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

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    (Original post by claireestelle)
    Actually I m with lloyds and have been a couple of years, they declined me for a student credit card last year when I d been reasonably using my overdraft in that time so I m not overly confident in them (although my partner had no issues in getting one so my one thought is that they weren't comfortable with two people at the same address having one) .

    I did ask customer services whether I would be able to get one with a part time income and they told me they can't answer that and that i d just have to apply and see, but with a rejection last week I can't help think that it ll be a no.
    Credit Cards are an issue for young people trying to build a credit rating.

    Maybe get a joint one with your parents if possible? It's better than nothing.

    Also, give it 6 months as your rejection will appear on your record for now - nothing to worry about, you just don't want too many rejections in a short space of time.

    Hopefully you get one soon. You can even try capital etc - these guys are extortionate so please make sure you never pay any interest - but it might be a worthy alternative if looking to build up some credit rating
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    (Original post by accno1)
    Credit Cards are an issue for young people trying to build a credit rating.

    Maybe get a joint one with your parents if possible? It's better than nothing.

    Also, give it 6 months as your rejection will appear on your record for now - nothing to worry about, you just don't want too many rejections in a short space of time.

    Hopefully you get one soon. You can even try capital etc - these guys are extortionate so please make sure you never pay any interest - but it might be a worthy alternative if looking to build up some credit rating
    Oh I would never ask my mum to get a joint account with me, it d be more likely I could get a joint one with my partner but I think I will wait the 6 months.
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    (Original post by sabana)
    That's really good. What are you working as?
    Im a crew trainer at mcdonalds.
    Ive worked in a couple of nurseries as well over the years (thats what im qualified to do). I had 2 jobs for a while as well.
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    (Original post by Emma:-))
    Im a crew trainer at mcdonalds.
    Ive worked in a couple of nurseries as well over the years (thats what im qualified to do). I had 2 jobs for a while as well.
    Not shaming the maccys job as it's clearly worked for you, but did you just not enjoy working at nurseries?
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    (Original post by accno1)
    Not shaming the maccys job as it's clearly worked for you, but did you just not enjoy working at nurseries?
    I enjoyed working at the nurseries and am thinking of going back into it. But at the first one i was technically only bank staff (even though i was doing 4/5 days a week, sometimes 10 hour shifts). That nursery was the reason i kept mcdonalds on just or 1 day a week in the first place, just in case my hours went down or anything. I loved that nursery but there just wherent any permanent jobs going at the time. I got the job at the second nursery, which ended up being the worst nursery ever. Basically they had had ofsted in 3 weeks before i started, got "inadequate" which is the worst rating possible. I started as the s**t hit the fan. The manager and her husband owned the place, and the manager was constantly vile to the staff for no reason. We didnt see her husband much. He seemed a nice bloke and all that but i always thought he was the smarmy type. In the 16 months i was there, including me- 24 staff left. When maccies offered me the chance to go back full time i jumped at the chance.
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    (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!
    Lol I tell ya but then try elsewhere..?

    (Original post by Emma:-))
    Im a bit of a tight wad, lol.
    I didnt go to uni either so that helped.
    Ahh I see now! I'm not even gonna bother saying what I've saved.
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    (Original post by Emma:-))
    I enjoyed working at the nurseries and am thinking of going back into it. But at the first one i was technically only bank staff (even though i was doing 4/5 days a week, sometimes 10 hour shifts). That nursery was the reason i kept mcdonalds on just or 1 day a week in the first place, just in case my hours went down or anything. I loved that nursery but there just wherent any permanent jobs going at the time. I got the job at the second nursery, which ended up being the worst nursery ever. Basically they had had ofsted in 3 weeks before i started, got "inadequate" which is the worst rating possible. I started as the s**t hit the fan. The manager and her husband owned the place, and the manager was constantly vile to the staff for no reason. We didnt see her husband much. He seemed a nice bloke and all that but i always thought he was the smarmy type. In the 16 months i was there, including me- 24 staff left. When maccies offered me the chance to go back full time i jumped at the chance.
    Maccas has you living alrite with thousands to spare?? Smh wasting time and money at Uni is a ****ing scam man haha.
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    (Original post by claireestelle)
    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?
    Having multiple current accounts and multiple credit cards doesn't affect your rating. What does affect it is the age of the accounts. The average age of your combined accounts should be over 33 months and ideally not too deep into overdrafts. Having access to high credit is also a positive thing. Having most of this credit in-use however, is not.
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    (Original post by NX172)
    Having multiple current accounts and multiple credit cards doesn't affect your rating. What does affect it is the age of the accounts. The average age of your combined accounts should be over 33 months and ideally not too deep into overdrafts. Having access to high credit is also a positive thing. Having most of this credit in-use however, is not.
    I feel for me that maybe I have never used my overdraft enough, the account age is probably near 29 months.
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    (Original post by accno1)
    Basically, I'm trying to find out what to do with my savings and whether there are any out there also saving big when young.

    I decided to move home after uni. Family home is in London, cannot see any reason to move out other than for freedom. Unfortunately, unlike many others, I don't value freedom at £8-10,000 a year.

    But those who have graduated, what are yo doing with what you are saving? Are you just keeping it in the bank? Help to buy ISA? Investing?

    Would be good to get a discussion going.

    19- 15k
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    (Original post by 0to100)
    Lol I tell ya but then try elsewhere..?
    Few issues with elsewhere mate:

    My partner and I work in Central London.
    Childcare is so extortionate that if we are ever lucky enough to have children we would need to be close to family so they can help.
    Our friends and family are here.
    & finally, why should we be priced out of were we grew up for 20+ years, when we both work hard and earn decent money?

    But trust me, elsewhere is very tempting, not withstanding the above difficulties.
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    not much now but i did have £15,000 but i needed a new bracelet and spend put the last third into my scrap gold buying business and that was the end of that
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    I have saved £10,000 in the last year working a full time job as an IT technician +10 hours a weekend as a bouncer. I have been putting 200 a month into help to buy isa at 25% and 500 a month into nationwide flex regular saver at 5% the rest is in my other savings account which only gets 2%
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    Have 4k, majority of it will be for renting a house next month. i dont have a savings account because I make more money by MBing and hopefully soon, sports trading once i venture into it.

    Fyi, i made roughly 3k in 3 months, starting with 350 pounds, can any saving accounts do that?:P
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    At age 25:

    In the region of £30k.

    £6000 in stocks ISA, £16000 in one cash ISA, £5k in another cash ISA, then about £1k in my current.

    I also have about 2k in a pension i recently started with employer matched contributions.

    My savings rate used to be higher but has reduced to £400-500 a month now.

    Notably I live alone renting an apartment and have done since finishing university in 2012 but I intend to move in with my girlfriend next year at some point which should help.

    All of my savings except my S&S ISA and pension will be drained when I finally buy a house which I aim to do in 2018 (looking for a 30k house deposit with enough to renovate it up a bit ontop)
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    (Original post by accno1)
    Basically, I'm trying to find out what to do with my savings and whether there are any out there also saving big when young.

    I decided to move home after uni. Family home is in London, cannot see any reason to move out other than for freedom. Unfortunately, unlike many others, I don't value freedom at £8-10,000 a year.

    But those who have graduated, what are yo doing with what you are saving? Are you just keeping it in the bank? Help to buy ISA? Investing?

    Would be good to get a discussion going.
    This is such a subjective discussion. I would always advise people to invest their money rather than leave it in a bank, but it's up to your own personality and judgment as to whether you want to go for high risk high reward investments or low risk lower reward investments (or a combination of the both). I went hell to leather and put all my savings in an ultra high risk reward investment and it paid off. At 25 I now sit on around £220,000 of cash and assets, but that could easily have turned out a lot differently (for most people that tried the same thing as me, it probably did).

    My Philosophy was; know how much of your money you would be willing to lose and put that in a really high risk/really high reward investment.
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    I don't get how you guus are doing it ! I live hand to mouth on my wages and my credit is shot 😂 zero saving of course. Don't earn enough.
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    (Original post by shibbikitteh)
    I don't get how you guus are doing it ! I live hand to mouth on my wages and my credit is shot 😂 zero saving of course. Don't earn enough.

    There is usually at least one place you can make some changes and trim the fat. Or ways you can reduce your expenses. Not saying this is the case for you. But I've found talking to most people about it, if they're completely honest about it they can save, they just might have different priorities or lifestyles.

    If you want any help on the matter specific to you where you can go through all your incomings and outgoings with accurate figures and to get help and advice. I strongly reccommend going to this place:

    https://www.reddit.com/r/personalfinance/

    They're really good at helping people out of financial holes, likely much much worse than you are in.
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    (Original post by accno1)
    Basically, I'm trying to find out what to do with my savings and whether there are any out there also saving big when young.

    I decided to move home after uni. Family home is in London, cannot see any reason to move out other than for freedom. Unfortunately, unlike many others, I don't value freedom at £8-10,000 a year.

    But those who have graduated, what are yo doing with what you are saving? Are you just keeping it in the bank? Help to buy ISA? Investing?

    Would be good to get a discussion going.
    I'm 20 but I've saved few thousands, for now they're sitting in ISAs getting pathetically low interest rates. I was thinking of investing in the stock market but then that's practically gambling. Not enough to buy decent property, at least not UK property.
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    Currently i save nothing but i do follow the markets and savings rates. If i get a grip on my spending i can currently start saving ~£200 per month however once i move closer to work and to a cheaper place that should increase to more like £400.

    I have a couple of things to save for by years end that come to around £3k so i'm reasonably confident.
 
 
 
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