How much can you save?

save-a-lot

Hi evab

Welcome to this thread :T - the best advice I can give is to make a brew and have a good read of this whole thread, loads of tips throughout

cookie9

I didn't think I'd make it as just paid for my summer holiday but entered the figures into my spreadsheet and I have hit GOLD.

I have decided to apply for promotion at work and if successful that will help me move towards my target. I will be busy doing research and getting my application letter drafted this weekend so will leave looking at interest rates until next weekend although I'm sure my savings could be working harder for me!

Good luck with reaching your targets.

evab_2

Luckily my overdraft is at 0% but obviously still want to get rid of it, should be OK by next month.

Thanks for your posts everyone

Walletwatch

Hi Looks like a good thread with loads of positive energy. What i am saving for is to live off interest. Am 32, originally from India and have been working in this country on secondment for five years now. As a result, I am paid my complete salary in India, and get my housing, utilities, telephone, conveyance and mobile phone expenses all paid here on actuals. This leaves me with only the food and leisure to take care of, and my expenses in India (I support my parents staying there), all of which totals 600 quid.

Have £40000 at ICICI, which works out to £1936 interest post tax per annum, and have £20000 at Abbey in ISAs between spouse and I, which gives an additional interest of £1200. My deposits in India in INR at the "not to be sniffed at" interest rates of close to 10% also add £90 per month, or annual interest of £1080. Besides the above interest amounts which add to £350 per month, I also get a fixed amount spouse allowance at work, and when I add to this, a possible child benefit allowance (i have a one-year old) that i will hopefully be eligible for in a couple of months, this comes to £495... an interest gap of £105 per month to ensure subsistence on passive income, translating into a need for £1260 per annum.

My next targets - Fund the ISA with £6000 (3000+3000) between my wife and I, so that takes care of £360 out of the £1260 gap in annual interest, leaving a target of £900, which in turn would require me to deposit £18750 at current interest and tax rates into ICICI to get to targets. Hopefully, a couple of BoE interest rate hikes will help me along, but am also open to risks of interest rate movements in adverse direction. What the hell, it is a good target to have, and most satisfying when a milestone is reached.

My inflows:

My monthly Indian salary roughly £1200 per month converted into GBP at current exchange rates.

Am paid a per day allowance which directly goes into savings, totalling nearly £1100 over and above the expenses that are paid on actuals

Wife works from home bringing in an additional £500-700 a month

Both wife and i have started some active freelancing over the past year and a half, undertaking research projects which surprisingly brings in the bulk of the dosh - around £1500-2000 per month for ten months of the year on an average.

The way i see it, if i have four good months, I reach my target end of the year, else it takes me into Q1 or Q2 next year, after which my next target will be to start having passive income pay for my other expenses as well, which my firm currently pays for - another set of steps towards complete financial independence (not having to work for paying expenses)

Phew... cheers for your attention if you have been reading this far.. Do let me know if you can think of any way i can speed this up. Did the juggling trick with regular savers for a couple of years till I realised that the time invested in funding these accounts is better invested on my freelancing activities, as they paid more than the interest differential.

Vicky82

Another bad month this month. What with, my MOT, my sisters birthday, Father's day and a wedding to go to I only managed to put £100 into savings this month.

Still better than nothing I suppose.

save-a-lot

Hi Walletwatch

What is your line of work? being able to do freelance I am guessing you are involved in IT in some capacity???

Walletwatch

save-a-lot wrote: »

Hi Walletwatch

What is your line of work? being able to do freelance I am guessing you are involved in IT in some capacity???

That's partially right. I am a business consultant for an IT firm. As part of my freelancing, I take on management projects and assignments. I am not a techie and certainly cannot write code, so that doesn't form part of my freelancing activities.

zag2me

Interest rates up to 5.75% wahoo.

save-a-lot

zag2me wrote: »

Interest rates up to 5.75% wahoo.

NS&I Direct ISA moved upto 6.30% wahoo wahoo wahoo!

JAMIEDODGER

morning all:)

as of friday i have cleared my debts, i am now officially debt free:D

i would like to start saving (but with a goal in mind). I am planning on having a large shed put up in my garden, with a view to using like a utility room as i am soooo sick of all my white goods being in my dining room.

as i dont own my house (housing association) i cant have an extension or anything like that. a mate has said he will do all the electrics for me as thats his trade:) for the cost of materials and a drink:D

im looking at about £1000 all in.

wish me luck, and it feels great to be here finally!