How to save £5000 Watch

Anonymous #1
#1
Report Thread starter 5 days ago
#1
I know this is quite a bit of money to save but I am aiming to save this amount over the next 8 months so I'm hoping to have this or as close as possible to this by February 2020. I would like to know how you save and earn your money to give me ideas on how to save this amount. I do have a job so I know this is the main source of income for most people and myself. Any help and advice would be greatly appreciated.
0
reply
artful_lounger
Badges: 20
Rep:
?
#2
Report 5 days ago
#2
Well fairly simply you'd need to be saving about £800 a month until then. Whether you can afford to do so is something only you can answer, but keep in mind it's probably unrealistic to be planning to save more than half your monthly income unless you're living at home or similar and not paying rent (or only paying token contributions).

Why do you need to save this month by that particular date? Is there anyway to extend the date in question? What are you saving for, and is it possible to find it cheaper elsewhere?
0
reply
Anonymous #1
#3
Report Thread starter 5 days ago
#3
(Original post by artful_lounger)
Well fairly simply you'd need to be saving about £800 a month until then. Whether you can afford to do so is something only you can answer, but keep in mind it's probably unrealistic to be planning to save more than half your monthly income unless you're living at home or similar and not paying rent (or only paying token contributions).

Why do you need to save this month by that particular date? Is there anyway to extend the date in question? What are you saving for, and is it possible to find it cheaper elsewhere?
Hi,
Thank you for replying!! I averaged it out to be just over £600 a month for 8 months, yes I am currently living at home and I do buy food but it's only about £20 a week as I mainly just eat what my mum buys. I need this amount as I am planning on moving out with my girlfriend so we need to put a deposit down.
0
reply
artful_lounger
Badges: 20
Rep:
?
#4
Report 5 days ago
#4
(Original post by Anonymous)
Hi,
Thank you for replying!! I averaged it out to be just over £600 a month for 8 months, yes I am currently living at home and I do buy food but it's only about £20 a week as I mainly just eat what my mum buys. I need this amount as I am planning on moving out with my girlfriend so we need to put a deposit down.
It's not 8 months until February, especially as we're partway through June already...at best it's 7 months. That aside...

Have you spoken with e.g. your bank about possible help to put together your deposit? They might be able to advise, offer loans, or there may be some formal scheme to help you with the deposit. Can your family help (even e.g. with an informal loan that you will pay back to them) at all?

Otherwise, the feasibility depends on your income but I think it sounds like a stretch. Maybe the following February, but that's a lot of money in a relatively short amount of time, and that's not even accounting for any potential shortfalls that may arise in the meantime...
0
reply
doodle_333
Badges: 18
Rep:
?
#5
Report 5 days ago
#5
How much do you earn?
1
reply
Anonymous #1
#6
Report Thread starter 5 days ago
#6
£1600 per month
(Original post by doodle_333)
How much do you earn?
0
reply
DrawTheLine
Badges: 22
Rep:
?
#7
Report 5 days ago
#7
(Original post by Anonymous)
I know this is quite a bit of money to save but I am aiming to save this amount over the next 8 months so I'm hoping to have this or as close as possible to this by February 2020. I would like to know how you save and earn your money to give me ideas on how to save this amount. I do have a job so I know this is the main source of income for most people and myself. Any help and advice would be greatly appreciated.
I don't have experience trying to save that amount of money in such a short amount of time, but when I'm trying to save up for something expensive, I only buy what is essential. Basically, food only. Obviously I pay for bills as well, but I don't treat myself with things I don't need. Sometimes I buy something on impulse, get home and then say to myself "that wasn't necessary", I feel crappy and return it to feel better.

If I get into a particularly bad spell of impulse buying, I start a spreadsheet and colour code my purchases. Red is not necessary and green is necessary. Seeing the amount of red (and then adding up how much money I'm wasting in a month) really puts it into perspective and helps me not spend unnecessarily.

I've done the "only using cash" thing as well. Taking out the amount of cash every week that is my budget and not using my card (leaving it at home).

Idk how useful this will be to you but this is just what I do when I try to save up money. I also look through my belongings and see if there's anything I can sell to earn a bit extra as well.
1
reply
doodle_333
Badges: 18
Rep:
?
#8
Report 4 days ago
#8
Should be easy then if you're at home. Just put 800 a month in a savings account as soon as it comes in.
(Original post by Anonymous)
£1600 per month
0
reply
It's****ingWOODY
  • Political Ambassador
Badges: 20
Rep:
?
#9
Report 4 days ago
#9
Budget, budget, budget, cut unnecessary spending and look to reduce the costs of necessities where possible. Whatever food you're buying, look for cheaper alternatives, do nights in instead of nights out, cancel any subscriptions you don't absolutely need and find other forms of free entertainment, etc. You're living at home so it shouldn't be hard.
Last edited by It's****ingWOODY; 4 days ago
1
reply
ltsmith
Badges: 20
Rep:
?
#10
Report 4 days ago
#10
I have that and I'm a student
1
reply
Dann.It
Badges: 15
Rep:
?
#11
Report 4 days ago
#11
Make a list of where all your money goes. And then go through it, removing what you can do without. Saving that amount of money within a short time frame really is down to how good you can budget.
1
reply
Anonymous #1
#12
Report Thread starter 4 days ago
#12
(Original post by ltsmith)
I have that and I'm a student
That's really good!! I'm sure you don't have bills to pay and a child though ahahaha
0
reply
ltsmith
Badges: 20
Rep:
?
#13
Report 4 days ago
#13
(Original post by Anonymous)
That's really good!! I'm sure you don't have bills to pay and a child though ahahaha
bills as in utilities? they are included in my rent so I pay higher rent/month.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Are you tempted to change your firm university choice now or on A-level results day?

Yes, I'll try and go to a uni higher up the league tables (122)
19.55%
Yes, there is a uni that I prefer and I'll fit in better (58)
9.29%
No I am happy with my course choice (352)
56.41%
I'm using Clearing when I have my exam results (92)
14.74%

Watched Threads

View All