How much can you save?

tara747

October update!

I managed to save £1,708 this month :beer: That's £10,897 so far in 2018 (well on track) and £132,630 overall

dont_use_vistaprint

This month I've budgeted to save £1,550 the highest to date, approx 1/3 of take home pay. 2 x £250 into 1 year savings accounts and the rest into Marcus.

Seeing the monthly interest payment is motivating , so I'm not switching the Nottingham for an extra 0.5%.

>Anyone have any stories to share on when they felt like it was the right time for them to start investing?

For me it was about £25K savings. I put a chunk into P2P and Vanguard LS60, the P2P is doing fantastic and I'm thinking about moving more in. The stock market is not for me, I really dont like to see my hard earned money reducing, ever!, so I will just leave what is in it there as a gamble.

MaxiRobriguez

dont_use_vistaprint wrote: »

This month I've budgeted to save £1,550 the highest to date, approx 1/3 of take home pay. 2 x £250 into 1 year savings accounts and the rest into Marcus.

Seeing the monthly interest payment is motivating , so I'm not switching the Nottingham for an extra 0.5%.

>Anyone have any stories to share on when they felt like it was the right time for them to start investing?

For me it was about £25K savings. I put a chunk into P2P and Vanguard LS60, the P2P is doing fantastic and I'm thinking about moving more in. The stock market is not for me, I really dont like to see my hard earned money reducing, ever!, so I will just leave what is in it there as a gamble.

I started investing a few years ago, when I was 28, and wish I'd bothered to learn about it ten years prior. I started paying into my pension as soon as I started work after uni but it was just a salary sacrifice into a default fund which basically leaves me down thousands and thousands on where I could have been.

Start LEARNING about it now, then you can start actually investing when you're ready.

jjmmww1

New Update


Help to buy up to 4571 2.5%
Savings builder down to 249 some taken to pay the deposit for Disneyland 1.5%
TSB 5% 1500


Next month I will be opening a 5% regular saving with nationwide and doing £250 a month in to there

tara747

November payday update!

I only saved £395 in November (one big expenditure item), so my year to date total is £11,292 (still on track) and my overall total is £133,025.

Zola.

tara747 wrote: »

November payday update!

I only saved £395 in November (one big expenditure item), so my year to date total is £11,292 (still on track) and my overall total is £133,025.

Just curious are you maximising interest, or how are you storing that money? With interest rates being so poor do you have any of it in the stock market? Seems a lot to just keep in cash.

Alexland

Zola. wrote: »

Just curious are you maximising interest, or how are you storing that money? With interest rates being so poor do you have any of it in the stock market? Seems a lot to just keep in cash.

I tried asking Tara this earlier in the thread. In some ways I admire the determination to save and in other ways this is getting rich the hard way. Eventually it will get to the point where the regular cash saving cannot keep up with inflation and the pot will hit it's spending power peak.

https://forums.moneysavingexpert.com/discussion/295326349#6963

Alex

chile_paul

excelwizard wrote: »

RebeccaAnn I completely agree about reading up on it and will definitely do that before I make any decisions! A family friend invests quite regularly so I will probably end up speaking to him too - as great as books and the threads on this site are you get a lot more questions answered when someone's face to face with you. Also completely agree about only using money you can accept will be lost!

You might be interested / amused to read a couple of posts on investing from this guy,

https://theescapeartist.me/2016/01/21/the-3-numbers-that-can-make-you-a-millionaire/

https://theescapeartist.me/2017/02/24/what-if-i-know-nothing-about-investing/

https://theescapeartist.me/2018/11/27/honestly-could-this-investing-lark-be-any-easier/

What I would caution, is that if your priority is saving for a house deposit, you might not want to start investing all of your savings yet, as it's a long term game.

That aside, starting to invest is not difficult, it's easy - it doesn't require loads of research and it doesn't require shelling out on expensive financial advice

underwhelmed_saver

november savings £1000, total £78,000


goal is to save for a house deposit but I need about a £150,000 - £200,000 to afford a place down here, unless I opt for the 'help to buy' scheme which i don't fully understand or trust

Saving-for-a-house

Hello everyone.

I'd like to join. I recently turned 30 and want to be in a position to purchase my first property before I turn 35. I only started to get serious about saving in March 2018 and, as of today, below is my current status:

£3,065.87 in a Cash LISA
£190 in a current account that I use to take advantage of bank account switching offers. All the funds in this account will be saved to build up a £3000 emergency fund.
£-31 overdrawn in my main current account.

I get paid £1680 per month and due to staying at home aim to save an average of between £500 - £1000 per month.

I have a car that I use to commute to work but I am seriously considering selling it and purchasing a bicycle as I could save all the money I pay out in insurance and maintenance if I do. That said, I love the convenience of owning a car which is why I procrastinating about making a decision on this.

Does anyone have any top tips for a newbie like me starting out on my saving journey?

Thanks in advance