We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
How much will you have saved by the end of the year?
Comments
-
Probably around -£35,000
Bought a house, partially refurbished it, paid for our own wedding, went on an amazing honeymoon.
But we had saved nearly that before it all happened
Buying a house (and refurbishing) isn't spending! It's investing in your future.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
If it's his only home then it's spending imochucknorris wrote: »Buying a house (and refurbishing) isn't spending! It's investing in your future.Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
Cashback sites: £900 | £30k in 2016: £30,300 (101%)0 -
For the last three years I've saved £25 per month in a Christmas club and I get my money every Christmas, but if I put £25 away in a pot at home or a saving account, I would dip into it and have no Christmas money. Funny how our mind works.:rotfl:next year0
-
For the last three years I've saved £25 per month in a Christmas club and I get my money every Christmas, but if I put £25 away in a pot at home or a saving account, I would dip into it and have no Christmas money. Funny how our mind works.
Regular Savers are my saviour. Fixed monthly payments that has fixed rates a year. I just can't justify saving less into them given the decent interest rates they offer. If it stays in a current/savings account, it will probably be dipped into. I would be alot poorer if not for regular savers.
Save 12K in 2020 # 38 £0/£20,0000 -
This is a very interesting thread, providing I saved 30% of my income (I'm assuming we are talking monthly hear?) I would be saving £406 a month times that by 12 then by 28 makes a staggering £137,500 (approx) give or take a couple of quid as I rounded down! I would be 50 if I were to start now!
That final figure does not include any interest weather it be from saving accounts (HA) premium bonds or investments!
food for the brain... You have me thinking now...Documenting my journey from full time support worker to full time eBay reseller
0 -
This is a very interesting thread, providing I saved 30% of my income (I'm assuming we are talking monthly hear?) I would be saving £406 a month times that by 12 then by 28 makes a staggering £137,500 (approx) give or take a couple of quid as I rounded down! I would be 50 if I were to start now!
That final figure does not include any interest weather it be from saving accounts (HA) premium bonds or investments!
food for the brain... You have me thinking now...
The figures aren't quite that simple. For a start there are many assumptions made in that model calculation. It would be better to read the whole article to get a better gist of the assumptions made. In principle, the logic of the theory is sound though, but I would still take it only as a model and use it as inspiration to save!
On the other hand, you need to account for that £21,275.46 personal loan as well.
Save 12K in 2020 # 38 £0/£20,0000 -
If it's his only home then it's spending imo
A bit of an over simplistic assessment in my view.
Spending money on your residence may be a luxury purchase, an essential purchase or an investment dependent on what the money was spent on.
What you would need to do is co,pare the money spent against the increase in value of the property, or in certain instances avoiding the reduction in value that would have occurred if the money hadn't been spent.
The quantum of money spent may well bear no relation to the increase in value of the property, it may be of no value through to many times the cash spent, it would just be based on an objective valuation before and after.0 -
If it's his only home then it's spending imo
Of course it isn't spending, the house retains value, the money isn't spent (gone), it is invested in a property. Imagine 2 people, one saved £20k, the other saved £10k but also bought a £200k house with a £20k deposit, are you really saying the one who saved £20k outperformed the other?Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
Wouldn't this be better moved to the 'how much have you saved' forum?0
-
It depends what it was spent on & if you plan to house hop every few years as some people do (2 bed -> 3 bed -> another 3 bed -> bungalow of death).chucknorris wrote: »Of course it isn't spending, the house retains value, the money isn't spent (gone), it is invested in a property.
If you buy a house then splurge on new bathroom/kitchen/wallpaper and then live in it for the next 30 years then it's money that was spent to improve your lifestyle/comfort. In 30 years time that stuff will have become outdated & provide no resale value as you'll need to refurb for sale or new buyers will like the original poster did.Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
Cashback sites: £900 | £30k in 2016: £30,300 (101%)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards