How much can you save?

LeopardPrintsAndTea

I'd like to join too, I know I only have a month or so until the new year but it would help me to get a head start.

I only have £244.01 in my savings account as I used £359.00 to purchase a laptop (I needed it desperately for my coursework) and a samsung tablet. So I'd like to put £359.00 back into my savings account and once that Is done I wish to try and save £1000+ by December 2015.

The only reason why my goal is £1000+ is because I only earn £100-£200 a month depending on the hours I'm given monthly so I can't really put away much because I have a phone bill, a laptop insurance bill and I need to repay my mum £140.

I also would like to have £50 in my emergency fund which is sitting at home and I've already got £16 in there. I'm only putting £5 notes & £2 coins in my emergency fund.

The rest of the change goes into my piggy bank and will be going towards putting the £359.00 back into my savings account.

After my break up a month ago,
I really want to focus on my money goals now.

Goldiegirl

This is the first time I've found this thread - it's taken me a year of MSE membership - it's a very big website!

I learnt savings from an early age. I opened my first Post Office savings account at age 7, and every month paid in the contents of my piggy bank.

At this point in my life, I'm planning an early retirement in just under two years time.

We've have taken our foot off the pedal work wise in recent years. I work two days a week and my husband works four days a week.

However, we both have a pension from a previous job.

We have no kids, no debts, and no mortgage so at this point in our lives, we are focused on savings. At the present time, we save around 50% of our monthly income.

Our intention is for this money to be used for holidays after retirement.

I think with saving, a balance should be struck. I have always saved money, but I haven't hoarded it. I'm not one of these people who won't do things because 'I can't afford it', if I've got £1000's in the bank. You sometimes read of people who get so into savings, they forget to spend anything. Having the money in the bank becomes more pleasurable than spending some


Also, I think it's important not to become too hung up on how much other people are saving. We are all at different stages of our lives, with different incomes and commitments, so some will be saving thousands of £'s each month, others just a tenner. Most important thing is to do the best you can in your individual circumstances.

Well, I've rambled on, but I would like to join this thread, so I'll be back at the month end when I work out how much we'll be saving for November.

LeopardPrintsAndTea

Same I've been a member of mse for 3 years but have only began using it recently,
I switched accounts though yesterday... I was bored of being charleybear.

I will have to post when I get paid (should be 28th November) I haven't saved anything since having my job. But my mum said enjoy a year of having money then save after the year.

tara747

Goldiegirl wrote: »

This is the first time I've found this thread - it's taken me a year of MSE membership - it's a very big website!

I learnt savings from an early age. I opened my first Post Office savings account at age 7, and every month paid in the contents of my piggy bank.

At this point in my life, I'm planning an early retirement in just under two years time.

We've have taken our foot off the pedal work wise in recent years. I work two days a week and my husband works four days a week.

However, we both have a pension from a previous job.

We have no kids, no debts, and no mortgage so at this point in our lives, we are focused on savings. At the present time, we save around 50% of our monthly income.

Our intention is for this money to be used for holidays after retirement.

I think with saving, a balance should be struck. I have always saved money, but I haven't hoarded it. I'm not one of these people who won't do things because 'I can't afford it', if I've got £1000's in the bank. You sometimes read of people who get so into savings, they forget to spend anything. Having the money in the bank becomes more pleasurable than spending some


Also, I think it's important not to become too hung up on how much other people are saving. We are all at different stages of our lives, with different incomes and commitments, so some will be saving thousands of £'s each month, others just a tenner. Most important thing is to do the best you can in your individual circumstances.

Well, I've rambled on, but I would like to join this thread, so I'll be back at the month end when I work out how much we'll be saving for November.

What a lovely post Goldiegirl, and I agree with your sentiments. Welcome to the thread!

LeopardPrintsAndTea wrote: »

Same I've been a member of mse for 3 years but have only began using it recently,
I switched accounts though yesterday... I was bored of being charleybear.

I will have to post when I get paid (should be 28th November) I haven't saved anything since having my job. But my mum said enjoy a year of having money then save after the year.

What are your thoughts? Do you have enough money to enjoy a few treats but also save a little?

LeopardPrintsAndTea

My thoughts are ,
Now I'm on my own and I've played around for a year with money
i think its time for me to settle down now and just focus on my goals.
I will try in January to save at least 10% of my wages or put away £10 - £20 a month away as my wages vary each month.

Most of my money in the past few months have gone on christmas shopping, a lot was spent on my now Ex boyfriend... so I have that to sell. I rarely buy myself much now any way.

I think If i save before i spend anything on myself I'd be okay

kitjos

Wonderful thread - enjoyed reading everyone's recent posts

I class myself as abit of a saver, I used to be awful and blow any money I had, but then I met my partner and I went into a saving frenzy! . We brought a 2 up 2 down house when we were 19 and managed to save £22k in a couple of years (both worked full time). I never saw that kind of balance in my life - I was so chuffed with what we achieved. We then used our saving to move to a 3 bed detached house in a village - basically drained our entire savings, fast forward 3 years, were now married & have a 1 year old daughter. I work part time. I would LOVE to have that kind of cash in my account again, it gave me such security. I currently have £3,700 in our ISA at the moment, would like to reach £10k by Dec '14.

All the best! :beer:

xx

snowqueen555

I've been travelling lot the past year, I am going away again this Christmas for a couple of months. When I come back I will be saving £400 a month minimum

In the long term I know I need to find a better paying job, it just seems difficult when you have no real skills, and are in the dead end (but secure job). Difficult situation really

guitarman001

Don't bother buying a house until prices come down (which they must) - my friends regretted buying in 2007 and are ~£40k down on average, and I strongly suspect prices will fall further at some point. I'd rather rent or move abroad than buy into an overpriced housing market and then be financially trapped.

ALM2013

Right today was D day.

Opened up an ISA and put 3K into it. Set up a monthly savings of £250 to go in on the first of every month. Will hopefully find some spare cash to fill it upto the yearly ISA allowance of £5740!

Opened a online saver account alas part of the virtual pit challenge. Will be putting in small amounts every week, hoping to build this up over the course of next year.

I've acquired myself 3 pots for next years Sealed Pot Challenge! I will attempt to save £500 in spare coins next year. This can go towards either Xmas or my big holiday in December 2014.

I've set up a standing order to pay off my credit card, it's interest free until March.

Very dedicated to this, need to get motivated!

Yvette394

My husband and I are nearly at the end of renovating the 1930s semi which we bought just over a year ago! We are back to having debt and no savings as a result! We are hoping to move to a newer large house soon(having increased our equity with the increase in house value) but are focusing on paying off debts and saving. I read a book a few years ago which was recommended by someone of this forum called 'The Richest Man in Babylon' which states you should pay off your debts but more importantly you should save. The book states that once your debts are paid off you will have a good amount of savings which will prevent you from ever getting back into debt. It made sense but seemed to go against other advice suggesting you should put all money towards paying off debts. Well we are ensuring all debts are being paid on 0% or LOB offers and now trying to save £500 a month which we will investment a month in arrears into premium bonds ensuring we always have £500 accessible in case we need it. Hope to save £5000 by the end of next year after we have paid for a few bits.