Am I being wise with money?

williamcornwall

Hi, I'm currently trying to make as much money as possible in order to save up to fund my PhD. My target is to have £15,000. I have £4000 in an ISA from last year (didn't max it out stupidly), £3100 in an ISA for this year and am going to put more in, and 2800 in another account. I'm owed around 1300 in a tax rebate too. My mother is also giving me £1000. I make approx 1000 a month and save around £900 of that.

How else can i save/make cuts etc? Any ideas?

TheSenSibleOne

By my calculation you have approx £12k (after tax rebate comes through)

This means you need another 3k, saving 900 a month you'd easily have that in 4 months.

Your only outgoings are £100 a month? I guess this goes straight to your mother as you live at home? Unless she will let you live there rent free then 4 months is minimum in my eyes, I dont think you can make anymore cuts

williamcornwall

TheSenSibleOne wrote: »

By my calculation you have approx £12k (after tax rebate comes through)

This means you need another 3k, saving 900 a month you'd easily have that in 4 months.

Your only outgoings are £100 a month? I guess this goes straight to your mother as you live at home? Unless she will let you live there rent free then 4 months is minimum in my eyes, I dont think you can make anymore cuts

Thanks, yes thats right I live with my mother. Glad to know that I'm not losing out on anything which most people would be doing with their money to make more. I don't actually buy things. I read magazines in supermarkets and newspapers online, I am not one for lots of clothes and I just get lots of books from the library.

TheSenSibleOne

williamcornwall wrote: »

Thanks, yes thats right I live with my mother. Glad to know that I'm not losing out on anything which most people would be doing with their money to make more. I don't actually buy things. I read magazines in supermarkets and newspapers online, I am not one for lots of clothes and I just get lots of books from the library.

Sounds like you can't save anymore than the £900 suggested. Good luck

ajbell

So its you who gets in my way when i am trying to buy
my motorcycle news.

Elvisia

Sell anything you have on ebay? Private tuition to make some extra cash (particularly if it's in your PhD subject? Put any spare cash once you've filled your ISA up into the highest interest savings account? Open current accounts that give you £100? Try Quidco and see if there are any freebie deals that earn you cash, I got Netflix and LoveFilm free for a month and made £33 in cashback.

bigadaj

You're only young once,go for it!

guitarman001

ajbell wrote: »

So its you who gets in my way when i am trying to buy
my motorcycle news.

Excellent lol...

missile

Saving in an ISA is good for tax payers, but not all ISAs pay a good rate. Not necessarily the best if you intend to draw the money out soon and you may get a better rate elsewhere.

tell_it_how_it_is

williamcornwall wrote: »

I make approx 1000 a month and save around £900 of that.

How else can i save/make cuts etc? Any ideas?

LOL, I think it is YOU who should be giving US all the tips on how to save and make cuts! :rotfl:

Ken68

Economise at home by growing your own food, maximise insulation, use more rainwater, compare utilities, use charity shops, etc.
Self sufficiency is forever.