Long term savings diary of a soon to be 22 year old

YoungBusinessman

Exactly as per the title I am going to note down all long term saving goals aims and achievements. Il post up an SOA later and see where I'm at. Taking part in save £12k in 2013 thread, currently at over £5,500, aim is to step it up and go for £15,000 for the year. Hopefully using this thread as a guide I can do just that and set out foundations to build on. Will be looking at first goal of 6 months expenses in savings then 6 months salary and look to build from there. Aim is £15k by end of year that is about 5 months net wages so won't be far off. Hopefully can keep motivated and stick at it. Want to get away from a payday to payday lifestyle so I have more freedom and options rather than I have to work everyday!

innovate

Whoopey. Another diary. Been missing one of these since I left the MB board 5 years ago.

bigadaj

YoungBusinessman wrote: »

Exactly as per the title I am going to note down all long term saving goals aims and achievements. Il post up an SOA later and see where I'm at. Taking part in save £12k in 2013 thread, currently at over £5,500, aim is to step it up and go for £15,000 for the year. Hopefully using this thread as a guide I can do just that and set out foundations to build on. Will be looking at first goal of 6 months expenses in savings then 6 months salary and look to build from there. Aim is £15k by end of year that is about 5 months net wages so won't be far off. Hopefully can keep motivated and stick at it. Want to get away from a payday to payday lifestyle so I have more freedom and options rather than I have to work everyday!

Maybe try to be a normal 21 year old, sex, drugs, rock roll etc?

innovate

bigadaj wrote: »

Maybe try to be a normal 21 year old, sex, drugs, rock roll etc?

Didn't do me any harm (though some other MSEers might beg to differ).

mrsweep

YoungBusinessman wrote: »

Exactly as per the title I am going to note down all long term saving goals aims and achievements. Il post up an SOA later and see where I'm at. Taking part in save £12k in 2013 thread, currently at over £5,500, aim is to step it up and go for £15,000 for the year. Hopefully using this thread as a guide I can do just that and set out foundations to build on. Will be looking at first goal of 6 months expenses in savings then 6 months salary and look to build from there. Aim is £15k by end of year that is about 5 months net wages so won't be far off. Hopefully can keep motivated and stick at it. Want to get away from a payday to payday lifestyle so I have more freedom and options rather than I have to work everyday!

Good for you. Read (if you haven't) Tim Hale, Smarter Investing. I wish I'd started at 22. The point is - you are already rich - you have time on your side, and if you invest wisely now and keep it up, you can be living very comfortably by your 50s.

Go for it.

YoungBusinessman

Thanks mrs sweep, more the kind of reply I was looking for than the first few. I would like to think a very comfortable life is achievable before that. Obviously life is for living in the here and now but planning makes perfect.

markwilkinson

With respect OP. I'm not sure too many folks are that bothered you find the need (or the time) to start a diary telling fellow members how you will save 15k in a year, at your age. It smacks of boasting, if I'm being honest.

Whilst you might be doing well in the current climate, many, many others are struggling. Only earlier today, someone posted about a savings account for someone with a bad credit history - advice was given, freely and without the comments you didn't want to see on your thread.

richardvc

I can't believe some of the posts that I have just read.

I got myself into debt but got out of it with help from people on this forum - then we see a young'un trying to avoid that problem at all costs and he is criticised and told 'it smacks of boasting'.

Perhaps I should have followed his lead at 22 - I might not have a mortgage now nor would have got into debt !

A_Flock_Of_Sheep

Don't worry about the dampners Old Mutton Chops here says good on ya young un'


and in here you can't say right from saying wrong it seems.

And my sheepdog says you are doing the right thing too. Keep it up.

A_Flock_Of_Sheep

markwilkinson wrote: »

With respect OP. I'm not sure too many folks are that bothered you find the need (or the time) to start a diary telling fellow members how you will save 15k in a year, at your age. It smacks of boasting, if I'm being honest.

Whilst you might be doing well in the current climate, many, many others are struggling. Only earlier today, someone posted about a savings account for someone with a bad credit history - advice was given, freely and without the comments you didn't want to see on your thread.

There is an "ignore" feature on here ya know! If you find yourself in a "savings and investing" section you are bound to hear about people's plans for saving in the future. It's not boasting it's discussing the matter at hand.

Maybe you would be best retuning your set to "Debt Free Wannabe".

bigadaj

A_Flock_Of_Sheep wrote: »

There is an "ignore" feature on here ya know! If you find yourself in a "savings and investing" section you are bound to hear about people's plans for saving in the future. It's not boasting it's discussing the matter at hand.

Maybe you would be best retuning your set to "Debt Free Wannabe".

Yes but the OP does bang on about this on numerous threads if you care to review, does seem a bit like attention seeking to me, good luck to him. But why the need for the me me approach?