How much can you save?

[Deleted User]

Think of it this way if you cant save (£1000 less rent of say £300 thus 700) a month how on earth are you going to be capable of paying a £750 a month mortgage and £250 of bills every month? Thus it should either take you a year and a half to two years to save up or you are simply not earning enough. If your renting a full house then why are you doing that? You can rent a room in a shared house thus saving a small fortune enabling you to save quicker or even get rid of your cars and expensive lifestyles.

Yanto president of the live like a hermit club

Natty_82

Thanks Yant1, I was very eager to get on the ladder but living in my part of
Scotland where house prices are totally crazy and there is a lot of buy to let I think I will take my time - I definitely don't want to overstretch myself (and OH) and end up in a mess. With any luck though should hit £10K next month so a new target will be needed!

[Deleted User]

Very wise with rates rising you should be gettign some good returns on teh savings anyway at at least when the rates start to level off, if they ever do you will know better as to whether its affordable or not. The climate is very uncertain right now. Not forgetting all those that maxed out there affordability and then combined with a credit card or loan or two might not be able to afford it if rates are at 8% and will be desperate to sell or get repossessed. It wouldnt surprise me if they get that high .

Rose_Crow

This is turning into the 'house deposit savers club'! :beer:

Yant - thanks for your post, loads of good advice on there.

moneysavingwannabe

Natty 82,

You are doing really well with your savings! :beer:

Keep going it is always really good to have a goal, you will get there but just make sure you are realistic about the cost of buying a house and the bills etc.

You seem to know what you are doing and have saved loads already. It always helps to take time and realise how much you have already accomplished.

Eskimo12345

Just thought I'd pop back and see how everyone's doing... looks pretty good!

I'm on target to getting my house deposit and I've been selling a few things on ebay so I can splash out on myself. I'm still living off £70 a week after petrol, rent and bills etc, which ain't easy cos I have an expensive lifestyle! But worth it to get my place.

Loving being in control of every penny

Vicky82

Something has gone wrong for me this month. I seemed to have spent way too much money (although really not sure where it has gone). Have £330 left to last me til the 28th and off that has to come a £100 bill, a £29 phone bill, a £69 credit card bill at least £60 petrol money. Luckily I think my car payment has come off already, but I usually like to put £600 a month into savings and it's not going to happen this month.. looks like I will have to extend my June target by a few months because I'm pretty sure my car is due an MOT sometime soon!

Rose_Crow

Aww don't worry Vicky, it happens to all of us. Not been doing too well myself (although I have just technically started saving seriously). Had already commited to buying the alloys for my car before I started this, so am paying for them out of this month's salary. Still, it's payday in a week

Karen_L_2

Would like to join please!

My saving are part of my retirement planning together with my miniscule pension, small share portfolio plus my investment properties which at the moment seem to be more of a drain on resources.
Trying to be good by having everything taken out of my account by s/o the day my salary goes in.

Well here goes!

Regular savings accounts
Abbey £250/month @ 7% £1,250
Britannia £250/month @ 7% £1,250
Halifax £250/month @ 6.5%? £1,500
Nationwide £20/month £2,941

Icesave 5.7% £13,439 - sadly mostof this is for my home renovation project

ISAs
Halifax £10,154
NS&i £3,054
Barclays £3,000

Total savings 17/05/07 = £36,588

I also pay £500/month into company share scheme

The downside!

Main mortgage - £75,967 (just cashed in some shares & made a £10k overpayment
0% card - £8082 (the 0% deal runs out in July so I will need to move this again or repay)

Buy to Let mortgages
Cooperative - £134,954
Derbyshire - £131,632
Bristol & West - £78693

Total debt = - £429,328 :eek:

Woodyrocks

Chin up Vicky. I have got really slack as well this week and have spent £70 on God knows what since Sunday, at least £10 went on krispy creme naughties

My Mom is travelling this w/e and I am giving her £250 which would have been destined for my savings a/c otherwise but I am working this w/e and shall be making it back but still!

On the plus side though I found out early in the week that my DLA has been almost doubled