How much can you save?

OliverNW3

Alexland wrote: »

Although children are a financial and time burden it is an amazing experience helping them to develop, understand life and hopefully be successful. Also a good excuse to get back into Lego, climb around in soft play centres and mop up bodily fluids and occasionally lumpy solids.

Having said that I am glad we were financially secure before we had them.

Alex

Oh definitely, I do wish I could have one. My mates all seem to be quite surprised to become dads but they adapt and do very well. As a gay man, it's unlikely I ever would have my own or adopt, but on that point, the financial ends that gay couples go to to adopt is quite extraordinary. A friend has invested over 100k so far to have a surrogate mum have his kid in the US before he'll come back to the UK with the baby (don't want to get into people's morals of the subject) but just want to highlight that is a serious financial outlay for a baby, not taking into account all the costs of raising a child, when as I say the rest of my mates don't put much forethought into having kids at all - it tends to be something that just happens to them!

Alexland

Yes seeing friends have children always looks easy from the outside. It took us 5 years and 3 miscarriages of varying severity to have our 2 children so I was very relieved when the second one was born and we could get on with just being parents. LV compile some excellent data on the cost of raising children to help sell life insurance. While I am not an expert in this area but could normal adoption be possible within the UK in the right circumstances? It's hard to build a good financial plan without having a feeling for how the money will get spent.

Alex

snowqueen555

I will fail my savings target for 2019, it looks like I will hit my target in March 2020. A big shame.

jjmmww1

RS 5% 2250
H2B 2.5% 6321.16
Savings Builder 1.5% 0.02
TSB 3% 772.35




Clutch and flywheel has just gone on my partners car so were going halfs on that so bit behind on where I'd like to be but next month comes the bonus which should help top up the savings before the house purchase goings though

tara747

Hi all

I’ve been quiet all year, haven’t done my usual monthly updates but here I am with my 2019 total. I’ve managed to save an incredible £25,392 this year - thanks to a lucky and dramatic reduction in my outgoings, plus some decent interest on a savings bond.

My new overall savings total is £161,957. I’m hoping to hit the £180,000 mark in 2020.

As my savings have grown, I’ve become conscious that there is so much more to life than money. I know it’s easy to say, but there are things that we can’t buy.

Wishing you all a peaceful and happy Christmas.

fred246

I find this thread fascinating because I saved a lot over my working lifetime and retired at 50. I never TRIED to save. I just saved what I didn't spend. My colleagues didn't save so they must have increased their spending as their income increased. Even when I received a large inheritance I didn't spend a penny extra. I was always fortunate to earn much more than I needed but I have no interest in prestigious cars or watches. I was happy for the state to pay my children's teachers and saw no advantage paying them myself. I love holidays but find cheap ones very enjoyable and don't associate paying more meaning a better holiday. So even though I saved a lot I find the idea of TRYING to save a bit sad. Strange.

mattmc

Current Accounts - £300

M&S 5% - £1500
Marcus 1.5% - £3500
Vanguard Lifestrategy 80/20 - £500

Sainsbury's CC (0% ends Jan 2021) - -£7300
^ purchased a used car + new house furnishings.

Net -£1500

Goal £40k net by Nov 2024
Current Salary - £40k
Other Income YTD - £12k

Me and my partner just bought my first house @£215k moved in last month and wanted to set some monetary goals. I've been saving 35-45% of my income the past few years saving for the house and figured this goal was more than possible. We did use the help to buy scheme so do have a 5-year government loan of approximately £40k, which is where the £40k goal comes from. If we need to after 5 years we can decide if we want to buy out the government-subsidized portion or not.

These goals should definitely be achievable as this goal is just with my income as my partner has just started her own business and we will have to see where that goes before factoring any of that in.

Any questions or advice appreciated

MaxiRobriguez

I'm targeting a £34k saving in 2020 on a salary which will be somewhere between £50k and £65k, depending on bonus and other non-assured income.

The bulk of that is made in salary sacrifice to a pension, with about £10k going into our offset mortgage before the term ends and the interest rate spikes. That £10k will put us in a position whereby the account is the same value as the mortgage rate, so we'll pay an effective rate of 0%.

It does mean once bills are accounted for that we'll be living off about £200 a month though, which will be a challenge.

strawb_shortcake

An interesting read that I will come back to. This year we have had a huge boost to our savings.
I've always been a saver but an amateur one and never really attempted to make my money work hard, 2020 is going to be the year I try turn this round. I'm also considering opening a LISA before I'm too old

To summarise my current savings:

Lloyd's current a/c £1400 - typically add £500 per month, essentially my emergency fund/Christmas holiday hence lower than usual

Barclays basic saving a/c £17500 - £8k is for mortgage overpayment, £5-6k we are just going to use for some fun next year

Coventry BS 1%? £25k ( half may be used for future mortgage overpayments)

Premium bonds £50k full holding for 3 months won £175 - may use to pay off mortgage in 3 years if interest rates rocket

Mortgage current balance £84500

Debt 0

Eco_Miser

fred246 wrote: »

I find this thread fascinating because I saved a lot over my working lifetime and retired at 50. I never TRIED to save. I just saved what I didn't spend.

Me too, except I retired at 58. I had a fun job, and never realised I had more than enough to last my lifetime. Never thought to work it out.

fred246 wrote: »

So even though I saved a lot I find the idea of TRYING to save a bit sad. Strange.

Not everyone is like us, and some people have low incomes, so I find the idea of people trying to save, and succeeding, against their nature and circumstances, to be joyous rather than sad.

Perhaps you were referring to those who try but do not?