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Author How well do you manage your money?
Aaron
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Registered: 9th Aug 04
Location: Cottingham, East Riding
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6th Jan 08 at 09:48   View User's Profile U2U Member Reply With Quote

How well do you manage money?

Since a very young age (about 11 years old) Iíve had it drummed into me by my dad to save money. Since I started earning money at the age of 16 Iíve always put a large slice of it (about 70% usually) into savings accounts. I still do this today even though I have a property. I donít spend a great deal on my self apart from big things like holidays etc. Iíve very disciplined with my money.

I'm now 24 and have a mortgage. When I bought the flat I invested a lot of my savings into it (15k) in order to lower my payments a bit. Since Iíve lived here Iíve still been saving hard for the future.

Does anyone on here share the same mentality as me for saving for the future or do you have a live for the moment mentality? Itís difficult to have both I think.

Also, where do you invest your money, ISAís, Bonds, Stock Market etc??
gsi-gaz
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Registered: 23rd Mar 03
Location: st helens
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6th Jan 08 at 10:36   View User's Profile U2U Member Reply With Quote

to be honest, i cant save for fuck all mate!

wish i had doen the same as you, but since i was young i earned a fair wage for my age at the time!

and pissed it up the wall basically,

so i guess for me i have a live for the moment mentality but wish i was the other way!
Robbo
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Registered: 6th Aug 02
Location: London
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6th Jan 08 at 11:51   View User's Profile U2U Member Reply With Quote

I manage my money extremely well... that said, I still spend like theres no tomorrow but I do track it all etc

Microsoft M oney is a very good program for keeping track

I save a regular amount each month as well
Matt.H
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Registered: 12th Mar 03
Location: Church Gresley, Derbyshire
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6th Jan 08 at 12:27   View User's Profile U2U Member Reply With Quote

Im good with my money also. What I usually do is whatever I have left at the end of the month goes into a savings account for stuff towards the house. With me workin full time and renovating my house i dont really get much time to spend...not necessarily a bad thing as the money im saving is paying for new kitchen and boiler etc.

As for investing...i have shares in the company I work for but out of that I wouldnt bother. keep it in a savings account so you can see what its doin. Mates dad has just been stung...was told it was guarenteed to make a profit but didnt and lucky to get back the money he put in. There really isnt anything to invest it in that will get a good return without there being the massive risk of you loosing it all. The only thing i can think of is property development but then you need some money behind you to make a start.
Robbo
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Registered: 6th Aug 02
Location: London
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6th Jan 08 at 12:33   View User's Profile U2U Member Reply With Quote

That reminds me, just checked my company shares... worth £2,400 now Only been at the company just over a year
Matt.H
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Registered: 12th Mar 03
Location: Church Gresley, Derbyshire
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6th Jan 08 at 12:41   View User's Profile U2U Member Reply With Quote

Not bad...mine dont mature untill Dec this year...which then i'll have had them 5 yrs (so i dont get taxed on them). If the share price stays where it is at the min I'm set to make a sniff under 10.5k. I shall be treating myself to a new toy and put the rest away.
Robbo
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Registered: 6th Aug 02
Location: London
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6th Jan 08 at 12:47   View User's Profile U2U Member Reply With Quote

Yeah some of mine dont vest until June 09 and the rest are all 0-3 years so i dont technically own them yet :S

Very nic mate If you sell them the same day they get tfr'd to you then you shouldnt have any CT liability either
Colin
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Registered: 4th Apr 02
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6th Jan 08 at 14:38   View User's Profile U2U Member Reply With Quote

Ive always been pretty good with money, but at the same time live life as it should be done. I stuck £6k in a company share scheme over 2yrs when I was 17/18, done pretty well out of that, it was buy 1 get one free (at a low retained buy in price) held for 3yrs, I made a packet! Bought my 1st house at 22 as a bank repossessed property, done all the renovation work myself, ,its worth double in value now & my mortgage is tiny. Last 2 years though ive been retraining to get a new job, basically to get a better job & more money - ive had to carry myself through that with ittle or no income & still have the normal outgoings (mortgage, running car etc) ive had to tighten the belt a bit, put some plans on hold. But it paid off, I done a year at college, then got taken on by a ssc training company & have a very good job lined up.

That said I still manage to go out get pissed most weekends, go on nice holidays, buy & run a decent car & keep a roof over my head.

Savings wise just now im just doing a £3k cash isa per year but will increase to full 7k a year cash/stock allowance once im on my feet. I think thats plenty money to be saving for 1 person. Jade will be incouraged to make use of her allowance aswell but has no idea about money just how to spend it

[Edited on 06-01-2008 by Colin]
AndyKent
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Registered: 3rd Sep 05
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6th Jan 08 at 14:50   View User's Profile U2U Member Reply With Quote

I'm good with money I think. I don't earn that much TBH, but have over £5k in savings and a brand new car - think thats good going for a 19 year old
Jay
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Registered: 26th Sep 04
Location: Liverpool
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6th Jan 08 at 15:12   View User's Profile U2U Member Reply With Quote

Spend my money as soon as I get it, used to be good at saving now I just spend it. You cant take it with you.
Andrew
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Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
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6th Jan 08 at 16:31   View User's Profile U2U Member Reply With Quote

Started to put £250 a month away in an ISA account last month.

For what i earn i don't do too badly really. I don't go out every weekend and don't waste money on designer clothes. I'd rather spend what money i have left on things for my flat.

Ok my mates are out every weekend and some weekdays, but i manage to drive a decent car and pay the mortgage on my flat.
AndyKent
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Registered: 3rd Sep 05
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6th Jan 08 at 17:01   View User's Profile U2U Member Reply With Quote

I'm the same Andrew, just depends what you consider important.
Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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6th Jan 08 at 17:41   View User's Profile U2U Member Reply With Quote

I spend like the world is going to end tomorrow, and sometimes beyond my means

i havent managed to buy anything this year so far except pay my bills and attempt to recover from my overspend at xmas!

want 1k in my savings by end of the year, might not seen like much to some people but it wuld be quite an achievement for me
Kano
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Registered: 29th Aug 04
Location: Fife
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6th Jan 08 at 19:16   View User's Profile U2U Member Reply With Quote

Ive started saving quite a bit recently, put half my pay away each month and live off the rest.
whitter45
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Registered: 15th Nov 02
Location: Norton
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6th Jan 08 at 20:29   View User's Profile U2U Member Reply With Quote

since I bought my house I have not been able to save like i used to - although i try and save at least 400 a month
dannymccann
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Registered: 9th Aug 06
Location: Doddington, Lincolnshire
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6th Jan 08 at 21:46   View User's Profile U2U Member Reply With Quote

im still a student in my 2nd year, i put £160 a month away into an online saver (I only earn £280 ish a month then my student loan on top). I dont go out, prefer to stay in with the missus or have a go on CoD4, but I must admit if I see designer clothes on offer i do tend to have a sniff. I think I do quite well, but I tend to impulse buy things, and ebay can sometimes be a weakness
JadeM
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Registered: 9th Feb 06
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7th Jan 08 at 01:34   View Garage View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Colin
Jade will be incouraged to make use of her allowance aswell but has no idea about money just how to spend it


Pfffftttt 'my allowance' hahahaha!!!

quote:
Originally posted by Colin
Jade will be incouraged to make use of her allowance aswell but has no idea about money just how to spend it


Always thought thats what money was for tbh
IvIarkgraham
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Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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7th Jan 08 at 01:38   View Garage View User's Profile U2U Member Reply With Quote

what ever i dont need i'll spend
Colin
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Registered: 4th Apr 02
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7th Jan 08 at 01:55   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by JadeM
quote:
Originally posted by Colin
Jade will be incouraged to make use of her allowance aswell but has no idea about money just how to spend it


Pfffftttt 'my allowance' hahahaha!!!

quote:
Originally posted by Colin
Jade will be incouraged to make use of her allowance aswell but has no idea about money just how to spend it


Always thought thats what money was for tbh



Government stipulated savings allowance you dimnut £3k cash £4k stock tax free every year.

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=414276&in_page_id=7

[Edited on 07-01-2008 by Colin]
JadeM
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Registered: 9th Feb 06
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7th Jan 08 at 01:58   View Garage View User's Profile U2U Member Reply With Quote

Oh dear bed time me thinks
Colin
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Registered: 4th Apr 02
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7th Jan 08 at 02:02   View User's Profile U2U Member Reply With Quote

Dont worry im not going to try & stop you going to the shops every Saturday & buying shoes
Colin
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Registered: 4th Apr 02
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7th Jan 08 at 02:20   View User's Profile U2U Member Reply With Quote

Im not sure if its capped, but for talking sake if you were to save your maximim allowance for 5 years & leave it invested youd get a return of in excess of £2500 in the 5th year...............& have 30kodd saved. Im pretty sure it could work like that, someone else might correct me?
willay
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Organiser: South East, National Events
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Registered: 10th Nov 02
Location: Roydon, Essex
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7th Jan 08 at 09:36   View Garage View User's Profile U2U Member Reply With Quote

Interested in what I can do to save more.

Currently I just shove all my money into a online saver then move it out as I need to pay bills and stuff. Try to keep a float of about 100-200 quid in my debit card so I can use that.

At the moment I'm living on my credit card for all my purchases such as clothes, petrol, food, dvds. Not living out of my means but it does go quickly!

I feel like I should have alot more saved up by now
AndyKent
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Registered: 3rd Sep 05
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7th Jan 08 at 10:06   View User's Profile U2U Member Reply With Quote

Set yourself a specific savings amount per month Willay. Or set a savings target, like £2500 by the end of the year for example.

Keep a strict spending limit on non-essential stuff - say £150 and not a penny over. If you do spend too much, make a mental note to spend less next month to compensate.

Another way might be to think of something you really want...........car, deposit for a house, big TV, whatever. You need to really want it though as it'll be your insentive to save more
willay
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Organiser: South East, National Events
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Registered: 10th Nov 02
Location: Roydon, Essex
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7th Jan 08 at 10:13   View Garage View User's Profile U2U Member Reply With Quote

I really don't need anything, I enjoy buying new clothes and shoes when I need them but thats it.

Dont go on holidays, dont go out drinking etc

I've got a project car thats going to swallow alot of money, thats really the only thing I'm spending on.

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