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How much can you save?
Bakis


Joined: 04 Jun 2007
Posts: 4
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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! Wink
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Re:How much can you save?
Datinot


Joined: 04 Jun 2007
Posts: 4
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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.
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
========================================
Razz Razz Razz
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Re:How much can you save?
Jernifer


Joined: 04 Jun 2007
Posts: 4
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Hi, I'll join in too!^_^
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 SA, followed by a regular savings account.I'm aiming to save close to £20,000 in two years, starting from now.
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Re :How much can you save?
Nitop


Joined: 04 Jun 2007
Posts: 4
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Hi all
I save £200 a month into an equity ISA with Hargreaves Lansdown and £100 a month in a cash ISA, which I've just moved from Smile at 4.75% to the Yorkshire
BS at 5.15%.
As of this morning I have £2025.38 in the equity ISA and £1151.27 in the cash ISA. This is all from retirement income and only started at the beginning of this tax year.
What am I saving for at my age? Well, we just do not know what we may need if we live another 20 years until we're 91, do we? We know we'll need to replace the car probably this time next year, there are holidays, we like nice things - and it's
still possible to save! Great, isn't it? Question
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How much can you save?
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