How much can you save?

Lokolo_2

tara747 wrote: »

I'm late declaring for January, sorry! Confession: for the first time ever, I spent more than I earned as I was on holiday :beer:

So my January total is -£298, oops! My new total is £73,289. Better get back into disciplined habits for February!!!!

Off to update my sig.

Well you have to splash out on yourself sometimes, otherwise you'd become a miser!

eagle14

May I join?! Was a big saver as a kid but years of uni depleted my savings and then some.

Current situation:

Current account: £480
Regular Saver: £300 (paying in £300 p/m)
ISA: £26
E-Saver: £16
Student account: -£1000 (free until summer 2015)
Credit card: -£1080 (free until November and will be paid off by then).

Goal is to have no OD or CC balance and £4000 in the bank by end of the year.

It feels so good to be earning again and finally able to take control!!

tara747

Lokolo_2 wrote: »

Well you have to splash out on yourself sometimes, otherwise you'd become a miser!

So true!!!! :T

late_bloomer

eagle14 wrote: »

May I join?! Was a big saver as a kid but years of uni depleted my savings and then some.

Current situation:

Current account: £480
Regular Saver: £300 (paying in £300 p/m)
ISA: £26
E-Saver: £16
Student account: -£1000 (free until summer 2015)
Credit card: -£1080 (free until November and will be paid off by then).

Goal is to have no OD or CC balance and £4000 in the bank by end of the year.

It feels so good to be earning again and finally able to take control!!

That's really awesome that you were a saver at such a young age.

I only really figured this stuff out well into my 20's. Sounds like you'll definitely on the right track!

Reevsie

May I join this board
New to the forum, it's nice to see there are people out there who share my desire to find financial security.
Current situation
20k in 3% current account
50 k in ISA fixed at 3% until next year
10k in premium bonds
15k in fixed bond 4.2% until next year
10k borrowed by the kids which is being paid back (no interest)
So about £105,000 at the moment - I plan to retire at 53 and live off these savings until I get my pension at 60. So far I am managing 1200 per month and I am on track
Looking back we took until 2009 to clear all our debt, once clear saving is so much easier as all your money is yours.
Interest rates are rubbish now I guess it's something we will have to accept for some time.
I look forward to being part of this thread and trying to work out where to put all my hard earned in the future.

tara747

Payday, so I'm declaring for February!

I managed to save £1,199 this month, which I'm pretty happy about, considering my deficit last month

My total for 2014 so far is £901 (taking said deficit into account).

My overall savings total stands at £75,028.

I've finally broken the £75,000 barrier!!!!!!!!!!!!!! :beer:

[Deleted User]

Supercharge_Me wrote: »

Wow two years ago and still havent bought a place but recently starting looking so might have to spend it

ISA: £28,350
Savings: £31,750
Total: £60,100

Another 18months have passed and I still haven't bought a house. Mainly due to the ludicrous price increases. I've just reached the £80k mark but have recently lost enthusiasm for it because prices are going up quicker than I can save..

I'll just keep saving and see what happens, as backwards as it might seem, I have recently been tempted to buy a London flat as an investment. The rental would be enough to cover the mortgage and rent in my area and still allow me to save money for another property to live in!

Just a tip to anyone with more than £40k. You can open two of the santander123 accounts to get the 3% rate.

ABetterLife

Joining I started a savings account for the first time ever last year, managed to get up to about £1000 which was a huge achievement for me.

Then I started uni, so had to buy a laptop. £500 left, no biggie. Replenished it up to £1000 again.

Then I fell pregnant, got made homeless and was given a flat after some months. An empty flat in bad condition and in need of furnishing and decorating. !!!!!!, savings gone!

So I'm starting from scratch again like when I just started out, I'm saving a little at a time. Min £5-10 a month, a bit more if I can afford it. When my finances stabilise a bit, I'll start depositing big amounts again.

I have a standard Cooperative savings account. I'm going to have a look on the website though, and see if I can apply for something that can earn me interest. Fingers crossed.

Oh, and I have a change jar that I chuck any change from my purse in that has quite a lot of ££ in there. I've ordered a digital change jar so I can see how much I actually have in there. When it reaches £50 I'll put it into my savings account

I'm very happy with myself though! I was the type of person who would be loathe to put a £1 away, or who couldn't have 'extra' money without spending it but now I want to save for mine and my daughter's future. I hope to buy a nice house at some point in my lifetime, if I'm lucky, still in my 20s (I'm 20) so I'm going to need a deposit!

Good luck to us all

Edit: Currently £10.40 in my savings account and £27.20 in my savings jar when the jar reaches £50, I'll transfer it into my savings account.

ABetterLife

This not active anymore?

rjrs0510

Id like to join this board!! I need some inspiration / motivation.

I am 38 (39 in May) and for my entire life have virtually spent everything that I've earned. Now, of course, I deeply regret that! In the past couple of years, I have really tried to economise and save.

So far, I have bought a house in cash (cheap house) and i rent it out... i rent to a family member, so I am not charging so much, but with taxes and everything else, I make a round a 7 - 8% return. I only bought the house last October...with renovations taking time etc, it started making some return in January.

Next, I have a mortgage with £14,000 outstanding... but the interest rate is low and the payments are low, so I don't really feel in too much of a hurry to pay it off.

Paying for my other house used ALL of my savings, but so far this year and with some of the money I had before...I have around £20,000. I really want to get this up... and this is why i need to keep a 'journal' and motivate myself.


My goals are:

new property investment: £85,000
pay of mortgage: £14,000
Safety net: £ 50,000 (to allow a year of going back to uni, doing a PGCE and enable my career change...)

Total: £149,000 (minus the £20,000 I already have)

Savings goal: £129,000

I want to achieve this by the time I am 42...so I have about 3 years! Wish me luck!