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How much money have you saved?

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I'm in Year 12.

£1000 in savings account.
Nothing else really.
20
£0
but i have two valuable watches and a gold bracelet as well as a load of gold and silver business stock

my advise do your research before spending a penny as a hell of a lot of cons out there
£6k, I save around £700 a month but only for the next year. I doubt I'll save anything like that once I get a proper job. :ashamed2:
£3,000
Aiming to have a few grand saved by years end.
Original post by Reue
I'm an IT Consultant and run a couple of online businesses.


I'm curious, did you go to university? And if so, did you have student debt? Would you recommend paying it off as quickly as possible, or not at all and wait 25/30 years until it gets cancelled?

At what point do you go, "that's far too much to pay off". I'll have around £39k debt after I leave university which I intend on paying off as quickly as possible which won't be easy as I'll have a mortgage too. But I was wondering for those that have over £75k debt. Personally I couldn't live with a £75k debt which would keep growing and growing until it got to £250k+, and then the government could just say, "we need you to pay it all back within 10 years" or whatever.
Reply 46
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Reue
20
Original post by ImNotSuperman
I'm curious, did you go to university? And if so, did you have student debt? Would you recommend paying it off as quickly as possible, or not at all and wait 25/30 years until it gets cancelled?

At what point do you go "that's far too much to pay off". I'll have around £39k debt after I leave university which I intend on paying off as quickly as possible which won't be easy as I'll have a mortgage too. But I was wondering for those that have over £75k debt. Personally I couldn't live with a £75k debt which would keep growing and growing until it got to £250k+, and then the government could just say, "we need you to pay it all back within 10 years" or whatever.


Yes I did and yes I do. Common advice is to never pay off your student loan quicker than the minimum amount.

When i went to uni course fees were only £1250 per year.
Original post by Reue
Yes I did and yes I do. Common advice is to never pay off your student loan quicker than the minimum amount.


Ah I've never heard that before. Why is that? If there's a 5% interest rate on it, wouldn't it be better to get rid of it asap?

It's good to hear though. I would rather focus on paying off my mortgage than paying off a student loan.
Original post by ImNotSuperman
Ah I've never heard that before. Why is that? If there's a 5% interest rate on it, wouldn't it be better to get rid of it asap?

It's good to hear though. I would rather focus on paying off my mortgage than paying off a student loan.


Erm, no there isn't? It's inflation plus a very small amount. There's very little incentive to try and pay it off early.
Original post by Potally_Tissed
Erm, no there isn't? It's inflation plus a very small amount. There's very little incentive to try and pay it off early.


Inflation + 3% on student loans 2012 onwards. So say inflation is 2%, which is what the government is aiming for, you're looking at 5% interest.
Original post by ImNotSuperman
Inflation + 3% on student loans 2012 onwards. So say inflation is 2%, which is what the government is aiming for, you're looking at 5% interest.


Except RPI is 0.9%, not 2%. So it's not 5%, it's a shade under 4%.

The incentive is still very low in any case, especially while your earnings are low. Hang on a little bit and pay it out of a higher income a few years down the line if you so desire. You've only just started uni, wait and see what your finances look like in three years :wink: If you've got enough spare money sitting around to overpay on your student loan as well as saving up enough for the deposit on a house and servicing the mortgage, chances are the interest rate on your student loan is not going to be a major concern.
24. Just hit £100k.

My tip = realise that material possession are meaningless and not a true source of happiness.
(edited 8 years ago)
Original post by Potally_Tissed
Except RPI is 0.9%, not 2%. So it's not 5%, it's a shade under 4%.

The incentive is still very low in any case, especially while your earnings are low. Hang on a little bit and pay it out of a higher income a few years down the line if you so desire. You've only just started uni, wait and see what your finances look like in three years :wink: If you've got enough spare money sitting around to overpay on your student loan as well as saving up enough for the deposit on a house and servicing the mortgage, chances are the interest rate on your student loan is not going to be a major concern.


RPI is low now because UK economy is still recovering from the GFC. Long run RPI in the UK is around 2.50% p.a. on average
19
£500 saved!
Original post by Diabolus
RPI is low now because UK economy is still recovering from the GFC. Long run RPI in the UK is around 2.50% p.a. on average


But in any case, 3% over inflation is really not dreadful. If within five years after graduation you have enough money to pay for somewhere to live, save enough for the deposit on a mortgage, AND overpay on your student loan, then please tell me how, because right now I'm doing better than 98% of my contemporaries and I'd still have to seriously stretch things to afford even two of those three.
Original post by BlackSweetness
19
£500 saved!


18
£490 saved:redface: (but only started saving in jan)
I had 380 in the account before i started :smile:
Original post by toonervoustotalk
18
£490 saved:redface: (but only started saving in jan)
I had 380 in the account before i started :smile:


I only just turned 19 tho :wink:
Im saving for uni and hoping to have at least a grand when i go!
Original post by BlackSweetness
I only just turned 19 tho :wink:
Im saving for uni and hoping to have at least a grand when i go!

I turn 19 in april:tongue:
Nice :smile:
I am saving for a laptop for uni haha cause currently use desktop gaming computer which is now needs upgrading as well :frown:
It cant handle fallout 4

Gl with your saving :smile:
Original post by toonervoustotalk
I turn 19 in april:tongue:
Nice :smile:
I am saving for a laptop for uni haha cause currently use desktop gaming computer which is now needs upgrading as well :frown:
It cant handle fallout 4

Gl with your saving :smile:


Wow thats weird! Im saving for a laptoo too, im looking at getting a dell xps 13 or 15! Not planning on taking my gaming pc with me either because 1 its too big and 2 specs arent good ; x4 860k athlon professor, 4gb ram, and gtx 650 to boost 1gb!

Wanting to have at least 500 with me and a beasty laptop by my side at uni!
Original post by BlackSweetness
Wow thats weird! Im saving for a laptoo too, im looking at getting a dell xps 13 or 15! Not planning on taking my gaming pc with me either because 1 its too big and 2 specs arent good ; x4 860k athlon professor, 4gb ram, and gtx 650 to boost 1gb!

Wanting to have at least 500 with me and a beasty laptop by my side at uni!


No way :rofl:
I was looking at getting a dell xps 13 or a Surface Pro 4 (my mind keeps changing but i need £960 min lol
I5 and 8gb ram with 256 SSD signiture edition XPS :love: and it is the touchscreen version :excited:

Ok fair enough
i have an amd x6 1055t processor and 4GB ram on my PC

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