Saving, and I love it!

edited 6 November 2013 at 7:51PM in How much have you saved?
3 replies 3.2K views
megan01megan01 Forumite
162 Posts
edited 6 November 2013 at 7:51PM in How much have you saved?
Hi everyone :) So my current situation is, I have graduated from Uni with a Law degree, and have just started a job in a bank. I want to save as much as I can, partially because whenever I am ready to buy my own house I want to have as big a deposit as I can, rather than a giant mortgage, and because having seen first hand how my parents have been affected by illness and how they will have to work longer, I want to start saving now towards retirement. I also don't want to be working forever.

My pension situation at the moment is I contribute 5% and work contribute 13%. So I contribute £46 a month, I get £11 tax relief, and the company contribute £151 a month. I may increase my contributions a couple of %, I haven't decided yet.

I have £3192 in savings.
After tax, pension contributions, and N.I contributions, rent to my parents, phone (£15 a month), contact lenses (£15 a month) and NHS prescriptions (£8.66 a month), I will have £866 a month left. I plan on putting it all into savings, and anything extra I need (which will rarely happen, I make lunches from home, I rarely eat out as I am gluten and dairy intolerant, I don't drink and go out, I walk to work, don't drive, have plenty of clothes) will come from anything I sell such as on eBay, or from my etsy shop selling make up bags that I sew. Any money that I make from this that I don't need, will go to my savings.

The reason why my rent figure is so low is because my parents have paid off their mortgage, I went through all their finances for them and saved them loads of money switching things around, and I do a lot of the housework and care for my dad who has epilepsy.

Things I need to do
-See if it would be more cost effective if I were to get contact lenses as and when.
-Shop around for better savings accounts
-Ring up Three and find out why my bill is always more around £15 rather than the £12 it should be.

Happy saving :)
Save 12k in 2015 challenger NO.128 £0.00/£8000
House Deposit : £6317.44/£12000.00
Weight Loss, target: 8st 7lb current:


  • megan01megan01 Forumite
    162 Posts
    Well just a little update! Found out it will be cheaper to get my contact lenses as and when I need them at £18 for 20 pairs. And I can claim some of that back on my simply health plan.

    I found out that my bills are always a couple more pound than they should be because of 08 numbers, so did a bit of research and found an app which circumvents these.

    However I have now taken on the ancestry website subscription, for a couple of months until I get a spare moment to sort it all out.
    Save 12k in 2015 challenger NO.128 £0.00/£8000
    House Deposit : £6317.44/£12000.00
    Weight Loss, target: 8st 7lb current:
  • Just another update. This week I will hit 5k when I get paid! Christmas made my bank account take a hit, so I'm learning to transfer a little each month into another savings for Christmas/birthdays.
  • I adore saving! I feel confident in future when I save. But I'm ready to spend money for traveling as it is so great to discover new cultures and countries!
This discussion has been closed.
Latest MSE News and Guides

British Gas prepay meter users... pay less for gas from 1 April

MSE News

The 'odd Easter flavours' thread 2023

What bizarre food stuffs have you spied?

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools