How much can you save?

Zars

Hi Momomo, i've been saving since 2010

Fancy_China

Last week I saved £18.61, which was £2.29 left over in my purse, £16.23 on e bay and £0.09 on interest.

Hopefully next week I'll make 10 per cent of my target.

tara747

(Copied from the other thread because I'm lazy)

*ahem*

I've broken the £70,000 barrier! Whoop! :beer: I saved £979 in August so my new total is £70,127!

That means that I've saved nearly £8,000 so far in 2013. Getting to my target of £13,000 in 2013 is going to be a huge challenge, but hopefully I can do it.

Old_dog_2

Hi all.This is my first time on the forum so I hope I'm doing this right!
Just received MSE newsletter and I must comment on the 3% for 40k article.
I have just set up 3, 123 accounts with Santander (1 joint between me and my wife and 2 singles) each with 20k.
As Martin suggested, it is a bit fussy but the man at the bank helped us.
The other thing in the article I must question is he says you can transfer funds from one Acc to fund another. This is not so. It must be funded from an external Acc i.e.: your salary or, as I did from another bank, I used Halifax flexi direct. Transfer a £1000 in on the 1st of the month then back out on say, the 5th plus if you put £2500 in the flexi Acc you get 5% interest.
Hope that helps. For more info, please comment.

Fancy_China

So this week I've only saved £17.96, which includes £1.43 left over from my purse, £11.22 from E Bay and £5.31 from Quidco.

I'm running £20 behind my YTD target at the moment, but hopefully I can catch up in a few weeks.

SuperSecretSquirrel

Momomo wrote: »

It'd be interesting to find out where you're saving your money because with interest rates rock bottom at the moment, I want to see how others are making sure their savings are receiving interest when you take tax and inflation (2.8%) into account. Almost every bank account out there at the moment is earning no more than 0.5% for their customers after these two things are factored in.

Anyone willing to share a breakdown of where their savings sit?

Current deals available:
300pm first direct regular saver @6%
2.5k nationwide flex @5%
3x5k lloyds vantage @3%
2x20k santander 123 @3% (2x£24 annual fee)

There are options out there if you're willing to work for it and jump through some hoops. After tax though, you're still not likely to beat inflation. If you have a mortgage, and the rate is higher than your after tax interest on savings, you might consider overpaying that rather than putting everything into savings.

I think the only way to really beat inflation these days is to take some risk - stocks and shares, property, pension, etc. Money for nothing is no longer guaranteed

Rob_192

Momomo wrote: »

It'd be interesting to find out where you're saving your money because with interest rates rock bottom at the moment, I want to see how others are making sure their savings are receiving interest when you take tax and inflation (2.8%) into account. Almost every bank account out there at the moment is earning no more than 0.5% for their customers after these two things are factored in.

Anyone willing to share a breakdown of where their savings sit?

Well here's my cash savings - as the fixed rate deals end the money will all go across to my S&S Isa. I've just recently tranfered over another £17k which was in a 3 year Isa @4.4% with Nationwide.

£17k in Virgin Money Isa (Formerly Northern Rock) @ 4.25%- 3 year fixed, 9 months remaining
£13k in Halifax Isa @ 4.25% - 3 year deal, 21 months remaining
£14k in 3x Lloyds Vantage @ 3%
£5k in 2x Nationwide @ 5% (1 me, 1 wife)
£300/month x 3 in First Direct Reg Savers 1 @ 8%, 2 @ 6% ( 1 me, 1 wife,1 son – well he’s not using it!)
£5k + £200/month in N&P Regular savings account @ 3%
£5760 in Nationwide Isa @ 2% (holding account – this will shortly go over to my S&S Isa)

R

ispookie666

@ Preeti

Gold is good, not sure when the bubble will burst.

Fancy_China

This week I only saved £11.81 which was £1.38 left over in my purse and £10.46 from e Bay.

Better than nothing!

[Deleted User]

Fancy_China wrote: »

This week I only saved £11.81 which was £1.38 left over in my purse and £10.46 from e Bay.

Better than nothing!

It really is better than nothing, a step in the right direction.