How much can you save?

MaxiRobriguez

Come end of this year MR towers should have put away £44k from a combination of pension sacrifice (60%), S+S ISA savings (35) and overpaying mortgage (5%).

But I'm in a fortunate position whereby my income has actually increased this year as I've taken on variable pay from others in my company that have been let go.

All savings lined up for early retirement/pay for the kids house deposit combo which will both hit in about 20 years time. Oof!

tara747

Black_Cat2 said:

tara747 said:

Hello everyone
I haven't updated in 3 months, oops. 
My August to October 2020 totals are:

August £10,590 (inc a small inheritance)
September £1,975
October £1,619

So far in 2020 I’ve saved £28,958.
My new grand savings total is £190,915  Heading for the £200k mark!

Total nosey parker here... what are you saving up for? 😁

Financial freedom.
Originally it was a house deposit - however, I have since moved in with my partner who owns his own house, and we intend to build our own house in the next few years. So there'll be a chunk spent on that. We'd like to keep up our travel habit, to retire early and to have no money worries. All of which require savings. We both have good occupational pensions (mine is final salary) so we're very lucky.

tara747

DireEmblem said:

tara747 said:

That sounds very doable! One silver lining in this pandemic is the amount of £££ we've managed to accrue since March. Of course, we are lucky still to be in a job. We won't maintain it, of course - but it's a great one-off boost to our savings. I'll be interested to see how you get on. Will you report back at the end of November?

I'm going to try and keep a spending diary, so yes I'll probably have a lot of detail to report.  Currently I'm making a list of meals for the month.  30x breakfast, lunches and dinners.

Oh, I'd love to see your list when it's done. I've never been much of a meal planner but lockdown has changed that. I'm now an expert :rotfl: 

Black_Cat2

tara747 said:

Black_Cat2 said:

tara747 said:

Hello everyone
I haven't updated in 3 months, oops. 
My August to October 2020 totals are:

August £10,590 (inc a small inheritance)
September £1,975
October £1,619

So far in 2020 I’ve saved £28,958.
My new grand savings total is £190,915  Heading for the £200k mark!

Total nosey parker here... what are you saving up for? 😁

Financial freedom.
Originally it was a house deposit - however, I have since moved in with my partner who owns his own house, and we intend to build our own house in the next few years. So there'll be a chunk spent on that. We'd like to keep up our travel habit, to retire early and to have no money worries. All of which require savings. We both have good occupational pensions (mine is final salary) so we're very lucky.

Nice job.  Must be a lovely feeling to have your future mapped out 😊

I could do with taking a leaf out of your book!  Ty for sharing 😘

tara747

Black_Cat2 said:

tara747 said:

Black_Cat2 said:

tara747 said:

Hello everyone
I haven't updated in 3 months, oops. 
My August to October 2020 totals are:

August £10,590 (inc a small inheritance)
September £1,975
October £1,619

So far in 2020 I’ve saved £28,958.
My new grand savings total is £190,915  Heading for the £200k mark!

Total nosey parker here... what are you saving up for? 😁

Financial freedom.
Originally it was a house deposit - however, I have since moved in with my partner who owns his own house, and we intend to build our own house in the next few years. So there'll be a chunk spent on that. We'd like to keep up our travel habit, to retire early and to have no money worries. All of which require savings. We both have good occupational pensions (mine is final salary) so we're very lucky.

Nice job.  Must be a lovely feeling to have your future mapped out 😊

I could do with taking a leaf out of your book!  Ty for sharing 😘

Oh, there’s only so much mapping you can do, life is full of unexpected surprises No problem - and good luck with your savings!

tara747

My November 2020 update:
I managed to save £4,514 (almost half of which was interest on NS&I 3-year bonds, which have now matured - will we ever see 2.2% interest again??).
So far in 2020 I’ve saved £33,472.
My new grand savings total is £195,429  I'd absolutely love to hit £200k this year - there is no chance of that with just one pay cheque to go, but I'm delighted with my progress. Lockdown has been very kind to us savings-wise, we've been lucky.

DireEmblem

Well done @tara747, awesome figure.  I worked out this year I've saved roughly a third of my income.  Can hopefully save more next year.  A long shot away from the several years of saving 70% to retire, but will get there

easterbunni

Not really looked at this thread before, but thought I'd see what our saving rate was comparing incoming with outgoings (not including pensions which come out of wages).

Quite surprised to see the same rate for both this year (so far) and last year hasn't changed at 22%

thegentleway

tara747 said:

My November 2020 update:
I managed to save £4,514 (almost half of which was interest on NS&I 3-year bonds, which have now matured - will we ever see 2.2% interest again??).
So far in 2020 I’ve saved £33,472.
My new grand savings total is £195,429  I'd absolutely love to hit £200k this year - there is no chance of that with just one pay cheque to go, but I'm delighted with my progress. Lockdown has been very kind to us savings-wise, we've been lucky.

£195k in savings?! That’s a lot of cash looks like you’ve been saving for nearly a decade. How come you didn’t invest (some of) it?!

Black_Cat2

Excellent job Tara wd!  Struggling to save here but will make a big effort next year 😸