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  • FIRST POST
    • Wanno
    • By Wanno 1st Nov 06, 2:12 PM
    • 130Posts
    • 178Thanks
    Wanno
    How much can you save?
    • #1
    • 1st Nov 06, 2:12 PM
    How much can you save? 1st Nov 06 at 2:12 PM
    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!
Page 349
    • Freddie Allen
    • By Freddie Allen 14th Oct 17, 9:48 AM
    • 22 Posts
    • 2 Thanks
    Freddie Allen
    Make a fixed deposit. The money will be safer as well as you'll get a pretty good return with interest.
    • tara747
    • By tara747 27th Oct 17, 10:34 AM
    • 10,154 Posts
    • 26,744 Thanks
    tara747
    October payday update!


    I saved 1,169 this month... that's 10,591 so far in 2017... and 119,713 overall. Gah, so close to the 120k but not quite there yet!!!!


    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • Alexland
    • By Alexland 28th Oct 17, 2:19 PM
    • 2,389 Posts
    • 1,791 Thanks
    Alexland
    Tara sorry I might have missed it in the previous posts but what outcome are you saving for? I see you are trying really hard but am slightly baffled by the logic of having accumulated a pile of cash when there are usually better ways of holding and growing value?

    Although we are keen moneysavers and retain at least 70% of our monthly income the money gets invested into assets.

    Our rainy day cash fund (enough to last 3 - 6 months of living on baked beans) is only around 2% of our total family assets under management as the returns on cash over long periods are disappointing.

    Alex
    Last edited by Alexland; 28-10-2017 at 2:29 PM.
    • tara747
    • By tara747 30th Oct 17, 5:33 PM
    • 10,154 Posts
    • 26,744 Thanks
    tara747
    Tara sorry I might have missed it in the previous posts but what outcome are you saving for? I see you are trying really hard but am slightly baffled by the logic of having accumulated a pile of cash when there are usually better ways of holding and growing value?

    Although we are keen moneysavers and retain at least 70% of our monthly income the money gets invested into assets.

    Our rainy day cash fund (enough to last 3 - 6 months of living on baked beans) is only around 2% of our total family assets under management as the returns on cash over long periods are disappointing.

    Alex
    Originally posted by Alexland


    I know I shouldn't hold entirely in cash, especially with such low interest rates - having said that, I have been lucky with ISAs and current accounts that beat the BOE rate and inflation comfortably. But it is getting more difficult.


    I'm saving for financial freedom, I guess - be that a house purchase, starting a business or emigrating, who knows??
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • cjv
    • By cjv 30th Oct 17, 7:42 PM
    • 206 Posts
    • 107 Thanks
    cjv
    Good job everyone!

    I started saving for the first time in my life, in April this year.

    After throwing my money around everywhere without any real plan, I sought some advice on this forum from those more experienced and am now quite comfortable with my plans. I am saving/investing for a deposit on a property and also for my long term future.

    Currently:
    Nutmeg LISA 3000, will be 4000 before the end of the tax year and maxed every year. If a decent Cash LISA arrives on the market by next April I will consider opening one so that I can hold more in Cash along side my Nutmeg.

    Vanguard LS60 1500 and 100 a month going forward, this is for long term but I also want access to my money in case my situation changes suddenly.

    Only 800 in cash at the moment! not sensible I know, but I am going to focus on this for the next few months to build it up to a much higher amount.

    I also decided to open my first ever pension last week, a SIPP as I am self employed, with a modest monthly contribution, just 50 gross for now as my priority is getting onto the property ladder.
    • Alexland
    • By Alexland 30th Oct 17, 10:11 PM
    • 2,389 Posts
    • 1,791 Thanks
    Alexland
    I know I shouldn't hold entirely in cash, especially with such low interest rates - having said that, I have been lucky with ISAs and current accounts that beat the BOE rate and inflation comfortably. But it is getting more difficult.


    I'm saving for financial freedom, I guess - be that a house purchase, starting a business or emigrating, who knows??
    Originally posted by tara747
    Well I hope you get to a conclusion on what you want to do with the money soon as just saving in itself isn't really going to enhance your life. Life is precious and you only live once - money is supposed to help not be an objective in itself.

    It strikes me as odd that you are too risk averse to invest in large established businesses (shares) but would be happy to invest in a new small businesses (much riskier)?
    Last edited by Alexland; 30-10-2017 at 10:14 PM.
    • Eco Miser
    • By Eco Miser 1st Nov 17, 11:00 AM
    • 3,444 Posts
    • 3,234 Thanks
    Eco Miser
    Well I hope you get to a conclusion on what you want to do with the money soon as just saving in itself isn't really going to enhance your life. Life is precious and you only live once - money is supposed to help not be an objective in itself.
    Originally posted by Alexland
    Actually, it's amazing how just having money saved can enhance your life.
    I've always saved rather than spent any surplus cash, without any object in mind, and so have been able to afford whatever I really wanted (like a 1000 computer back in 1980), and when I was made redundant, well, that was the day my retirement started.

    However, a lot of those savings have actually been invested in stock market funds, not held as cash.
    Last edited by Eco Miser; 01-11-2017 at 11:03 AM. Reason: Added not about investments.
    Eco Miser
    Saving money for well over half a century
    • Lrimas
    • By Lrimas 2nd Nov 17, 9:55 PM
    • 149 Posts
    • 195 Thanks
    Lrimas
    I have to agree. Money gives you freedom you don't normally have.

    I resigned at work last week. They have been placing more pressure on our team with less resources for the past two years now. Most people are struggling and a few have had stress leave.

    I woke up one morning and realised: I do not have to do this anymore. I have enough money to support myself for a few years so don't need the income right now.

    The other people at work are jealous, but they wasted their money on diet coke/cigarettes & lunch.

    When I find a new job and start saving again I am looking forward to joining this post.

    My final objection is complete financial independence so I NEVER have to work again if I don't want to.
    • tara747
    • By tara747 3rd Nov 17, 4:30 PM
    • 10,154 Posts
    • 26,744 Thanks
    tara747
    Actually, it's amazing how just having money saved can enhance your life.
    I've always saved rather than spent any surplus cash, without any object in mind, and so have been able to afford whatever I really wanted (like a 1000 computer back in 1980), and when I was made redundant, well, that was the day my retirement started.

    However, a lot of those savings have actually been invested in stock market funds, not held as cash.
    Originally posted by Eco Miser
    I have to agree. Money gives you freedom you don't normally have.

    I resigned at work last week. They have been placing more pressure on our team with less resources for the past two years now. Most people are struggling and a few have had stress leave.

    I woke up one morning and realised: I do not have to do this anymore. I have enough money to support myself for a few years so don't need the income right now.

    The other people at work are jealous, but they wasted their money on diet coke/cigarettes & lunch.

    When I find a new job and start saving again I am looking forward to joining this post.

    My final objection is complete financial independence so I NEVER have to work again if I don't want to.
    Originally posted by Lrimas

    Yip


    Well I hope you get to a conclusion on what you want to do with the money soon as just saving in itself isn't really going to enhance your life. Life is precious and you only live once - money is supposed to help not be an objective in itself.

    It strikes me as odd that you are too risk averse to invest in large established businesses (shares) but would be happy to invest in a new small businesses (much riskier)?
    Originally posted by Alexland
    I'm not saying that I'm planning to start a business anytime soon But if I did want to, it would be nice to have some capital behind me.

    Also, many analysts are saying that stocks are overvalued at present - but I don't have a crystal ball, and who knows how long this bout of exuberance will last?

    As Keynes (allegedly) said: "markets can remain irrational longer than you can remain solvent."
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • tara747
    • By tara747 30th Nov 17, 11:03 AM
    • 10,154 Posts
    • 26,744 Thanks
    tara747
    November payday update!

    I saved 761 in November. That's 11,352 so far in 2017 and 120,474 overall.

    I've finally broken the 120k barrier!!!
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • pineconesjay
    • By pineconesjay 12th Dec 17, 5:39 AM
    • 54 Posts
    • 81 Thanks
    pineconesjay
    Well done Tara! You achieved your goal a month early

    15/5/18
    Car Loan $9,600
    Other Loan $5700
    Tax Debt $7770
    Total Debt: $23,070
    • tara747
    • By tara747 13th Dec 17, 3:52 PM
    • 10,154 Posts
    • 26,744 Thanks
    tara747
    Well done Tara! You achieved your goal a month early
    Originally posted by pineconesjay
    Thank you
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • tara747
    • By tara747 21st Dec 17, 11:36 AM
    • 10,154 Posts
    • 26,744 Thanks
    tara747
    Last update of 2017!

    I saved 1,259 in December, 12,611 in 2017 (target exceeded) and my grand savings total now stands at 121,733. A very good year
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • CavendishWobble
    • By CavendishWobble 26th Dec 17, 12:38 PM
    • 34 Posts
    • 69 Thanks
    CavendishWobble
    Last update of 2017!

    I saved 1,259 in December, 12,611 in 2017 (target exceeded) and my grand savings total now stands at 121,733. A very good year
    Originally posted by tara747
    Well done Tara, really great to see your journey and a fantastic example of how saving consistently over time can get you to where you want to be!
    • capital0ne
    • By capital0ne 26th Dec 17, 11:18 PM
    • 483 Posts
    • 239 Thanks
    capital0ne
    I'm retired and work part-time 3 days/week - invest 2,200/month in ITs

    And thats after paying bills, monthly outgoings, holidays, etc, the normal retirement stuff like a coffee out every morning (Not Costa - their coffee is just tasteless!)
    • longleggedhair
    • By longleggedhair 27th Dec 17, 12:06 AM
    • 306 Posts
    • 373 Thanks
    longleggedhair
    Yip




    I'm not saying that I'm planning to start a business anytime soon But if I did want to, it would be nice to have some capital behind me.

    Also, many analysts are saying that stocks are overvalued at present - but I don't have a crystal ball, and who knows how long this bout of exuberance will last?

    As Keynes (allegedly) said: "markets can remain irrational longer than you can remain solvent."
    Originally posted by tara747
    Well done Tara, you've done brilliantly. You have to ignore some of the negativity, I have saved hard and been fortunate, and am flirting with 200K saved and invested now.....and I don't in particular have anything I want to spend it on, but the freedom and comfort that money gives me is priceless, worth more than any Costa Latte!

    I have mostly moved out of shares as the values had increased to what I fear are dangerously high levels, however I still invest monthly in investment trusts, perhaps you could do the same as over the long term the returns will beat cash...just a thought.

    Keep up the savings, you're catching me up!
    • tara747
    • By tara747 27th Dec 17, 10:27 PM
    • 10,154 Posts
    • 26,744 Thanks
    tara747
    Well done Tara, really great to see your journey and a fantastic example of how saving consistently over time can get you to where you want to be!
    Originally posted by CavendishWobble
    Thanks very much, CavendishWobble!


    Well done Tara, you've done brilliantly. You have to ignore some of the negativity, I have saved hard and been fortunate, and am flirting with 200K saved and invested now.....and I don't in particular have anything I want to spend it on, but the freedom and comfort that money gives me is priceless, worth more than any Costa Latte!

    I have mostly moved out of shares as the values had increased to what I fear are dangerously high levels, however I still invest monthly in investment trusts, perhaps you could do the same as over the long term the returns will beat cash...just a thought.

    Keep up the savings, you're catching me up!
    Originally posted by longleggedhair
    Thanks for the kind words, longleggedhair - much appreciated. Yes, this level of financial freedom feels good. I don't live like a hermit by any means, but I do prioritise my spending so that I can afford to do the things I love as well as saving.

    I would like to learn more about investment trusts, what sources would you recommend?

    Re shares, I think you may be proved right. They seem very overvalued.
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • Alexland
    • By Alexland 27th Dec 17, 11:49 PM
    • 2,389 Posts
    • 1,791 Thanks
    Alexland
    I would like to learn more about investment trusts, what sources would you recommend? Re shares, I think you may be proved right. They seem very overvalued.
    Originally posted by tara747
    Investment Trusts are companies formed to invest their shareholders money into the shares of other companies in order to provide a dividend. In addition to the (hopefully growing) dividends the value of the Investment Trust is volatile depending on the value of the underlying assets and the market's perception on the quality of the management and their ability to grow future earnings. If you don't like shares it's unlikely that you would like Investment Trusts!

    If you were willing to consider shares that were not particularly overvalued then there are funds such as Orbis that specialise in buying unattractive assets that still have capital and earnings growth potential. However there is still risk in order to achieve the possibility of greater return.

    Alex
    • longleggedhair
    • By longleggedhair 28th Dec 17, 1:48 AM
    • 306 Posts
    • 373 Thanks
    longleggedhair
    Thanks very much, CavendishWobble!




    Thanks for the kind words, longleggedhair - much appreciated. Yes, this level of financial freedom feels good. I don't live like a hermit by any means, but I do prioritise my spending so that I can afford to do the things I love as well as saving.

    I would like to learn more about investment trusts, what sources would you recommend?

    Re shares, I think you may be proved right. They seem very overvalued.
    Originally posted by tara747
    No problem, many investment trusts have been around for over 100 years. Put simply they invest in the shares of other companies, or in property, private equity etc. I have my monthly ISA through Foreign & Colonial, the F&C investment trust has been around for 150 years I believe. The performance has been brilliant over the years I have been investing. Your money is spread over a number of different companies/assets, so it offers some protection from individual companies failing. Have a read.
    • tara747
    • By tara747 31st Jan 18, 5:22 PM
    • 10,154 Posts
    • 26,744 Thanks
    tara747
    January payday update!

    I saved 1,133 in January, taking my overall total to 122,866.

    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
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