The "Save 12k in 2016" Thread!

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...

bobobski

For what it's worth, when my mother offered me £20k for a house deposit or to pay off my student loan, I opted to pay off the loan. It gives me more freedom to do what I want with my salary and increases the amount I can borrow when I do get a mortgage. I was at university 2008-2011 so I had one of the low-interest loans but still, debt is debt. And my best friend who had enough money not to take out a loan at all (due to an inheritance) chose to take out the loan (2005-2008), deposit his money in a high interest savings account, and immediately pay back the loan after university rather than do it through PAYE.

Each to their own on student loans I think - some see it as tax; some see it as debt. But, to me, if you're going to have to pay it back at some point because of your career choice, why wouldn't you pay it down sooner rather than later, especially with low savings rates right now?

smile88egc

Yep I was a 2011 graduate and from this September the interest in my student loan will be 1.9%. I have a portion of my savings in my 123 account so once that rate goes down to 1.5%, it's not worth me saving anymore.
I'm planning to overpay my student loan back an extra £100 a month. Have a lot of debt to shift after a 5 year degree.

chelseablue

Number 36 reporting £700 for August.


I did send £100 to my mortgage as an overpayment, so can I still declare £700 or would it really be £600?

chockydavid1983

@smile88egc have you checked this article?
http://www.moneysavingexpert.com/students/student-loans-repay

[Deleted User]

Slowlyfading please could you change my target for the year to £12k? Many thanks.

Twiggy_34

I'm going to submit my August savings now as I know there won't be any more coming in for this month. I've done some management of my accounts and have opened 2 accounts with a certain supermarket brand who has fee free current accounts offering 3% on up to £3k and transferred money into those accounts as they pay higher interest (than the accounts the money was in previously). One in particular is where my rainy day savings will now be held and, instead of earning a measly 80p or thereabouts a month in interest, it should gain me around £5 a month instead. This is in addition to the regular savers I set up earlier in the year to maximise interest earned. Nothing overwhelming due to the sums saved but overall should amount to around £25pm in interest compared to the previous £9 a month, which is definitely not to be sniffed at.

I know there are better options out there but these work well for me for the here and now, and my only regret is not doing it sooner!

black_taxi_2

fund manager invested today

two months payments(july/aug)

£1668

Wentthedaywell?

An early August call for me too. £1100, though the next 4 weeks will be rather expensive. I've got 2 weekends away, a spa day, a wedding, a house warming and 2 posh meals out. :eek: I'm going to be knackered as well as broke!

I will be using my credit card, to be paid in full next month, affecting my savings then. Then I have my car MOT/ service/ tax/insurance/breakdown cover in September too

bobobski

Wentthedaywell? wrote: »

An early August call for me too. £1100, though the next 4 weeks will be rather expensive. I've got 2 weekends away, a spa day, a wedding, a house warming and 2 posh meals out. :eek: I'm going to be knackered as well as broke!

I will be using my credit card, to be paid in full next month, affecting my savings then. Then I have my car MOT/ service/ tax/insurance/breakdown cover in September too

If it helps I do that too - better to use a credit card in a planned way (affecting next month's savings) than see your savings go down!