The "Save 12k in 2016" Thread!

Seafoam

Please help wonderful people. I'm not the greatest at maths:o

I worked out my total savings for July to be £555.01

But I realised that my expenditure of £179.62 was only possible because I dipped into my previous savings.

So does that mean my total for July is actually £375.39??

enthusiasticsaver

Seafoam wrote: »

Please help wonderful people. I'm not the greatest at maths:o

I worked out my total savings for July to be £555.01

But I realised that my expenditure of £179.62 was only possible because I dipped into my previous savings.

So does that mean my total for July is actually £375.39??

That is what I would do if I withdrew from previous months saving.

geoffers4

Seafoam wrote: »

Please help wonderful people. I'm not the greatest at maths:o
I worked out my total savings for July to be £555.01. But I realised that my expenditure of £179.62 was only possible because I dipped into my previous savings.

So does that mean my total for July is actually £375.39??

Another way of doing it is to compare the balance on your savings account at 30th June, with the balance in there on 31st July. If the July number is 375.39 greater than the June one, you've cracked it!

[Deleted User]

Sorry SlowlyFading for the late update. My total at the end of July was £6,500 - I think that might be minus £200 - a few birthdays, £500 taken out of savings for something etc etc. I have passed that sum now, but that will be savings on August month.

sofarbehind

A very late July update from me. Late and a shameful negative figure too! I've been away and spent so much. Minus £800 for July unfortunately.

I'm off to view a house next week so August could be similar...

Suffolk_lass

sofarbehind wrote: »

A very late July update from me. Late and a shameful negative figure too! I've been away and spent so much. Minus £800 for July unfortunately.

I'm off to view a house next week so August could be similar...

I am curious as to why you still have your student loan outstanding when your savings are going so well. I recently saw my Son's Student Loan annual statement and because he has not been earning enough to pay it down he has incurred quite a bit of interest.

I have a bit of a dilemma myself but because my debt is my outstanding tracker mortgage - 0.25 above BoEBR - so the interest on the debt is much less than the savings interest I have been getting but the thing is, that the debt is just sitting there, "moaning at me".

I hope you don't mind me asking

SL

Westie983

Suffolk_lass wrote: »

I am curious as to why you still have your student loan outstanding when your savings are going so well. I recently saw my Son's Student Loan annual statement and because he has not been earning enough to pay it down he has incurred quite a bit of interest.

I have a bit of a dilemma myself but because my debt is my outstanding tracker mortgage - 0.25 above BoEBR - so the interest on the debt is much less than the savings interest I have been getting but the thing is, that the debt is just sitting there, "moaning at me".

I hope you don't mind me asking

SL

if you dont earn enough to start paying back the loan then, yes interest is added with no payments but it gets wiped after 25 years so the interest is added but if you son never earns enough there is no payment to make regardless of the interest that has been added.

sofarbehind

Suffolk_lass wrote: »

I am curious as to why you still have your student loan outstanding when your savings are going so well. I recently saw my Son's Student Loan annual statement and because he has not been earning enough to pay it down he has incurred quite a bit of interest.

I have a bit of a dilemma myself but because my debt is my outstanding tracker mortgage - 0.25 above BoEBR - so the interest on the debt is much less than the savings interest I have been getting but the thing is, that the debt is just sitting there, "moaning at me".

I hope you don't mind me asking

SL

Hello! I don't mind you asking at all. I have an old style student loan so the interest rate is very low and it will soon be gone. I've just left it as the extra £1000 of savings will hopefully mean I will JUST have 25% to put down on a house and will get a better interest rate. I also think Martin has a good point about it being a unique form of borrowing in the sense that if I lost my job I could defer it...

I know there are different views on this but that is what I'm comfortable with.

Suffolk_lass

Westie983 wrote: »

if you dont earn enough to start paying back the loan then, yes interest is added with no payments but it gets wiped after 25 years so the interest is added but if you son never earns enough there is no payment to make regardless of the interest that has been added.

Yes but that means that if he takes the view that he will let it lapse he is consigned to 25 years of low wages/salary and in the meantime it has grown by 10% in 3 years of no pay-down. I kind of hoped he would aspire to more than that

Westie983

Suffolk_lass wrote: »

Yes but that means that if he takes the view that he will let it lapse he is consigned to 25 years of low wages/salary and in the meantime it has grown by 10% in 3 years of no pay-down. I kind of hoped he would aspire to more than that

Oh of course, I think I was trying to say that here on MSE they suggest you pay it back via PAYE as its one of the cheapest loans you will ever get, and if you pay it off and then require a new loan in the future then it will be at a higher cost...