Do you think my money saving idea is good? opinions please.

BrettMorganxD

I have actually posted it on the right board this time, I think.

I am planning to live on as if I was on jobseekers allowance and just save the rest of my income. This should be doable as all I buy is food and the odd treat.

JSA is £50 pw for me so I am planning to take £200 a month out of my account to spend and for living costs etc. Then put the remainder in a savings account as if I never had it.

I really want to save as much as possible as I am wanting to buy my own house and the bigger deposit the better.

So for example if I earn £1,000 in a month I will take £200 and save £800

Opinions guys?

crazyguy

your posting exactly the same question as yesterday : https://forums.moneysavingexpert.com/discussion/3528125=

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BrettMorganxD

crazyguy wrote: »

your posting exactly the same question as yesterday : https://forums.moneysavingexpert.com/discussion/3528125=

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Only in the right board this time.

BrettMorganxD

BrettMorganxD wrote: »

Only in the right board this time.

Is this the correct board?

crazyguy

My point of saying that you posted this again was not aimed at being on the wrong board is was because this has already been discussed and you have had answers to your initial question, I dont understand why you are looking for new answers to the same question that has been previously answered.

BrettMorganxD

Just done the math would have about 10k saved in a year this way

crazyguy

And that took you 4 hours and 48 minutes to work out then,

McKneff

Do you live with your parents then.

What is this £200 going to cover.

lynzpower

Surely your bills like phone, electric etc will come out of your bank account wont they?

Or do you pay these on a PAYG basis

mildred1978

£50 a week isn't £200 a month, because there are more than 4 weeks in a month (otherwise a year would be 48 weeks long).

You'll need £216.67 per month.

BrettMorganxD

mildred1978 wrote: »

£50 a week isn't £200 a month, because there are more than 4 weeks in a month (otherwise a year would be 48 weeks long).

You'll need £216.67 per month.

Well I will just draw £200 out every payday which is monthly.