Year 12s: what will be the first way you research your future options? >>

How much do you save/invest a a month?

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I'm really interested on what you're doing. I read that you only pay the interest of the mortgage, so is the rest of your income from property tax deductible or is there a way to avoid it?

Buy to let properties are almost always interest-only mortgages, yes. Any profits are tax deductible based on your income band. I also rent out some spare bedrooms in my home. In this case a spare bedroom allowance is given (which is also set to rise soon). Obviously there are other things you can do to minimize tax legally.

Reply 41

Alfissti

Original post by Death Grips

I'm assuming this is money you've saved for them outside of future uni fees/living costs?

Why would you give them control over the money you've saved for them at 16 though?

Surely its better to entrust it to them once they've graduated, got a job and are independent, and are less likely to be frivolous with money?

Posted from TSR Mobile

It is in addition to what they will get for university.

A for why I do it that way, I generally believe that at 16 you must as a person be responsible for your decisions, therefore this is one way I show them. I trust them enough that they will make the correct decision.

Reply 42

jamesthehustler

i wish i could save more but now it like £80 a month on avarage sometimes more towards my iced-out rolex style bracelet

Reply 43

Rakas21

Currently i have no savings but i do intend to put a foot down on my spending and start making savings this year. I have ~£2300 of personal debt from before university so i'd like to settle this (hopefully at a discount) in order to get ready for a mortgage in the coming years.

Reply 44

RomanKing

Original post by toonervoustotalk

A £950 ultrabook for uni :smile:

Currently have £449 saved need another £501 :yep:

Aw. that's so cute. :hugs:

Best of luck my friend :smile:

Reply 45

monstera

£210
I take this off my student loan each month to keep back for the summer months to make sure I can pay rent if I lost my job or fell out with my boyfriend lol. Got to look out for yourself :wink:

Reply 46

Death Grips

Original post by monstera

£210
I take this off my student loan each month to keep back for the summer months to make sure I can pay rent if I lost my job or fell out with my boyfriend lol. Got to look out for yourself :wink:

you saying that your bf pays you rent?

Reply 47

monstera

Original post by Death Grips

you saying that your bf pays you rent?

No we live together and both pay half. I'm just covering myself incase we had a fall out so I can afford a place to stay.

I save f**k all tbh

£2000 minimum per month in terms of cash savings. P.S i spend quite a bit.
But i have other investments which are none fiat. But not sure how i would total them.

Reply 50

Reue

Original post by Bill_Gates

£2000 minimum per month in terms of cash savings. P.S i spend quite a bit.
But i have other investments which are none fiat. But not sure how i would total them.

Nice! Whats the allocation?

Reply 51

Bill_Gates

Original post by Reue

Nice! Whats the allocation?

just savings for the sake of savings at the moment. I can hopefully save more in the coming year. No mortgage, debts etc.

Reply 52

TrojanH

Original post by Bill_Gates

just savings for the sake of savings at the moment. I can hopefully save more in the coming year. No mortgage, debts etc.

How old are you and how did you wipe the ~50k of student debt so quickly?

Reply 53

Bill_Gates

Original post by TrojanH

How old are you and how did you wipe the ~50k of student debt so quickly?

24/25 now

i went to uni with 3k fees. I have about like 10k debt left which is not much i can wipe it any time.

Reply 54

Death Grips

Original post by Bill_Gates

£2000 minimum per month in terms of cash savings. P.S i spend quite a bit.
But i have other investments which are none fiat. But not sure how i would total them.

how much do you earn?

Reply 55

Bill_Gates

Original post by Death Grips

how much do you earn?

varies year to year so can't say for certain. So far (last 3 years) been net over 50k+. I live in a very cheap part of the country so have little outgoings.

I plan to work less once i've built some decent assets up.