Saving, Investing... Starting early

atush

You can post an SOA here for sure.

But the debt free and budget boards might be more savvy than us at cutting things re : the latest dealsas they are they up against it or the Chosen ones lol.

Bufger

Primetime wrote: »

Eponym, couldn't have wished for a warmer welcome than that. thank you.

so it should all be done independently? you're right, currently i have around £600.00 in my debit account. i get paid every 2 weeks on average £350.00. i think i just need to sit down and see how much i can afford to put away into savings incase of becoming unemployed.

how much should i be looking at to be investing?

will reply when i return from work!

thanks again, ben

Its worth saving 3-6 months if you're a homeowner/renting and paying bills as it keeps a roof over your head. If you're living with family paying board or similar then the same rules generally dont apply (save up a couple of months by all means).

Primetime_2

yeah thanks chaps. il just give a quick update of where i'm at atm, in the process of clearing the room atm so i can be better organised!

today i sorted my online banking (As i forgot my membership number oops!) so transferred a further £200.00 to total my savings to £400 luckily i get paid 3 times this month! end of the month my outgoings total £240 (car insurance and rent). i currently have £400 in my current account. so say i get paid £350 on the 30th... that is around £750 (i have my sisters birthday on wednesday so im guessing it will be slightly less) minus my outgoings... we will say £500 left. so if i can ill be putting either £100 or a further £200 away.

so in the space of a month i will have saved almost half of my target

bloody love this saving malarky.

Primetime_2

oh and my cash ISA interest rate is 2.2%

Cardozo

It makes very little diference on a target of £1500 but it may well be worth transferring to another bank, most are atleast 2.8 and northern rocks easy access ISA is 3.05%.

1500 x 2.2% = £33
1500 x 3.05% = £45.75

All you need to do is download a form and send it off.

Primetime_2

thanks very much. this target is literally a cost i have to pay for some stuff in college by next year and some money i owe my dad. if i can, i will be saving way above that in the long run! so i will be looking at starting another ISA with another bank soon.

thanks for working out the interest for me

electric_comperella

Have you made sure your ISA is one you can withdraw from without penalties?

Sorry just catching up with your thread... if you have all your savings in an ISA which has withdrawal penalties then you might lose your interest rate - worth checking and if it's the case (some allow up to 4 penalty free withdrawals) then move some of your savings to an easy access savings account

hope this helps

good luck with your saving!