Very long savings diary. Next 2 years hopefully! 7 May 2012 at 1:14PM edited 30 November -1 at 12:00AM in How much have you saved? 10 replies 3K views

YoungSaver_2

Hello forum users.
I'm 19 years old and would like to save really hard this next 2 years.
For the last year I've basically gambled all my money away. I am now left with £2000.

I'm expecting to come I to a windfall of around £3000 - £5000. So I'm using this to boost my savings and get a grip of my life and give up this gambelling rubbish.

I take home about £1500 a month at work, and have set up a savings plan of £825 a month.

I look at much money I have wasted, but life is life and I need to change. Hopefully this is the motivation and answer.

It would be good if people could give me encouragement etc.
Cheers

sroper45

Hello,
Im 18 and an apprentice and earn 590 a month and well have wasted alot of money on the gambling mate. Try to get out of it im trying not to go in now and its going to be hard but im going to do it becouse im sick of having no money which im sure you are. Ive wasted money and the family dont trust me. But Ill beat it which im sure you will. dont touch the betting shop and look to the future and start saving which i am going to start doing my last bet was on the 5th of may this month and thats the last day I will bet.
good look if you want my personal email reply to this and would be great to share stories .

Best of look and remember dont touch the bookies as you are the only looser.

YoungSaver_2

Hi stoper45.

Yes it's a terrible addiction, one which some people do not understand.
I should be receiving my windfall withing the next 3 months, so that will help alot.

My aim - to have £12000 saved by 01/01/2013!
I've got £1150 locked away at the moment with over £1200 in my current account. I shall be opening a 2 Fixed rate ISA and max it out when I have the full ammount ready.

Need to concentrate. I want to own my own property by 23, so need to stop this rubbish.

Stober45, please feel free to post on here for support and motivation.
YoungSaver

YoungSaver_2

Ok, really focused for this.

Stats at the moment.

Work share scheme - £1150
Emergency Fund - £300
Current account - £978
Cash - £125

And I'm expecting my windfall in the coming months, which will be going straight into a 3 year ISA.

I average about £1500 per month

Rent - £120
Car insurance - £175
Phone bill - £60
Fuel about £200

Which leaves me with £945. I've put an application to work to raise my share scheme monthly contribution to £825. So this will leave me with £120 a month spending money, but I do have spare money in my current account to compensate for this.

My long term goals.

£12000 by 01/01/2013
£21000 by 05/05/2014

Bring on the challenge.

YoungSaver_2

Just did a credit check on experian.

My credit rating Is 881, which is in the good section.
My phone account and my current account was only opened last year, so these should disappear from my account lending section in November and December. An old bank account should disappear in June and my spare current account should dissapear in August.

I have no other records held, positive for address as been here all my life.
I have 16 previous searches on my file from the last year, but 4 off these are general searches from car insurance companies, and 4 were to open betting accounts. 5 are for loans which were all denied, but these should all come off this year.

So, if I can keep my file clean the rest of this year, I should be in the Excellent section with a high score.

I have been thinking, I'm very determined, as I want to start a property port folio. I could start one with my sister or my uncle, we would go 50/50. Our area is perfect for a buy to let. But I need to have a big deposit. So next 2 years, lets go.

Saints2011

Ignore the credit rating from Experian it means nothing,

Your accounts that are open will show on your report for six years marked as Settled once closed

Lewis_Davies

It's a good boy for saving money.but i think you'd better make great efforts for gain more money

indianabode

No need to tell you gambling is such a waste of money! Found out my husband had run up debts of about £18,000. Borrowed money from family and took out a loan - really scrimped to get family paid off first, then it took four years to pay off loan. Felt so gutted that it could have paid son's university fees, or would have been a lovely deposit for my daughter's flat, actually would have been a lovely deposit for all 3 kids to get a flat... Instead of knowing it had lined someone's else pocket. Anyway, resolve to waste your money no longer. What's past is past. From this day forward - absolutely avoid whatever and wherever it was that was your weakness. You know what it was... If you really feel you can't then you'll need professional advice. But remember, money is a means to an end - not an end in itself. Use what you have wisely.

YoungSaver_2

Thanks for the encouragement. I came home drunk last week an lost all the money in the current account. I'm disgusted with myself.

So I have a plan!!
Leave no money in my current account and withdraw all savings to cash and lock away. All of my gambelling was online and I have blocked myself from all sites. I have never been in a bookies shop so this is no an issue for me.

I will pay all bills and then give myself just enough to live on. I should be saving between 650-800 a month.

As a general rull, I will update this every week, without fail so i will get passed this horrible addiction and save my money back up. Will update next week after pay day to see what my total will be, hopefully around 1750-2000. So I've lost a bit of money but have seen sense.

If I ever have another bet I will update this, as there is no point trying to hide it from myself.
I'm also going to chase the windfall I should he getting. It from a family member so can't be too stubborn to get it ASAP.

On a bright note, my credit rating went up from 881 to 937. I'm still in the good section but will hopefully o upto excellent section this year.

Believe me, this is it. New beginning, new plan, new person. Obviously my goals are long way off now, but if continue to save hard I might just miss them.

Stick by me, I need lost of encouragement.

Young Saver

YoungSaver_2

Welllll, its been 10 days since I've gambelled. I actually feel great. Although I only have £1000 in savings. I stupidly took out a wonga loan and repaid this. Stupid me.

I've cancelled my gym membership, and looking to save money, I've got myself a credit card with a low limit, and I'm ONLY going to use it for my monthly fuel and pay it off in full each month.

I'm still waiting for my insurance money, which looks like its going to e around £2000-£3000.

I can't wait till I can open a lloyds tsb ISA . It's a fixed term which you can add regularly too so you use up your allowance.

Also, hopefully jetting of to Egypt next year, so it's vially important that I save money.

Will be updating when I get insurance monies!

NoRisk

Keep going mate, and learn from any mistake. When spending money you don't need to just think of that holiday. For now holidays are what i aim for aswell as the future.