How much savings to be a MSE?

Bob2000

I've been on here now for a few months and noticed there are a core of forum members who seem to be opening  saving account  every other day, or ones maturing.

So how much wonga do you really need to make this work?
I've learnt  a few things on here that have helped me to save and am grateful  for what I've got so far.
I'm just curious.

Section62

Bob2000 said:

So how much wonga do you really need to make this work?

£1.

It isn't how much you've got, it is what you do with it that matters.

mebu60

If you've got the time and dedication to apply yourself then the amount is irrelevant. From small acorns .... .... .... ....

trickydicky14

Section62 said:

Bob2000 said:

So how much wonga do you really need to make this work?

£1.

It isn't how much you've got, it is what you do with it that matters.

That's what I keep telling her indoors!

Albermarle

The issue with keep changing accounts and chasing the best interest rates, is the amount you gain is not that large, unless you have a large amount of funds. So you have to decide whether you can be bothered or not and is it a good use of your time.
There is also the law of diminishing returns. So if you change from a 2 % account to a 4% one, that is a good gain. From 4% to 4.5% a smaller gain. From 4.5% to 4.7% less of a gain obviously. From 4.7% to 4.8% , then to 4.85% .
Maybe you would gain more by cutting back one takeaway coffee a month .

simonsmithsays

As in any forum and walk of life there is a huge mix of personalities, savings, education, portfolios and circumstances on here.

But the core you refer to I reckon have the following in common:

- Do a lot of the opening (and admin of opening) as an interest or hobby.

- Have plenty of time on their hands to both open the accounts and record on here.  Often the dedicated threads are heaving with their, unrelated, day to day movements.

I'd suggest you don't worry about others.  Do what's right for you and your circumstances and pick and choose the advice and products as suits you.

There are some terrifically helpful and knowledgeable forumites on here.  There really are.

For some MSE and saving each and every penny is, for me, a little unhealthy.  Spending hours chasing complaints and arguments for little monetary reward and then relaying confrontational experiences back here.  I do hope they've got other activities and hobbies in their lives than just money.

There are also some that won't post at all. They just take the goodness. 

Then there are others who get banned time and again for infringements, arguments etc.

Good luck on your journey.

jimjames

Bob2000 said:

So how much wonga do you really need to make this work?

The smaller the amount you have to start with the better your return will be and the more effective building your savings will be. £150 for opening a bank account is small change if you have £100,000 in the bank. If you have no savings at all then £150 is quite significant to helping get started.

Bobblehat

I think Bob2000 is doing the right thing ...... asking questions!

Stolas

As much wonga as you can afford to save And as much time as you’re happy to spend researching and planning. 

If you’re already in the habit of saving, then you’re already making it work! Keep at it and the small gains will start to add up. 

The crop of bank switching incentives currently on offer have certainly helped give my savings a little boost! Plus a little bit of eBay too. 

trickydicky14

Stolas said:

As much wonga as you can afford to save And as much time as you’re happy to spend researching and planning. 

If you’re already in the habit of saving, then you’re already making it work! Keep at it and the small gains will start to add up. 

The crop of bank switching incentives currently on offer have certainly helped give my savings a little boost! Plus a little bit of eBay too. 

I find bank switching incentives are great when you first start out but after a time you find you are not eligible for follow up incentives due to conditions of eligibility so pickings get thin.

Albermarle

simonsmithsays said:

As in any forum and walk of life there is a huge mix of personalities, savings, education, portfolios and circumstances on here. I think the fact that is a Personal Finance forum, inevitably means there are a lot of generally like minds ( although some differences of course) , and probably a bit of a bubble rather than a 'huge mix' of all parts of society 

But the core you refer to I reckon have the following in common:

- Do a lot of the opening (and admin of opening) as an interest or hobby.

- Have plenty of time on their hands to both open the accounts and record on here.  Often the dedicated threads are heaving with their, unrelated, day to day movements.

I would say the 'core' also includes people who are more interested in getting the basics right ( asset allocation, tax efficiency, planning, etc) and of course wanting to proffer guidance to new inexperienced posters looking for help,  than spending too much time chasing small % interest changes, or bank switching deals. Personally I did not retire to be spending too much time chasing up numerous accounts, problems with setting up, keeping detailed records etc. For example I have three cash savings accounts and my OH has two, and we maybe change one per year between us.
I have transferred pensions and S&S ISA's and got cashback, but the amounts were pretty reasonable, so worth it at the time.

I'd suggest you don't worry about others.  Do what's right for you and your circumstances and pick and choose the advice and products as suits you.

There are some terrifically helpful and knowledgeable forumites on here.  There really are.

For some MSE and saving each and every penny is, for me, a little unhealthy.  Spending hours chasing complaints and arguments for little monetary reward and then relaying confrontational experiences back here. 
Agreed
I do hope they've got other activities and hobbies in their lives than just money.

There are also some that won't post at all. They just take the goodness. 

Then there are others who get banned time and again for infringements, arguments etc.

Good luck on your journey.

Some responses in bold.