How much can you save?

lbnblbnb

nat21luv wrote: »

It's such a shame that the savings threads are so quiet, what a difference to the DFW threads.

Try the save £12K in 2013 thread - it is a bit livelier than this one. Despite the title, people have a range if targets, not all are aiming for £12K.
HTH.

bsms1147

I'll join in saving;

I'm 25, consider myself fairly careful with money. Right now I have £28,573.15 to my name in various little pots saved since I was a small person, and my goal is to have £40,000 by December 31st this year.

I've got nine paydays to go until then, and my take-home pay is roughly £1600 after tax and other deductions. However the exact amount changes every four months (up and down) and I'll soon start paying back my student loan, which will probably amount to a couple hundred pounds a month.

So all in I need to be adding about £1300 to my total each month which is probably just do-able, at least for now. Fingers crossed.

RoxRoxBling

Hi I'm 25, not as much savings or monthly income as above poster [bsms1147] But I'm on my way there.
I currently have about nearly 20k saved. (For my future - marriage, house and kids)

Although I can save 50% of my wage (thank god for living at home) I feel really demotivated with current interest rates. Is it worth saving? And I'm not a materialistic person, but why not impulse buy unnecessary items with 50% of my wage... And then when I want to buy a house go to the bank as they seem to be giving loans out like lollipops. When the highest interest paying account I have is 2.5% - (surely that's below inflation ????)

I suppose I feel like you're better off not saving than saving [STRIKE](a bit like you're better off not working and being a single mom)[/STRIKE]
I could do with some motivation for saving.

charleybear

I'd like to join. I've earned more in the past 3 months but now i'm settling down and starting saving now. £5 in my savings making the overall total £605

YoungSaver20

I am 24 and I think I have reached £48,000 in savings (depends on the amount in my S & S ISA).

About £21,500 in ISA; 21,500 in Internet Saver, £5,000 in S & S ISA (could be worth about £5,500 now).

Have a few things to pay though this month, £135 for tax disc for car, Credit card bill of about £140.

Next month, I am expecting interest on my saving accounts; £676 for ISA, and over £200 for Internet Saver, so maybe £900 in total. I may reach the £50,000 milestone in June.

RoxRoxBling

YoungSaver20 wrote: »

I am 24 and I think I have reached £48,000 in savings (depends on the amount in my S & S ISA).

About £21,500 in ISA; 21,500 in Internet Saver, £5,000 in S & S ISA (could be worth about £5,500 now).

Have a few things to pay though this month, £135 for tax disc for car, Credit card bill of about £140.

Next month, I am expecting interest on my saving accounts; £676 for ISA, and over £200 for Internet Saver, so maybe £900 in total. I may reach the £50,000 milestone in June.

Wow that's good going at 24! Keep it up!!

My huge spend doesn't come until May, and hopefully my holiday plans go through (1000 + spending) a much needed break :beer:

YoungSaver20

Wow that's good going at 24! Keep it up!!

My huge spend doesn't come until May, and hopefully my holiday plans go through (1000 + spending) a much needed break :beer:

Thanks, I know what you mean about saving and poor interest rates but I guess I live with my parents too so I'm not affected by inflation as much besides fuel prices. However, it would be good to be earning 5 % rather than 2 % interest but I guess 2 - 3 % is still better than 0.5 %.

Where are you planning to go on holiday? I don't have any holiday but it has been a long since I went anywhere, a few failed plans to go to Orlando, Florida but I would love to go back there one day.

RoxRoxBling

YoungSaver20 wrote: »

Thanks, I know what you mean about saving and poor interest rates but I guess I live with my parents too so I'm not affected by inflation as much besides fuel prices. However, it would be good to be earning 5 % rather than 2 % interest but I guess 2 - 3 % is still better than 0.5 %.

Where are you planning to go on holiday? I don't have any holiday but it has been a long since I went anywhere, a few failed plans to go to Orlando, Florida but I would love to go back there one day.

Agreed. 2-3 yrs ago I opened a fixed rate ISA with a rate of 3.75% for 3 years. I remember there being a 4% for 4 yrs -- Memories!
Inflation affects everyone - I remember when VAT went up the prices in Primark went up too!!!! :rotfl: (Note: not sure if inflation actually affects VAT :rotfl:)

We're looking at different deals, and trying to find the best one. I had a holiday in england last year, but has been forever since been abroad!!! But being a P/T uni student and F/T worker, it's hard to get the time off from work and I frown upon going term time and missing classes!!!

IGetMoney

I'm 26, got around 30K in savings, had a mortgage for the last 4 years. Bought a house with a friend and just working away to pay off at a steady rate, between us we own nearly 40% of the 4 bed detached. Yes it would be better to put all my money into the mortgage, but I like to have money in the bank that's easily accessible just in case.

BeachCat

Very impressed with the savings totals for people in their 20s!

I'm 26 and hoping to reach £8k in savings by the end of the month, it seems so small compared to others totals!

My excuse is I've lived in rented (including student accommodation) since I was 18. And I've done 2 degrees which has obviously limited my number of years earning real money!

Hoping to save enough for a house deposit (together with my partner) in early 2014. Not easy when £700 each goes into the joint account for household expenditure!

How much do other renters manage to save per month? I manage £400-600 depending on my commission and take home £1500-2k per month.