How much can you save?

islandgirl8

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.

Thank you. That makes sense, of course the additional interest will be added to the tax wrapper. I hadn't thought it through obviously!

I love this forum.

MoneySaverLog

Lloyds TSB had a ISA that paid 3.7% last year, one of the benefits of the account was that I could add to it, at anytime in the 2 year fixed rate period and get that rate. I'll need to find a new home in February next year for it though as this rate is no longer available from them :-(

MissyD_2

Nothing like that now..........in fact no where near really....especially as I can't lock it away for more than a year from now as I will need it all for deposit and legal fees on buying my first house.

MoneySaverLog wrote: »

Lloyds TSB had a ISA that paid 3.7% last year, one of the benefits of the account was that I could add to it, at anytime in the 2 year fixed rate period and get that rate. I'll need to find a new home in February next year for it though as this rate is no longer available from them :-(

BeachCat

Hi all,

Thought I'd start posting in this thread again (it's been a while!) as well as the 'We're saving for a deposit' thread.

My savings totals and goals are as per my signature:
£7634 / £12,000 for a house deposit by Feb 2014
£101 / £600 for a holiday

Managed to bank £791 this month including interest on my Santander ISA so I'm on target so far!

My aim is to save £400 minimum per month.

It's very inspiring seeing people's totals on here so hopefully this will give me the extra motivation to save as much as possible!

TAnRod

Hi All

Am trying to save towards a better retirement - have a small pension but nothing to shout about. What is the best way to hide the money from myself so that can I am not tempted to dip into it?

guitarman001

Horrid couple of months for savings.
Car bills came to near £1000.
Spent £1.5k on holidays but on a break with g/f so might not see the holiday again - definitely not seeing the money again.
Lots of other things the first couple of months I have to pay for.
Lost £20k selling dodgy stock last year and been sitting level at £35k savings ever since. Should hopefully go up at some point, but nearing age 28, starting to think I should get a place of my own/go abroad. Gutted that I should have £55k - even that sounds tiny for my age.

MissyD_2

guitarman001 wrote: »

Horrid couple of months for savings.
Car bills came to near £1000.
Spent £1.5k on holidays but on a break with g/f so might not see the holiday again - definitely not seeing the money again.
Lots of other things the first couple of months I have to pay for.
Lost £20k selling dodgy stock last year and been sitting level at £35k savings ever since. Should hopefully go up at some point, but nearing age 28, starting to think I should get a place of my own/go abroad. Gutted that I should have £55k - even that sounds tiny for my age.

DEFINITELY NOT TINY SAVINGS FOR YOUR AGE!!!!

Do you currently rent?

Tylium

guitarman001 wrote: »

Horrid couple of months for savings.
Car bills came to near £1000.
Spent £1.5k on holidays but on a break with g/f so might not see the holiday again - definitely not seeing the money again.
Lots of other things the first couple of months I have to pay for.
Lost £20k selling dodgy stock last year and been sitting level at £35k savings ever since. Should hopefully go up at some point, but nearing age 28, starting to think I should get a place of my own/go abroad. Gutted that I should have £55k - even that sounds tiny for my age.

I'm in a similar situation, minus the losing £20k bit. £35k isn't a tiny amount. Some people have no savings whatsoever and struggle to pay their bills every month. That's not a situation we find ourselves in at the moment.

Unfortunately, I don't think £35k is enough for a deposit anywhere that's considered "South". I could buy a nice house back home...

I don't know if I should just put it towards moving away from this country. It could very well be a case of "Same s**t, different bucket."

guitarman001

I live at home right now. I have friends who bought flats and let out a room - really helps them money-wise - though they don't declare it!!!

Technically could save £1600 a month (whilst still having a life) but only for 8-9 out of 12 months.

Looking at housing here... and the weather... I just can't bring myself to buying some place! It's just awful! Been thinking about moving abroad for a while..

MissyD_2

guitarman001 wrote: »

I live at home right now. I have friends who bought flats and let out a room - really helps them money-wise - though they don't declare it!!!

Technically could save £1600 a month (whilst still having a life) but only for 8-9 out of 12 months.

Looking at housing here... and the weather... I just can't bring myself to buying some place! It's just awful! Been thinking about moving abroad for a while..

What if you thought of the bricks and mortar here in the UK as long term investment for future (pension or whatever)?
Always giving you the option to come back.

Your friends don't need to declare earnings from rent up to certain amount (their tax accountant should be advising them of this and that all DIY costs are costs associated with being a landlord).:money:

Your current £35k savings, should be plenty to fund 10-15% deposit on a £200k - £300k property. However, if I was you, I would want to keep some of it as the 3-6 months income as a back up especially if you do invest a lot of your capital.