Those aged 21-25, how much have you saved?

Original post by Manitude

You should open a HTB ISA now because you can only add £200 per month. No point delaying because it takes ages to fill up to get the max bonus...

Reply 24

Original post by claireestelle

I have a fee current account, a monthly saver and yearly saver I ve spread 10 k across and transfer it between them monthly to make the most of interest rates as it's worthless left in an isa really.

I'm pretty much the same. Just hit £8k and my saving rate is around £1000-1100 a month.

I have the TSB Classic Plus, their monthly saver, First Direct Monthly, then my lloyds graduate with generous OD. HSBC regular saver, Nationwide FlexDirect.

All in all, I average around 4.3% and then I have my Amex cashback credit card which is getting my 1% cashback at the moment.

Annoying having so many products open to get returns but it's the only way at the moment.

As you say, for all the benefits of ISAs, only high band earners will really benefit from the tax free element of it.

If you open one and take 1.5%, you're losing out really.

Reply 25

Original post by Anon07079191

~£60k (I'm 24 and live at home now, so at the upper end of your interval)

Santander 123 is 3% interest up to £20k so that's full up and decent considering current interest rates.
TSB classic account is 5% on the first £2k.
Rest is in ISAs and a little bit in Help to Buy ISAs.

Sad thing is £60k is nothing when you're trying to buy a house in Greater London.

Keep saving, you'll need it!

Are you single too and is your income decent? £35k+?

You shouldn't be far off if you're with someone but if you're happy at home I wouldn't be in a rush either. Postponing moving out won't reap rewards in the next 15 years but in 25-30 years those extra few years at home will be worth thousands and thousands

Reply 26

Original post by accno1

Not single, partner and I both 24, earn £30k+ each. That £60k is mainly just me though, she saved about £10k of it.

Not too far off, in fact our budget is £375k but problem is that we need to commute and need something a decent size cos we will be there for a while considering the prices!

Crazy really cos we found a probate property the other day, needs full renovation, didn't even have central heating. It was sealed bids, of which there were 16, mostly massively over the asking price. It was only on Rightmove for one day because 60 people booked into the open day on the first day.... 😔

Reply 27

Original post by accno1

Slightly personal question so don't answer it if i m crossing a line here, but doesnt the 3 current accounts do your credit rating some harm?

Reply 28

sabana

Original post by Emma:-)

Ive saved £35,000.
Ive got in in a couple of ISA's and a savings account.

That's really good. What are you working as?

Reply 29

Don't think so, my limited on credit cards just keeps going up even though my earnings aren't especially high so I can't imagine it's doing it any harm.

Reply 30

SerotoninAddict

Mine is split up quite a lot, attempting to get the best rates. I have a Santander 123, a normal ISA and a help to buy one, two savings accounts and then a fixed rate bond.

Hopefully going to buy a house within the next year or two, so didn't want to lock too much of it away.

Reply 31

Original post by accno1

Don't think so, my limited on credit cards just keeps going up even though my earnings aren't especially high so I can't imagine it's doing it any harm.

Oh that's good to hear :smile:

Unfortunately despite my supposedly good experian rating i recently got rejected for a credit card so think i ll be waiting a while for one(although i am only contracted part time hours although i am doing two shifts overtime as standard at the moment)

Reply 32

Original post by claireestelle

Oh that's good to hear :smile:

They probably didn't reject you because of credit if your credit is good. They just have a variety of criteria. It might simply be that your guaranteed salary is not over their threshold.

Reply 33

Original post by Anon07079191

They probably didn't reject you because of credit if your credit is good. They just have a variety of criteria. It might simply be that your guaranteed salary is not over their threshold.

I think you're probably right, they claimed to accept "lower salaries" otherwise i wouldnt have bothered, will just have to wait till i finish my degree and can work full time then.

Reply 34

Original post by claireestelle

I think you're probably right, they claimed to accept "lower salaries" otherwise i wouldnt have bothered, will just have to wait till i finish my degree and can work full time then.

I *think* that most standard credit cards have a threshold of about £8000 pa. Not sure where I got the figure from but it rings a bell!

Reply 35

Original post by Anon07079191

I *think* that most standard credit cards have a threshold of about £8000 pa. Not sure where I got the figure from but it rings a bell!

Oh that makes sense then I m in the ballpark of 7k a year before overtime.

Reply 36

Emily0294

I have about £60k that I've accumulated over my 22 years of life. I saved all my christmas and birthday money as well as the child benefit they received as both parents worked and so put it towards my future from a really young age, about 5 or 6 purely because my parents controlled my money so i had good 10k by the time i was 13. Then i had a few people leave me money in their wills, and i inherited 20k which was invested in 2008 in stocks and shares, medium risk. That has now grown to 30k, and ive had a part time job all through college and university, saving most of it. I intend to save more when i graduate this year and then hopefully buy a flat outright and make a nice profit on it. Cant stress enough how important it is to limit spending on yourself, even if i wasnt priviliged i would have built up at least 20k by now through pure hard work. It annoys me that the people who spend all their wages are the ones who get financial help though, males me wonder why i never indulged myself.

Reply 37

harland555

This is a 21+ board, but I'm 18 but soooo, can't help but post x3

Currently I'm in sixth form about to sit my last exams like many of yr 13's on here. However I've been running my own business online for about 2 years, I've managed to save up just over 20k in my ISA. However, I'm saving for a house like most of us on here <3 Hoping once I leave sixth form can go full time on my projects. Like Emily said limiting yourself is key to saving, but make sure your sensible don't cut yourself out in the process.

(edited 7 years ago)

Reply 38

Original post by claireestelle

Oh that's good to hear :smile:

Usually that may be down to a lack of a track record of your rating is good. I started using credit back at uni when Lloyds gave me a student credit card.

It helped me prove my ability to repay money which wasn't mind. Slowly I've got my way to other things. Maybe go to the bank you've been with longest and see if they can help give you the most basic card?

Reply 39