How much can you save?

zag2me

guitarman001 wrote: »

Can't you just leave it for other people who want to buy as a home and not an investment?

As much as I can relate to that as I used to think the same there is no way I'd invest in anything else sorry. After saving near £70,000 over the last number of years, one of the best investments has consistently been property.

p.s. I bought my first home at the start of this journey with a 5K deposit and it was 5 by 5 meter studio My advice is start small and anyone who can save for a few years, can buy a house. I remember people saying the same thing 10 years ago about all the BTL investors taking all the properties and its simply not true. You just have to lower expectations and take a risk sometimes. It took me a few years of hard saving before I realized, there is no good time to jump on the property ladder, the best advice is to save and get on it as soon as possible. Forget about the wider market and get on with it.

xmillyx

xmillyx wrote: »

Just figured out my savings.. I now have £25,965.60! Hoping to reach £33k by December 2014 if we have not bought a house by then.

Total for May is £25,998.85 so only an increase of £33.25 I will do better next month, I'm not earning at the moment!

keza

hi everyone! I would like to join in too if thats ok. We just saved a new deposit of £23k for a property we brought last october so now we have nothing left as it all went on the refurb. so we are working almost from the ground up!

I will update my signature but we hope to save around £8k-£10k in a year.

thanks

Zars

I just managed to save £120 on my car insurance. I don't like shopping around for better deals, i'm usually a loyal customer but I can never understand why my insurance company decided to give a crazy quote (30% more than last year). So had no option but to shop around and quite pleased with the result..

tara747

Here's my end of June tally

I had a very cheap month, so I saved £1,403.

That brings my 2014 total up to £5,346...

...and my overall total up to £79,473. :beer:

Soooo close to £80,000 now!!!!

guitarman001

Tara, I would have the same if I hadn't squandered £20k on useless AIM companies. I'm back to ~£56k. By year-end I hope to have £63k (4 months savings out of 6 - if I can get 5 months in it'll be more like £65k, but I doubt it what with Christmas coming up and a MEGA holiday next year).

Well done, tara. What is your goal?
You've made decent amounts from ebay and cashback!
I've lost so much through short-term "investments" - in fact I currently have 5% of my money in stocks and it's now overflowing in my numerous bank accounts - hesitant to put more into stocks but loathe to open even more cash accounts...

guitarman001

zag2me wrote: »

As much as I can relate to that as I used to think the same there is no way I'd invest in anything else sorry. After saving near £70,000 over the last number of years, one of the best investments has consistently been property.

p.s. I bought my first home at the start of this journey with a 5K deposit and it was 5 by 5 meter studio My advice is start small and anyone who can save for a few years, can buy a house. I remember people saying the same thing 10 years ago about all the BTL investors taking all the properties and its simply not true. You just have to lower expectations and take a risk sometimes. It took me a few years of hard saving before I realized, there is no good time to jump on the property ladder, the best advice is to save and get on it as soon as possible. Forget about the wider market and get on with it.

The market is being manipulated and at all-time highs - no way I'd jump in now. Plus I don't buy the argument about starting small and building up big... if prices rise over this same period the cash difference between your place and the stepper-upper will have increased, making it even harder to move up (so best to go for the biggest one you can). Not being confrontational, just my view on it

tara747

guitarman001 wrote: »

Tara, I would have the same if I hadn't squandered £20k on useless AIM companies. I'm back to ~£56k. By year-end I hope to have £63k (4 months savings out of 6 - if I can get 5 months in it'll be more like £65k, but I doubt it what with Christmas coming up and a MEGA holiday next year).

Well done, tara. What is your goal?
You've made decent amounts from ebay and cashback!
I've lost so much through short-term "investments" - in fact I currently have 5% of my money in stocks and it's now overflowing in my numerous bank accounts - hesitant to put more into stocks but loathe to open even more cash accounts...

Thank you

My goal used to be 'to buy a house', now it's 'financial freedom'. Whatever form that takes. It's good to have a decent bit of savings behind me.

guitarman001

I'd love to keep all the money invested and work around Europe. Buying a house suddenly holds no attraction - overpriced, market at all-time highs, weighed down in one place with a big responsibility... and I'd be gutted to see all the money go! Having the cash as a cushion and being able to work in sunnier climes sounds a good idea for me

xmillyx

xmillyx wrote: »

Total for May is £25,998.85 so only an increase of £33.25 I will do better next month, I'm not earning at the moment!

Total for June... £26,087.66 so increase of £88.81 not great but only just started work, hoping for 300 quid this month