get an extra subscription for the year of £213.

Put it in at the end, and you've effectively lost that extra subscription into your ISA which overtime will out perform the 5% you get for the first year. Also remember there is tax to pay on the 5% outside the ISA too so it does not look as attractive as putting it straight into the ISA.

MissyD_2

Where can i get an ISA paying 3.7%????

MoneySaverLog wrote: »

I was thinking the same, then thought that if you're saving in a cash isa for a while you'd actually be better off putting it in at the start of the tax year.

e.g. £5,760 at 3.7% would earn you £213.12 interest. That gets added onto your total ISA pot and earns you interest in the following years, thus you get an extra subscription for the year of £213.

Put it in at the end, and you've effectively lost that extra subscription into your ISA which overtime will out perform the 5% you get for the first year. Also remember there is tax to pay on the 5% outside the ISA too so it does not look as attractive as putting it straight into the ISA.