Ahhh okay that makes sense! So how much a year can you save in an ISA then as I'm definitely confused about that
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unsure of when you'd like to buy or how this would translate into U.K products but I would look into putting some of your savings in a GIC if you want to buy in the short term, or investing in index funds to help that money grow. Perhaps it would be a good thing as well to buy something you can partly rent out to people so you'll have less of a mortgage to deal with.Looking for a bit of advice here, but I want to start saving for a mortgage separate to my other savings and dont know where to start!!
I am 24, on 36k and can save around 600-800 a month if I'm being strict. With this said, I'd be splitting my savings maybe 30/70 for the house, so I'm looking for a savings account with a good/high rate that will benefit me in the long run!
Any help would be greatly appreciated
You can technically have three different ISA (the LISA, a stocks and shares and a savings) but they all share the 20,000 that you can save tax freeAhhh okay that makes sense! So how much a year can you save in an ISA then as I'm definitely confused about that
This is such an interesting thread! I’m 36, I’ve saved for as long as I can remember, but had a few times where I’ve been out of work and relied on my savings and then built up some debt. I know the last time I used every penny of my savings was 2017 as I bought a car with it.
Since then, it’s been building back up. I’ve currently got 25k in a savings account, I’ve got another 4K that a relative owes me. I’ve also got 2.5k in a bills account (this is roughly enough to pay my bills for three months), 900 in top cashback and around 350 rounded up via my bank account.
It’s a combo of very low living costs for a couple of years, not having much to spend money on during lockdown, saving hard to move house and having a new job which pays bonuses.
I have £50 a month transferred to a savings account when I get paid, I overpay my mortgage every month and then move whatever is left at the end of the month to my savings. Sometimes if I have a month where I don’t have much on, I try to live fairly cheaply - by which I mean meal planning using stuff that’s in the freezer, not really buying anything I don’t need….
I live on my own, and when I was young we were quite low income so although we weren’t on the breadline, there certainly wasn’t very much money to go around. My dad used to regularly order stuff on a credit card and it fell to my mom to struggle to pay it. It feels like a security blanket to me now, knowing I won’t end up in that situation.
Since then, it’s been building back up. I’ve currently got 25k in a savings account, I’ve got another 4K that a relative owes me. I’ve also got 2.5k in a bills account (this is roughly enough to pay my bills for three months), 900 in top cashback and around 350 rounded up via my bank account.
It’s a combo of very low living costs for a couple of years, not having much to spend money on during lockdown, saving hard to move house and having a new job which pays bonuses.
I have £50 a month transferred to a savings account when I get paid, I overpay my mortgage every month and then move whatever is left at the end of the month to my savings. Sometimes if I have a month where I don’t have much on, I try to live fairly cheaply - by which I mean meal planning using stuff that’s in the freezer, not really buying anything I don’t need….
I live on my own, and when I was young we were quite low income so although we weren’t on the breadline, there certainly wasn’t very much money to go around. My dad used to regularly order stuff on a credit card and it fell to my mom to struggle to pay it. It feels like a security blanket to me now, knowing I won’t end up in that situation.
What advice would you give to someone younger than you? I'd love to be able to save that much, and I really don't know where to start as I just save in my normal bank account
I think different things work for different people - but I’ve saved £50 every month for as long as I remember. I don’t even notice it now, and so that’s £600 a year that feels like free money. That goes into a savings account that I don’t look at. Even if you can’t save £50 a month, if you can save SOMETHING regularly, you get used to not seeing that money pretty quickly.
I also have a separate bills account which is quite common on here! I list my outgoings and round them up, so the money in the bills account is increasing fractionally every month too. Once my standing order goes to my bills account, I know what I have to spend every month! Sometimes, I’ll work this out per week, or even per day ( for instance, it’s a week til payday and with what’s left in my account, I’ve got £70 a day to spend…. But if I don’t spend anything today, I can send that 70 straight to savings!)
Every time I’ve had a payrise, I’ve worked out how much extra I’ll get a month. I’ll generally increase my pension contribution by 1-2% at that time too.
A chunk of my savings is earmarked for stuff I need to do on my house - the garden will cost a decent whack, as will some work on the roof, so they will take a hit in the next couple of years!
I also have a separate bills account which is quite common on here! I list my outgoings and round them up, so the money in the bills account is increasing fractionally every month too. Once my standing order goes to my bills account, I know what I have to spend every month! Sometimes, I’ll work this out per week, or even per day ( for instance, it’s a week til payday and with what’s left in my account, I’ve got £70 a day to spend…. But if I don’t spend anything today, I can send that 70 straight to savings!)
Every time I’ve had a payrise, I’ve worked out how much extra I’ll get a month. I’ll generally increase my pension contribution by 1-2% at that time too.
A chunk of my savings is earmarked for stuff I need to do on my house - the garden will cost a decent whack, as will some work on the roof, so they will take a hit in the next couple of years!
Im 22 and started saving July 2021 when I got my first job where I was earning a decent amount (had just turned 21). I was putting at least half of my monthly salary into my savings account, and using the rest to live off (I do live at home though so not many outgoings). I would say set small goals - £50-£100 a month, and increase it when you can. Definitely open a savings account tooWhat advice would you give to someone younger than you? I'd love to be able to save that much, and I really don't know where to start as I just save in my normal bank account
Agreed - when your living costs are low, you can save quite hard and it’s worth it.
Depending on how you are with money, you could open two savings accounts and split it. One ‘long term’ savings, ie a house deposit or a car, or just security…. And one ‘short term’ like repairs, emergencies, etc.
I forgot to mention in my earlier post - look at what you have on finance. I was a late driver, but my insurance in the first year was 950 if I paid upfront, 1400 if I paid on finance. I paid upfront using a bit from savings, and living very frugally that month - and then saved £50 a month towards the next years insurance. It was still more than 600 quid so I still put some towards it - but in the long run, it meant I didn’t have to pay all that interest!
If you have stuff like that, I’d have a short term savings account (with easy withdrawals) which would enable you to pay things upfront to save paying interest on them, but then continue to top it up every month with the total amount divided by 12 (ie if you’d had it annually but interest free)
Depending on how you are with money, you could open two savings accounts and split it. One ‘long term’ savings, ie a house deposit or a car, or just security…. And one ‘short term’ like repairs, emergencies, etc.
I forgot to mention in my earlier post - look at what you have on finance. I was a late driver, but my insurance in the first year was 950 if I paid upfront, 1400 if I paid on finance. I paid upfront using a bit from savings, and living very frugally that month - and then saved £50 a month towards the next years insurance. It was still more than 600 quid so I still put some towards it - but in the long run, it meant I didn’t have to pay all that interest!
If you have stuff like that, I’d have a short term savings account (with easy withdrawals) which would enable you to pay things upfront to save paying interest on them, but then continue to top it up every month with the total amount divided by 12 (ie if you’d had it annually but interest free)
I would get a LISA, fund it with a pound and put all your cash into one of the top-paying instant access accounts (like Chase or Marcus) and then fund your LISA annually. I don’t think any of the LISAs beat those two for interest.Looking for a bit of advice here, but I want to start saving for a mortgage separate to my other savings and dont know where to start!!
I am 24, on 36k and can save around 600-800 a month if I'm being strict. With this said, I'd be splitting my savings maybe 30/70 for the house, so I'm looking for a savings account with a good/high rate that will benefit me in the long run!
Any help would be greatly appreciated
Thank you for this! I have looked into Chase and I think I might open one as you can't use the card to spend it so that might help me be a bit more strict!!
It’s funny you should say that, actually. There is a Chase debit card if you open a current account and it gives you 1% cashback on spending. I’m obsessed with cashback and am pretty disciplined with money (if only I could say the same for cheese…) so it’s worth it for me.
I have quite a bit in savings but also a massive student debt. I had 0% interest on my student debt but that ends end of the year. I really want to pay it off in one go, because I don’t want to waste money on interest, but so scared that I will lose most of my savings. I would still have some savings left over, but still scary. Anyone else who paid their (big) student debt off in one go? I’m not in the UK btw.
edit: or any other debt of course!
edit: or any other debt of course!
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I paid mine gradually so not in the same position. Can you start chipping away at some monthly for the rest of the year? You say you’ve got quite a bit in savings, so you don’t ‘need’ to increase your savings currently. If you can throw any spare cash you have at your student loan, you’ve got around ten paydays to make a dent in it. The amount that’s left afterwards might not seem so daunting.
The obvious answer is to use your savings to clear it before you have to start paying interest, but I see my savings as a safety net so I think I’d feel the same as you in your position!
I do have an extra savings account where I transfer money to every month for paying off my student debt. Don’t want to give it to the government yet because there is 0% interest on my debt and I do get a bit of interest on my savings.
I know this might sound a bit stingy haha.
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This tread has really motivated me to save more. Me and my partner only have 3k in savings, we have 2 small kids and cost of living has affected us. My goal is to have over 50k in 10 years!
I think Money Supermarket Guy says use savings to pay debt first, but I'd be the same as you and want to keep the savings. Are the savings for anything in particular, do you own a home etc? Can you stop paying into your main savings now and start a new pot until the end of the year where you save as much as possible towards the student debt, pay off what you can in a lump and then see how you feel about the rest?
Love this thread, has made me feel so inspired! I do the same as most people here, put about £100 into a savings account on pay day, and then move all of my rent and bills money into a separate account so I know that I can pay for those no matter what (although the idea of having an account with enough savings to cover 3 months of savings is genius, I might try and aim for that). I have around £22k overall (would have more but have spent some on holidays, new things for the house when I need them etc)
I've also created a little spreadsheet where I have a page for my savings in each bank account, and I update it each month when I pay into the savings accounts/get interest on my accounts. I've added what my total was for the end of 2022 and what I want to have earned by the end of 2023. It's great for tracking progress and to remind myself that I am doing well, even if it doesn't always feel like it.
I then have another page to keep a running total of how much I have earned through things like Surveys, cashback etc, which doesn't go into my savings, it tops up my current account, but is just fun to see how much extra I have earned throughout the year.
I've also created a little spreadsheet where I have a page for my savings in each bank account, and I update it each month when I pay into the savings accounts/get interest on my accounts. I've added what my total was for the end of 2022 and what I want to have earned by the end of 2023. It's great for tracking progress and to remind myself that I am doing well, even if it doesn't always feel like it.
I then have another page to keep a running total of how much I have earned through things like Surveys, cashback etc, which doesn't go into my savings, it tops up my current account, but is just fun to see how much extra I have earned throughout the year.
I'd read about using savings for paying down debt, however, I kept some savings while I was paying off my debts. My reasoning being that if I had a big bill (like a car repair or house maintenance) I wouldn't have to use credit to sort it out.
At the moment I have €41,345.00 in savings and my student debt is €28,523.00. So if I would pay it off right now that would leave me with €12,822.00. I don’t own a home, but do want to save for if I ever am able/want to buy a house. Where I live you get way less mortgage with a student debt, don’t know how that works in the UK. I already have a pot for my student debt, in total (so towards government and savings pot) I put €250 a month and since this pay check I am also putting my left over money in my student debt pot.
I also use a spreadsheet, it tracks my bills so I know what I have left each month for savings and spending. I also have a goals tracker as I want to save about 4k this year.
I think I might older than most of you posting, in my early 60s now.
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