How much can you save?

slowlyfading

Good Luck, save-a-lot

save-a-lot

Hi

If you like calculators then you will probably like this one. It is for working out what something costs over a lifetime, so here is the link... lifetime savings calculator.

I tried it with the cost of branded beans v own brand beans, then it gives you the option to enter the amount of interest you could earn on the money saved by buying the cheaper brand over a lifetime. A bit of fun really, but I guess it can be applied to anything really - good calculator to get you thinking about money and spending

dreams_of_paradise

Hmm the calculator is interesting. I've gone into procrastination overdrive now!

Working for yourself I'm told is a lot of hard work but very rewarding. I hope you get the answer you want and good luck with whatever you decide to do next.

tryingtodobetter

It's great to read everyones reasons for saving and how well they are doing, so now that we have finally paid off all our debt we can start to save too. We plan to save a minimum of £1000 a month, we currently have £2550 in our savings account. We are saving to emigrate to New Zealand in 4 years time so the more we have the better.

save-a-lot

dreams_of_paradise wrote: »

Hmm the calculator is interesting. I've gone into procrastination overdrive now!

Working for yourself I'm told is a lot of hard work but very rewarding. I hope you get the answer you want and good luck with whatever you decide to do next.

I am home early - half a days leave because I did not get accepted for voluntary redundancy - just my luck

zag2me

Sold my house last week so I have filled my cash isa to its max for this year.

Also invested 2k more into my stocks and shares isa with square gain, just waiting for the right time to buy the fund I want on a stock market downturn.

The rest of the cash is sitting in a 5% E-Savings account with Natwest until I find a better way of investing it

I worked out I am making nearly £150 a month from my ISA/E-savings and Funds.

Well on my way to making a 2nd income! Just don't have anywhere to live hehe

gelato_cat

Oh no - sorry to hear that. What now - do you still have a job?

Suze

save-a-lot wrote: »

I am home early - half a days leave because I did not get accepted for voluntary redundancy - just my luck

save-a-lot

Suzey wrote: »

Oh no - sorry to hear that. What now - do you still have a job?

Suze

Yeah I still have a job, as this was all voluntary, the attraction of leaving was that the window for exiting the company was between late summer of this year to late summer 2009. I opted to leave in 2009. The job I do is ok (sort of - have some crap bosses) but a redundancy payout in a couple of years time would have put me into a position of having £50-55K in the bank and with pre-planning I could have gone straight into a new job, I also wanted to explore self employment as an electrician as another option. But it seems as luck has not been on my side.

However, on the upside a slimmed-down organisation at work after people have left may create some opportunities and some potential to earn more money. It will be an interesting week next week to see who has been successful and those that have not. Ah well, just have to carry on regardless.

gelato_cat

Hello...

Good that you still have a job and it might open up some opportunities... How much would you need to save to train as an electrician? Can you save this amount without a redundancy payout?

Suze

save-a-lot wrote: »

Yeah I still have a job, as this was all voluntary, the attraction of leaving was that the window for exiting the company was between late summer of this year to late summer 2009. I opted to leave in 2009. The job I do is ok (sort of - have some crap bosses) but a redundancy payout in a couple of years time would have put me into a position of having £50-55K in the bank and with pre-planning I could have gone straight into a new job, I also wanted to explore self employment as an electrician as another option. But it seems as luck has not been on my side.

However, on the upside a slimmed-down organisation at work after people have left may create some opportunities and some potential to earn more money. It will be an interesting week next week to see who has been successful and those that have not. Ah well, just have to carry on regardless.

save-a-lot

Suzey wrote: »

Hello...

Good that you still have a job and it might open up some opportunities... How much would you need to save to train as an electrician? Can you save this amount without a redundancy payout?

Suze

Hi

I have been doing a night class over the last 2 years and have just qualified, I still need to do a couple more courses, the regs and testing and inspection and I will do this in the new academic year. I am a little apprehensive as the course was mainly classroom based and the practical side of things was done in bays in a workshop, so this is not anything close to the reality of working in somebody's house. Without the redundancy payment I am pretty stuffed really as I am the main breadwinner at the moment as my wife is expecting our second child, so my hands are financially tied as it stands for maybe the next 2 to 3 years.