How much can you save?

sweetlips_2

Hi All I am a newbie and came to the site to look for info on the best way to get the most out of money and savings. My parents are due to come into quite a hefty some of money which they have never had before, they are planing on living of the savings. Can anybody advise me on where they should start? And how to get the most out of this money..... Thanks.

Angelselondon

Hi all,

Been in hospital for a while but I'm back and trying hard to save as much as I can.

Maxed out my cash ISA yesterday, so that was fantastic.

I've opened up my Ethical Fund last month via work as a mini stock isa, and putting in £4,000 over the year (to get an average fund price) so I've finially done what I set out to do.

I had a financial spring clean yesterday and was surprised to see that over the last financial year, I have saved over the amount of my debt two years ago. I can't believe it! I am now a saver and investor for life.

I've moved into 21% so going to change my signature.

How are you all doing?

Leanne

Angelselondon

Hi

I have Premium Bonds, but this is how I do them.

I put the money I would use to buy a lottery ticket into a piggy bank, Wednesday and Saturday Draw plus scratch card, £3 a week.

When I have £100 I go to the post office and buy Premium Bonds.

I look at this way, it's a gamble, I like a flutter, I could buy a Lottery Ticket, but this way, if I need the money I can get it back.

I wouldn't purchase Premium Bonds as an investment strategy.

Leanne

save-a-lot

Hi

Good to know you are ok Angelselondon and hello :hello:

Next money saving moves, I am going to stop talking about changing electricity and gas providers and actually do it... I'll do a bit of research on that a little later.

On Wednesday 25th it is annual bonus time, I get 50% of the bonus as shares and 50% in my salary, so the shares building up every year is a great tax free benefit if held for 5 years. Anyway, the money part, most of this will go into my "saving for Christmas" pot and I will also give my daughters Save4it account a boost I think.

What does everyone else do with bonuses from work???

Angelselondon

If I get a bonus it will be in July, hopefully we will get one this year. I am going to invest the money. I'll take a look at the share price at the time to see whether it is worth buying back company shares at a lower rate or put the full amount into my hisave account.

I'm on target this year for my savings, I've also put my money where my mouth is and bit the bullet with the fund.

I've also closed my broadband and phoneline that I had for a year's contract a my parent's. Now my only outgoings are £300 rent and £33 mobile phone a month. Not bad when my outgoings used to be over £1,000 a month.

chelseablue

Hi All!

April has been a good month for my savings; I managed to save £1,400 which is the most I have ever done!

I have also now made it to my silver medal.

May wont be as good as I've had to tax my car which cost £180

Me and bf have a target of £30,000 so we're over half way there now!

Angelselondon

chelseablue wrote: »

Hi All!

April has been a good month for my savings; I managed to save £1,400 which is the most I have ever done!

I have also now made it to my silver medal.

May wont be as good as I've had to tax my car which cost £180

Me and bf have a target of £30,000 so we're over half way there now!

Well done, fantastic saving.

Keep it up.

Leanne

slowlyfading

I know this isn't much, but I transferred £200 into my mini isa yesterday!

Tashja

Hi all

Sorry I haven't posted for ages - been having a rough time with so much stuff going on around me

Well I managed to save nearly £100.00 which is great for me because I have never saved before only now it apears that our kitchen is going to cost a little bit more then we first thought so I think I am back to £0 again

On the good side if I hadn't been saving and had that £100 there then we would have been in real trouble !!

To try and make up for this "blip" I am doing a table top sale on Saturday and a carboot on Sunday to try and build the savings up again.

I am still waiting for tax rebate (should be about 3/4 weeks) of £400.00, bank charges of £78.00 and mortgage charges and mortgage exit fee of £1,000+.

Also we have been having a lot of chats with my parents, financial advisor, estate agents, etc to see if a big possability would be to sell our house which has about £95,000 equity and for us to rent short term (for less then our mortgage repayments) and save the equity, excess from the rent and other savings. This should give us approximately £110,000.00 for a deposit on new house and we have seen some lovely houses for IRO £120,000 / 130,000 in areas that we like so we would only have a mortgage for £10,000 to £20,000 which considering me and DH are not even 30 yet would be excellent !!! My parents are also considering doing the same as they will then be mortgage free in time for retirement !!

This is not a decision we are taking lightly and we are getting advise from all quarters as to the pros and cons of this and trying to get the best deals and information to enable us to do this.

Chelseablue - Well done on the £1,400 savings !!! Thats an excellent amount - keep it up Hun.

Slowelyfading - £200 is great too - little steps is all it takes and as you can see in my case I am still going to get there with backwards steps

Angeleselondon - looks like you are doing really well to Hun !! I like the way you save for your Primium Bonds too - excellent idea !!

Save-a-lot - Great news on the bonus and well done for saving it - I think I wouldneed a bit extra will power

Hope you are all well and I am off to smash some more tiles off my kitchen walls and to get harsh with sorting stuff for the table top and car boot !!!

T xx

zag2me

Nice Idea Tashca, its impossible to put into words what being mortgage free in your 30s will mean to your quality of life. I think its a great idea.

Personally I have finally managed to pick up my savings again, put £100 into my isa this month.

Selling my house as well to go into rented, that should bring in another 18k on top of similar savings.

All ready to buy another place when the time is right