How much can you save?

iamsam

Now that's something I hadn't thought of! For £1k over a year, it's about 25p difference (my back-of-an-envelope calculation suggests). Small, but not nothing.

Also, I find there's a temptation to withdraw the interest - or, if I'm topping up, make it up to the next round number. That must have a pretty big impact.

gelato_cat

iamsam wrote: »

Now that's something I hadn't thought of! For £1k over a year, it's about 25p difference (my back-of-an-envelope calculation suggests). Small, but not nothing.

Yup. Being tight, I'm very conscious of it, but I like to see monthly income

iamsam wrote: »

Also, I find there's a temptation to withdraw the interest - or, if I'm topping up, make it up to the next round number. That must have a pretty big impact.

I don't ever withdraw the interest (unless I need a lump sum for something, and then I just take out whatever I need). I do like topping it up to a round number though :T

Suze

EagerLearner

Same here - I never withdraw interest and save as much as I can - I like to 'slim skim' my current account - let me explain! If I fancy saving £5 into IceSave, but my account balance is £466.63, I will normally put £6.63 into IceSave instead. I never notice the extra and it builds up quick...

halia

I'll join in; At the moment we have £1500 in a cash isa - thats likely to get used this year on a) large family gathering/anniversary b) DIY on house

Aims:
£1,500+ 3 month housing costs in an ISA (£100/month start June)
£250 for Xmas
£500 for holidays

I'm opening new accounts for all of these and think its another ISA for the big sum then using my sons tax free status to open two halifax child accounts (to get the £10) and doing reuglar savings for Xmas and holdiays.

Rose_Crow

Well done everyone. Payday on Friday Have just picked up my Shell Drivers Club card. Not sure how much I'm going to save up using that, but if you visit a Shell garage regularly it's got to be worth a go. You can save points for money off fuel (bit like BP's Nectar).

Natty_82

I've had a bad month too, started with very high aspirations but somehow that fell by the wayside when BF and I went away for the weekend - we both work away and hadn't seen each other for a while - it felt like we deserved it at the time but my bank balance isn't thanking me!

Redbedhead

Well, we are going to start saving even harder now as we have our offer accepted on a fab house but unfortunately it is also going to mean a BIG mortgage.

So the plan is to save as much as we can before we move so we can get a slightly lower mortgage and then save equal amounts in to a savings account and to overpaying the mortgage.

H is now in a position where he can save a bit more as well so hopefully this will mean the savings will grow quicker:T

Vicky82

Gutted. Only managed to save £400 this month. If I am VERY strict this month then I may still make my £20k target for June, but it's looking very unlikely.

Rose_Crow

Better than me Vicky. I'm in the second month of paying off those alloys so next month I'll be straight and money should be back to normal. I really need to get this damn credit card paid off (£366, but have paid £100 this month so now down to £266). It's just getting on my nerves because that's money I could be throwing at my ISA :mad:

McSaver

I currently saving myself. I am only 22 and other people are always telling me...

Why are you saving your money??? What are you saving up for??? Dont you know you can get hit by a bus tomorrow??? etc etc, sometimes i feel like telling them the "f" word.

I am on a low income but still live at home with my mum and probably wont be moving for sometime so it wont matter too much anyways.

£??,000 in 4.5 years isnt bad but i havent even got an ISA!!! (this is mainly because i didnt even understand any of the rules that they have previously, although i do now.) I will be placing my allowence in march 2008 (because better deals come out then) and top it up in the next month in april 2008. Got to do something to beat the tax-man a little and when it comes to the stock market... i stay away from that!!! my dad told me to go knowhere near it so i wont invest on the stock market. I believe if i put a few thousand into the stock market. the markets will end up having a day worse than black wednesday back in 1992... because thats my luck.

Anyways... I will carry on saving. (dunno what for like but the cash is there should i need it)