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How much do you save/invest a a month? Watch

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    (Original post by Alfissti)
    I don't save anything for myself these days as I don't really take an income for myself as I'm trying to expand my businesses, I do however put away around £400 per month for each of my kids. Been doing that since they were born, started out with £30 per month for each of them, when they reach 16 they can cash it out for anything they want or if they want to manage it themselves they could too or they could continue keeping it with me and grow it at the same rate, when they reach 18 if the money is still there then it is doubled and I tell them it will grow at 5% per year in addition to the contribution.

    My eldest at 16 decided to let me keep it, then when she turned 18 she took out a grand total of £50 to buy us a Nando's then asked me to continue holding it. My 2nd turned 16 recently and didn't want to know how much was there.

    Other than that, I have a pensions plan that I put around £800 per month towards, no other savings as am trying to reduce debt.
    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?


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    (Original post by hihihihihi)
    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.
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    (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?


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    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.
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    i wish i could save more but now it like £80 a month on avarage sometimes more towards my iced-out rolex style bracelet
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    Community Assistant
    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.
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    (Original post by toonervoustotalk)
    A £950 ultrabook for uni
    Currently have £449 saved need another £501 :yep:
    Aw. that's so cute. :hugs: !! Best of luck my friend
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    £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
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    (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
    you saying that your bf pays you rent?
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    (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.
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    I save f**k all tbh
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    £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.
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    (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?
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    (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.
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    (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?
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    (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.
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    (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?
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    (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.
 
 
 
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