How much can you save?

life_friend2002

I save like this..
250 pound in HSBC Regular Saver
250 Pounds in Abbey Regular Saver
combined-500 @ 8% and 10 % ie avg 9 % less tax that is 7.20 %
so 500 pouns invested per month @7.2 perc
3000 pounds saved in cash ISA in BMW Savings @ 6.7 %
Rest in Halifax savings Account @6.0 % less tax 4.8 %
ON an average total cost of funds (To others to you its income) is around 6 perc which is pretty decent

Chaddee

Hi everyone, I'm new to writing on these forums but have been reading for a while! A year ago I had a loan of £3000 and credit card debt of £1000 plus an overdraft of £1500. I've still got £1000 of the overdraft but it's interest free until next summer so I'm planning on paying it off £100 per month till it's gone. I'm now trying to save for my wedding next summer - we need about £15000 and have £3200 at the moment. Can you tell me if you think my accounts are ok? I don't have a regular saver because I will need access to the money from about Christmas time to start paying for stuff.

I have £400 per month going into my HSBC online saver (which is bugging me that they don't give interest in months you withdraw - it hasn't happened yet but I know it will and it'll make the interest rate rubbish. I don't know which account to switch to though.)

I have £250 per month going into my Halifax savings account which has a pitifully low interest rate, I need to change this one too.

I also have £250 per month going into my HSBC ISA.

I think I'm rather a victim of having all the accounts that were opened for me when I was a child/teenager and never having looked at them properly. I will take out an NS&I ISA in April (do I just leave the £3k sitting in my HSBC one?? This confuses me!).

So anyway, that's me and my rather pitiful (so far!) savings.

Rose_Crow

I really do need to sort myself out. Having a bad month with money, and I really want to start saving properly. Problem is, I mentioned earlier that I had a lot to pay out for the car, but this is all done now (assuming it behaves itself). However I've been going out with my boyfriend for a few months now, but he lives around 50 miles away, so that's a 100 mile round trip. We need to be a lot more disciplined and not keep nipping off to see each other (we have a halfway point (pub) but this is still a 25 mile round trip for me). Plus I should stop eating out as I'm randomly drawing cash out. I was quite surprised with the amount I'm spending on fuel, last year it was around £80/month, but it's more like £120/month now. Eek!

Sorry - I'm just annoyed because I don't get paid until 31st this month - grr!

Woodyrocks

Hey Chadee. Welcome to the thread. As long as you have savings to refer to there is nothing pitiful to be spoken of so none of that in here I am no expert but from what I know in dealing with my accounts, if I was worried about withdrawal penalties I would move my money to an account that allowed instant access without the constraints. The one I am thinking of is Icesave but we can argue about how instant that is in the long run.

I am not sure of the top of my head but I know for a fact there is a regular saver that does not penalise you for missing a month or withdrawing in any month so also check that out.

Don't forget you also have the option of looking on high interest current accounts which Martin has been talking about a lot lately - making your ready cash work that little bit extra. If you can trust yourself with the £3200 in your c/a maybe this would be your best option.

Search search and search some more I would say. There is a wealth of info on the forum and remember to start with the front page articles.

Nice to have you onboard! And great news about the wedding

Woodyrocks

grn.w.nv wrote: »

I really do need to sort myself out. Having a bad month with money, and I really want to start saving properly. Problem is, I mentioned earlier that I had a lot to pay out for the car, but this is all done now (assuming it behaves itself). However I've been going out with my boyfriend for a few months now, but he lives around 50 miles away, so that's a 100 mile round trip. We need to be a lot more disciplined and not keep nipping off to see each other (we have a halfway point (pub) but this is still a 25 mile round trip for me). Plus I should stop eating out as I'm randomly drawing cash out. I was quite surprised with the amount I'm spending on fuel, last year it was around £80/month, but it's more like £120/month now. Eek!

Sorry - I'm just annoyed because I don't get paid until 31st this month - grr!

Hey Hun sounds like it is one of those months! We all get those and this is a great place to let off steam as we soooo understand. Don't let it get you down and remember remember we all have a goal in sight even if the view gets obscured every now and then :T

evab_2

Just a quickie, savings due for a little boost next week when SO from bank and cashback from Quidco go in. Not much but at least it's a start, should be about £40! Currently trying to reduce electricty bill so ebay/amazon sales going towards this.

McSaver

* Savings Update - August 2007 *

Very good month for me indeed, Loads of extra work gave me a little more money so I have another £1,000 to save this month which will hit the NS&I Direct ISA to finish the years ISA subscription... Its not very often I get this amount to put away in a month so I will of made of the most of it. I have been off work on holiday this month so I wont have a lot next month but I will have to see when I get there.

Also the olympic challenge percentage has been updated.

Rosemary7391

Hallo! I need to start saving - £2000 target for a new clarinet! I have most of my wages to save (I'm just 16, so no rent/food/other bills!), but have you got any other tips?

*Hopes she is in the right place*

McSaver

Rosemary7391 wrote: »

Hallo! I need to start saving - £2000 target for a new clarinet! I have most of my wages to save (I'm just 16, so no rent/food/other bills!), but have you got any other tips?

*Hopes she is in the right place*

You are in a very good place, work out how much money you can get by on a month at minimum and whatever is extra, just stick it in the savings accounts or an ISA which is a deposit limited account which allows you to pay in £3,000 a year and the Interest you receive will be tax-free. The best time to save some money is on payday, giving the thought of "paying yourself first" if you can save £500 a month then you will have the clarinet in 4 months time, its as simple as. The trouble is when it comes to saving cash its very difficult to start, but the money soon builds up over time.

Rosemary7391

McSaver wrote: »

You are in a very good place, work out how much money you can get by on a month at minimum and whatever is extra, just stick it in the savings accounts or an ISA which is a deposit limited account which allows you to pay in £3,000 a year and the Interest you receive will be tax-free. The best time to save some money is on payday, giving the thought of "paying yourself first" if you can save £500 a month then you will have the clarinet in 4 months time, its as simple as. The trouble is when it comes to saving cash its very difficult to start, but the money soon builds up over time.

I only earn around £200 a month, so I don't pay tax anyway I'll have a look at ISAs though - never actually looked at those before! Thanks