The Student Room Group

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I'm 17:h:
Total savings:- £00000.00
Tip: save ur money, control ur spendings.

Ur welcome:biggrin:
Reply 2
Think of the hours you have worked for that money before spending
20 £1400-ish saved. Will have £2000 or more saved by August.

I find it is easier to save if you set up a payment plan into a savings account and view it as an expense that has to come out, not as something you just kinda want to do. I've incorporated savings into my overall budget to ensure I save.

If you find yourself with extra money at the end of the month then stick it into savings rather than just finding something to waste it on.
Original post by SophieSmall
20 £1400-ish saved. Will have £2000 or more saved by August.

I find it is easier to save if you set up a payment plan into a savings account and view it as an expense that has to come out, not as something you just kinda want to do. I've incorporated savings into my overall budget to ensure I save.

If you find yourself with extra money at the end of the month then stick it into savings rather than just finding something to waste it on.
yeh save for rainy day im guessing...otherwise isnt it better paying off student debt
Reply 5
21
Saved enough

Tip: mama always told me that always put away half of what you've earnt, so if I earnt 1000 save 500, if I earnt 500 save 250. And put the money into an account you can't access or transfer from.
It's been working for me for the past 5 years but I'm lucky that with Asian parents I don't pay board or for anything extra just for myself and my necessities. Plus you'll start to spend less too if in your account you only have 200£ left and you have 3 weeks until payday.
Original post by trustmeimlying1
yeh save for rainy day im guessing...otherwise isnt it better paying off student debt


Often...no. Waste of money.
Original post by SophieSmall
Often...no. Waste of money.


why?

you one of these people wholl never pay it off?
Reply 8
Im 16.
Saved: £1000
How?: Worked ridiculous hours, Worth it in the end!
Tips: Set yourself a goal and a date. Everytime you are about to purchase something just think to yourself if its necessary, if you actually really need it and can you live without it.
Enough to buy me a packet of Doritos
Original post by trustmeimlying1
why?

you one of these people wholl never pay it off?


Probably not, jobs in my field unless you get really high up which I likely won't aren't that well paid. I'll probably if I'm luckily get to 30k at that amount it would basically be flushing money down the toilet to use savings to pay off student loan.
Original post by SophieSmall
Probably not, jobs in my field unless you get really high up which I likely won't aren't that well paid. I'll probably if I'm luckily get to 30k at that amount it would basically be flushing money down the toilet to use savings to pay off student loan.


fair point! I wouldnt bother either! its a wonder why the government arent more strict on savings etc to get back the costs..

ah well good for us I guess
Original post by trustmeimlying1
fair point! I wouldnt bother either! its a wonder why the government arent more strict on savings etc to get back the costs..

ah well good for us I guess


Haha I'm glad they're not strict on savings, because if they were I'd have pretty much no chance in hell of getting on my feet and becoming independent after uni.
Reply 13
Original post by ineedtorevise127
I need some motivation to save money. Please state your age as well and provide any tips on how to save a lot of money.

Thanks


28

About £75,000

How:

- Signup for your company pension
- Make mortgage overpayments
- Setup an automated ISA investment direct debit
(edited 8 years ago)
Original post by SophieSmall
Haha I'm glad they're not strict on savings, because if they were I'd have pretty much no chance in hell of getting on my feet and becoming independent after uni.


Could I ask what did you study/do a degree in?

22
Saved £3000
Original post by helpmekid
Could I ask what did you study/do a degree in?

22
Saved £3000


I'm doing a degree in biomedical sciences. Which has the potential to get you to a high earning career but to get there you pretty much need a phD (which is very hard to get funded) and years of work under your belt.

Having said that though, I don't much mind about the money. I didn't go into it for money.
26 and about £5k. Partly from saved student loan.
Reply 17
Original post by Reue
28

About £75,000

How:

- Signup for your company pension
- Make mortgage overpayments
- Setup an automated ISA investment direct debit


What do you work as, if you don't mind me asking?
Dont see the point of pension, i'll be getting my own money back at a time when i won't even be able to use it. However I do pay pension but only because i'll have to fill in long ass forms if i want to stop paying it lol.



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Original post by A321
What do you work as, if you don't mind me asking?
Dont see the point of pension, i'll be getting my own money back at a time when i won't even be able to use it. However I do pay pension but only because i'll have to fill in long ass forms if i want to stop paying it lol.



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I'm no expert on pensions, but your employer also contributes to it, so you're effectively being paid more, you just have to wait until you're retired to get that extra money :p:

At first I was going to opt out as well because I didn't think I was going to be in this job long enough for it to be worth it. But I never got around to it because it involves too much paperwork :p: Although it worked out for the best in the end haha.
(edited 8 years ago)
Reply 19
Original post by SerotoninAddict
I'm no expert on pensions, but your employer also contributes to it, so you're effectively being paid more, you just have to wait until you're retired to get that extra money :p:

At first I was going to opt out as well because I didn't think I was going to be in this job long enough for it to be worth it. But I never got around to it because it involves too much paperwork :p: Although it worked out for the best in the end haha.


Lol ah ok. Thats makes me feel a bit better about having pension deducted. But i bet they only contribute like 1.5999% or something ridiculous lol.

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