Saving 50%salary

george4064

livilove wrote: »

Dear community, I am learning along they way and am so grateful for your contribution and ideas.
Will put portion of the eggs in different basket , as u mentioned ISA stock n share could be an option, is fidelity any good to put my future savings in?... considering
isa ( stock and share) some r better than others? Where do u save? Any suggestion/advice is much appreciated ..

Check this website out: http://monevator.com/compare-uk-cheapest-online-brokers/

I personally invest with Hargreaves Lansdown, but my ISA platform provider recommendation is Halifax Self-Select ISA.

livilove

Ah it's like a chess board, every box you double the amount after 60 boxes it's not 120 rather a large sum.

With coming back to normal life and no overtime. Work been delegated .i gotta good feelings of creating jobs and supporting economy by exports.
Very little positive impact but still it is.
It gets easier ,I have been frugal but with choice. It's painful when you see a Louis Vuitton bag and you can't buy it. But it's a joy when u see the same bag and have ability to buy it but you choose not to buy it.

So with my frugal living and occasional treats and joy of freedom I further saved and bought a Property ,now potential rental income . Property value rises will be potential benefit.

Business money reinvested.
I need to remember Two things are the key for success
Savings and reinvesting part of the savings in ventures/ property etc for multiplication effect.
Debt is downward and savings is upward spiral.
I need to aim for semi retire in 4 years and full retire in 9 years time. Aim high, dream big ,work smart and enjoy life .
Things to improve on: focus on efficiency and not hours done. Hmmm also delegate more...multiply what works.

jdw2000

livilove wrote: »

I plan to take packed lunch for at least 3 days/ week. Saving me £36.

I spend way too much on work food too. But this is a plan which I have put in place:

- Before work have a 39p porridge pot (quick and easy. 39p from Lidl)
- In the morning and afternoon have a banana (16p each from Tesco)
- For lunch have a £3 meal deal from Tesco/elsewhere.


That's your entire week of work food for £18.60.


(Porridge can be alternated with cereal and bananas for apples etc at no extra cost.)

hutman

As great as this cheap*** wisdom allows, people should note one thing about spending money - its pursuit. If I don't want to be a scrooge and allow my self some average indulgences, I will also seek to better my career with promotions and higher paying jobs. This is logical.

The saving brigade seem to advocate a mindset more than anything. Thinking which condones limitation, restriction and underachievement.

jdw2000

hutman wrote: »

As great as this cheap*** wisdom allows, people should note one thing about spending money - its pursuit. If I don't want to be a scrooge and allow my self some average indulgences, I will also seek to better my career with promotions and higher paying jobs. This is logical.

The saving brigade seem to advocate a mindset more than anything. Thinking which condones limitation, restriction and underachievement.

I see where you are coming from. There are two sides to becoming better-off.

1) Earning money
2) Saving money


They are each as important as each other if you want to be well-off/rich/wealthy. You can earn £100K a year and still have nothing to show for it after 10 years and no savings. Or you can earn £30K a year and save £50K after 10 years.

Spending wisely, or not spending at all, is equally as good as earning money. Do the two together and you've cracked it.

livilove

jdw2000 wrote: »

I see where you are coming from. There are two sides to becoming better-off.

1) Earning money
2) Saving money


They are each as important as each other if you want to be well-off/rich/wealthy. You can earn £100K a year and still have nothing to show for it after 10 years and no savings. Or you can earn £30K a year and save £50K after 10 years.

Spending wisely, or not spending at all, is equally as good as earning money. Do the two together and you've cracked it.

Rightly said
1) earning money
2)saving money

Part of saved money can be used for high risk more profit venture or spending on personal growth or further training.

using part of the saved money( as much you are comfortable with ) to empower yourself by reinvesting in high profit but risky investment. Personal growth etc. This worked for me so far, every time i make some profit keeping half of it aside and the rest reinvesting to create spiral upward shift.

Yes spending wisely is the key- I used to be a loon ( I still am but not to that extent) I spent unnecessary, matching the lifestyle exactly as my salary - meant I had nothing saved despite 16 years of actively working. I was just managing the bills and that's it. Recession hit me the worse after I lost job and found I had my little savings went out of drain and I was left with debt.

Then with my meagre job I learned to save and use the part of saved money to reinvest or do whatever I always wanted to do.

800/ month x 1 year= 9600k
X 4 years = £38200


Part saved for deposit toward commercial property
Part invested into high risk venture

Commercial property yielding a rental more than the mortgage instalment. Tennant paying the mortgage off - the extra to be reinvested.
Venture producing some money being reinvested back into it growing it to a larger scale

Saving isa part of salary for emergencies

savings empowered me to spend on the right thing.

Thanks to you- Money saving community- I could share my goals with you that kept me on the right track, so I did not go to extreme of one or other and did not quit after feeling it's unachievable. Listening to others who felt same way gave me sense of commeradery I was not alone and things can be achieved.

Ray_Singh-Blue

livilove wrote: »

It gets easier ,I have been frugal but with choice. It's painful when you see a Louis Vuitton bag and you can't buy it. But it's a joy when u see the same bag and have ability to buy it but you choose not to buy it.

I have noticed this too. Not so much about handbags, my small object of desire for many years was a brand new Audi TT.

Vicky Robin and Joe Dominguez called these things "Gazingus pins" in their book Your Money or Your Life. A Gazingus pin is an item you are tempted to buy, even though you don't need it.

There can be a tremendous satisfaction from recognising Gazingus pins and calling them out!

livilove

Update : 15/08/2017
Almost another year later.

Maximum Spending 50% and saving/reinvesting 50% is still going fine.


Still long way to go , becoming more risk taker, with safety net of savings now can take bit more risk. Starting another venture this year.

A thought to share with people on low income who r in similar boat of struggling to save 50% .

if one saves/ invests/ enables oneself, after sometime,50% spending becomes too lavish. Since 50% of larger chunk is large amount. Thnx money saving community keeping me on track so I did not loose focus. Wishing good luck to anyone who feels trapped but is motivated enough to change.

stoozie1

This is very impressive, well done. Especially as you had your doubts about your ability to keep going!

livilove

stoozie1 wrote: »

This is very impressive, well done. Especially as you had your doubts about your ability to keep going!

Thanks - i am very inconsistent person, sharing ideas with mse community and their input kept me motivated and on the right track.
Now it's not a struggle anymore to save 50% of considerably above average income.