How much can you save?

eviekins

I'm also in my early 20's and saving hard!
Hoping to end the year on 60k.
I'm lucky that my outgoings are pretty minimal and I manage to save the majority of my wage as I still live at home, hence the sum I currently have saved. There's absolutely no way I would be where I'm at financially if I was renting. I admit, I'm absolutely desperate to own a home and I'm obsessed with rightmove, but staying at home has most definitely been the sensible thing to do!
I agree with the comments on savings rates. I need to sort out a new isa, but the rates are terrible! Wish I'd fixed for a few years rather than going for easy access with rates that drop after the year, but I always think, 'can't fix - I might be purchasing my home by then!!' And then the time comes to re-new and I think, 'still haven't bought my home - should have fixed!'

charleybear

I'm also trying to save money for a house.
After settling in into a new job & having money, I am now going to save whatever extra i earn and make sure i have some left in the bank.

Fleurlur

I'm back with a savings goal for May of £300.

joe_purdy

I think i may have already posted a year a two back but circumstances have changed so i will update it.

Im 21 and currently have £21,550 saved which is for a house deposit, im another hawk on right move currently living at home which is how ive managed to save a nice amount, i only work part time due to illness/ disability, wish i could work more but just not possible.

Im saving about £500 a month for my deposit fund. Dont drink, drive or smoke so dont have that many out goings apart from board to my mum but my downfall is takeaways!!

eviekins

AvaRobinson wrote: »

I am not sure!

Informative!

ch3101

Thought I'd add my part here:

19 years old, student, work 16 hours a week.
I am literally disgusted with my friends who all got apprenticeships/full time jobs after school, some on ~30k a year yet none of them have any sibstantial savings other than the likes of £1000 for a holiday etc.
I earn £500 a month, dont get SAAS or a student loan either because I live at home, dad earns a good amount etc and am also disgusted by the amount of student in the same position as me, at home with jobs that are borrowing ~7k a year as well! A girl I work with is in 40k of debt due to student loans which to be honest is horiffic.
I have a standing order for £200 every month and then save any extra I have.
Also don't use any 1p, 2p, 5p, 10p, 20p or 50p coins and as a result have a bin in my room with £362.36 in it (last count).
I was lucky enough to inherit 6500 then added 1k of my own money to it and that is invested to be a deposit on my first house/flat.
The other ISAs in my sig are just my money, that is used for holidays, buying cool things, will buy me a car when I get a real job and pay for furnishing my first flat as well.
I've got 3 more years of uni so hope to have about £20k in total then stay at home for another year or two when working to save a little more so i'm pretty comfortable when moving out.

I just find it disgraceful when mates spend 2k a month on going out, drinking, clothes etc and I spend like 50 a week.

RoxRoxBling

ch3101 wrote: »

Thought I'd add my part here:

19 years old, student, work 16 hours a week.
I am literally disgusted with my friends who all got apprenticeships/full time jobs after school, some on ~30k a year yet none of them have any sibstantial savings other than the likes of £1000 for a holiday etc.
I earn £500 a month, dont get SAAS or a student loan either because I live at home, dad earns a good amount etc and am also disgusted by the amount of student in the same position as me, at home with jobs that are borrowing ~7k a year as well! A girl I work with is in 40k of debt due to student loans which to be honest is horiffic.
I have a standing order for £200 every month and then save any extra I have.
Also don't use any 1p, 2p, 5p, 10p, 20p or 50p coins and as a result have a bin in my room with £362.36 in it (last count).
I was lucky enough to inherit 6500 then added 1k of my own money to it and that is invested to be a deposit on my first house/flat.
The other ISAs in my sig are just my money, that is used for holidays, buying cool things, will buy me a car when I get a real job and pay for furnishing my first flat as well.
I've got 3 more years of uni so hope to have about £20k in total then stay at home for another year or two when working to save a little more so i'm pretty comfortable when moving out.

I just find it disgraceful when mates spend 2k a month on going out, drinking, clothes etc and I spend like 50 a week.

I agree. I started working when I was 18 (did part time then full time then part time now full) and even when I worked part time i tried very hard to save. It's about thinking smart. And saving on a small wage (especially if living at home)

Those people who spend excessively don't see the long term. The if you can save say 20k can be payment towards a house. Which to me is a lot better than spending 2k on living it up as a teenager.

Here's to us. The savers. :beer:

chatterup

I think the best way to save is to cut back on things you do not need to buy such as the latest fashion, fashion accessories, electronics, eating out at restaurants, ect. Try to look at weekly flyers for groceries and buy whats on sale, plus match sales with coupons. I do this and I save quite a bit. Good luck to you all on saving money!

charleybear

Im 18,has a 4 hour weekend perminant job, and I only earn £120+ without doing over time. Im getting into the habit of saving a little monthly and some extra in between. I too am saving for a house deposit.lol

RoxRoxBling

charleybear wrote: »

Im 18,has a 4 hour weekend perminant job, and I only earn £120+ without doing over time. Im getting into the habit of saving a little monthly and some extra in between. I too am saving for a house deposit.lol

Well done.
In al fairness, I started saving on a part time wage. I reckon these saving habits have to start early, then as u earn more you'll be able to budget and decide how to spend and save
Good luck