How much can you save?

tara747

July payday update!

I managed to save £1,172 in July. That's £7,205 so far this year, and £128,938 overall.

:beer:

cloud_dog

zag2me wrote: »

From memory those were just regular saver accounts with maximum deposits of £250 a month or something. The rates were great, but not much use when you could only put small amounts.

Not all. 7% easy access was available. Back in the day IF bank (part of Halifax) gave me a £15k loan, 0% interest, so I put it in a 7% account

cloud_dog

tara747 wrote: »

July payday update!

I managed to save £1,172 in July. That's £7,205 so far this year, and £128,938 overall.

:beer:

Tara, at what point do you reach your savings goal? You must be saving for a reason; house I assume.

poppy10_2

cloud_dog wrote: »

Tara, at what point do you reach your savings goal? You must be saving for a reason; house I assume.

I don't think there is a particular reason. This was her 49 grand ago:

tara747 wrote: »

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.

I'm an avid saver too but it seems a waste to be putting away so much each month when you may never live long enough to enjoy the money. Plus keeping it all in cash is losing money with inflation eating away at it.
Surely there has to be a time when you stop or reduce saving and start enjoying the fruits of your labour a little bit, before you get too old to

jjmmww1

Hi All


Think I'm going to join in on this diary currently saving for a house and to pay of a credit card which has car insurance and car repairs on.


H2B -3700
1.5% savings builder 1300


will see you in a months time

tara747

cloud_dog wrote: »

Tara, at what point do you reach your savings goal? You must be saving for a reason; house I assume.

poppy10 wrote: »

I don't think there is a particular reason. This was her 49 grand ago:

I'm an avid saver too but it seems a waste to be putting away so much each month when you may never live long enough to enjoy the money. Plus keeping it all in cash is losing money with inflation eating away at it.
Surely there has to be a time when you stop or reduce saving and start enjoying the fruits of your labour a little bit, before you get too old to

Hmm. You seem to assume that:

1. I'll never spend any of it
2. I don't enjoy life

Saving is a way of life for me, I have everything I need and I also live well. I certainly don't save at the expense of enjoying myself. I just don't spend money on unnecessary tat, and I earn a decent salary. Many of my friends have expressed regret about their spending habits over the years and wish that they had savings.

I get your point about inflation, but most of my savings rates are keeping up with inflation so far.

Bottom line: it feels a lot better to have £128k in savings than to have £0. It gives me lots of options. Wouldn't you agree?

jjmmww1

Quick Update from me


H2B is now up to 3900


Instant Savers down to 1070 will be opening another TSB account for the 5% so I won't need this one

tara747

August payday update!

I saved £914 in August, which makes £8,119 so far in 2018 and £129,852 overall.

Can't wait to hit the next milestone at the end of this month!

:beer:

cashbackproblems

poppy10 wrote: »

I don't think there is a particular reason. This was her 49 grand ago:


I'm an avid saver too but it seems a waste to be putting away so much each month when you may never live long enough to enjoy the money. Plus keeping it all in cash is losing money with inflation eating away at it.
Surely there has to be a time when you stop or reduce saving and start enjoying the fruits of your labour a little bit, before you get too old to

Agreed having so much in cash is stupid as huge sums are potentially lost by not investing, even in basic tracker/emerging market funds you would have doubled your money in just the last 5 yrs. Of course if there is a need for all the money in the coming yrs investing might not be suitable.

jjmmww1

Update for me up to 4112 in my H2B having some trouble trying to switch it to nationwide atm as in branch they say its not possible to without having to repay in what I already have so will try another branch today


savings down to 1102 had to take some funds for our holidays the last 2 weeks