How much can you save?

I thought I would post a new thread being a newbie to this.

There seems to be a diary for getting out of debt, and clearing your mortgage, but not one for the amount you can save to put towards something.

I'm saving for a deposit for a house and am aiming for about £16,000.

It would be useful to log how much I can save in a diary format and get as much support as possible.
I'll be keeping a log of my progress and would love to hear any tips you guys have on budgeting and making the most of the money I can keep.

If anybody would like to join me then great- the more the merrier!
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Replies

  • WannoWanno Forumite
    130 Posts
    Im not sure if this is the right place to post this thread.
  • I think it is the right place.

    Having seen on other boards the impact of encouragement it would be great to have a group of savers who encouraged each other.

    Especially those who had managed to get themselves out of debt.

    Martin suggests starting with tax free Cash ISAs BUT

    Top tips at the moment, wanno, are the regular saver accounts and 7%+ gross (5.6% net) beats all of the Cash ISAs out there.

    12% at A&L
    10% at Barclays
    8% at HSBC
    8% at LLoyds (especialy good as this is a 2 year account)
    You need current accounts at the above to open their regular savers.
    8.25% at Ipswich BS (with some windfall possibilities thrown in).
    7% at Halifax
    6.5% at Yorkshire BS (and no 12 month rule here, either - a good option).
    6.5% at Principality BS.

    Good luck with your savings. You are on the right track :).
  • If you have the time to muck around with lots of accounts and move them around after a year. If you just want to keep it simple, the cash ISA is the best route.
    I'm an Investment Manager. Any comments I make on this board should be not be construed as advice, and are for general information purposes only.
  • WannoWanno Forumite
    130 Posts
    Thanks for this guys.
    I suppose I should post what accounts I have so far:
    Abbey National Regular Saver- 8% £250 paid per month- (£250 to date)
    ISA- gradually drip feeding up to £3000 in April and £250 paid per month
    into investment part of it. (£1100 and 500 to date)

    I will work out the balances of these shortly- but I am attempting to save £1000 per month.
  • zag2mezag2me Forumite
    695 Posts
    Part of the Furniture Photogenic Combo Breaker
    Here we go!

    I saved £370 into my cash isa this month. Thats nearly my allowance gone for this year, so next month I will finally be looking to pay some significant amount off my student loan.
    Save save save!!
  • chelseabluechelseablue Forumite
    3.3K Posts
    Part of the Furniture 1,000 Posts
    Forumite
    Hi Wanno can I join you?

    Me and OH are also saving for a house deposit.

    Currently have £3,400 - aiming for about £15,000 before we start looking.

    Where abouts do you live?
  • WannoWanno Forumite
    130 Posts
    Hi Chelseablue
    That would be great! The more people spurring us on means we should be able to afford it a lot sooner. Its nice to have a goal- even if it seems way off!
    I am looking to buy in Essex. I work/rent in London at the moment.
    You're doing well to have £3400 already!
  • Hi, I'll join in too!

    Like Wanno I want to start saving for a flat deposit and I reckon this will help to motivate me.

    This time last year I was in debt to the tune of £5,000 and didn't have a hope of saving anything. However, I was lucky in that I got a better paid job followed by two promotions, so I'm now in the position of being able to save money instead of chucking every spare penny at my debts.

    Last month I cleared £900 (ouch!) off my credit card, which means I'm now debt-free. This month, when I got paid, the first thing I did was put £500 into a cash ISA, and today I added another £500 - so I have the grand total of £1,000 saved so far. I hope to put £500 into this every month until I reach my £3,000 allowance.

    After April 2007 I'll open another cash ISA, followed by a regular savings account.

    I'm aiming to save close to £20,000 in two years, starting from now.
    September 2006 - officially debt-free!

    Savings goal - £20,000.

    November 2006 - £1,500 in cash ISA, £500 in instant access acount
  • WannoWanno Forumite
    130 Posts
    Sounds like we have a group going!
    Zazie_Zazou thats pretty good! It must be a great feeling to be debt free and well on the road to paying for something that you really want. Its definitely a feeling of achievement when you have saved something for yourself rather than paying off debt. £20,00 sounds like a lot but I know that we can do it. Small steps and all that.

    I say we post a record each month how much we have saved in the past month together with any great tips where you have saved a bundle.
  • zag2mezag2me Forumite
    695 Posts
    Part of the Furniture Photogenic Combo Breaker
    Subscribed to the thread, and will post again at the end of the month :)

    Well done to everyone who saved this month.
    Save save save!!
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