What are you saving for?

Nothing in particular since I have now got most of the material possessions that I want. I'm just going to keep saving until I can eventually afford to take a month off work, fly over to the states with a pocket full of cash and do a bit of a random road trip with no plan.
 
weringo said:
4.8% I think, you can still make money off it through an ISA but as you say 1.2% interest isn't really worth the hassle..
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And it also takes a large chuck of your pay packet when you could do without it :eek:. Started earning more and I'm disgusted with what they take of now. I would say it's no longer worth saving. If you have the money pay it off.
I'm paying £300 a year but only have £10100 this will be the first time I actually start paying it of. As previous years the money it took didn't even pay the interest.

the thing I hate is they don't know how much you've paid till well after the tax year and they don't send me a statement until October.
I wish they would create online accounts you could pay money into and check the status. Even though payee money only gets updated at the end of the tax year.
 
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I'm not really specifically saving up for anything but once I've got the cash I'll either be taking a trip to the Nurburgring or chavving up my car with a new exhuast, a new induction system or perhaps an ICE install.
 
Im currently saving for a 58plate Volvo c30r-design T5, which i currently planning to purchase Jan09.

It might change before then though, over the last few weeks whilst ive been looking ive considered many many cars, MX5, Elise, CTR, EvoVIII and Golf GTI... After a test drive in the C30R 2l petrol, im fairly confident i want the Volvo though, just the 2.5petrol, rather than 2l.
 
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Darryn said:
Im currently saving for a 58plate Volvo c30r-design T5, which i currently planning to purchase Jan09.
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These have been selling so badly that you can get yourself an absolute bargain if you buy a 57 plate in Jan 09 instead, anything up to half price.
 
A new monitor, at least a 22" tbh. And about £70-80 for a LAN party at end of this month.

However its pretty hard when I only have around £25 spare cash each week :(
 
weringo said:
4.8% I think, you can still make money off it through an ISA but as you say 1.2% interest isn't really worth the hassle..
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Also (mini cash) ISAs have a limit of £3600/year, formerly £3000. This means that once you've filled up your ISA, in order to 'break even' on further savings you need to be getting at least 4.8% after tax. For basic rate payers that means 6%+ gross; for higher rate payers, they need to be getting 8%+ gross.

Obviously higher rate payers will probably be paying off their loan pretty quick anyway via PAYE, but it's food for thought. The rate gets updated every year around 1st September so you need to keep an eye out for what the RPI is at that time. With house prices on the wane, I suspect if anything the rate will fall this year.

In general it is still worth keeping your student loan as long as you are savvy with your savings, as although the gain is fairly small, you never know when you might need that cash in the future. If you pay off your student loan now, you almost certainly won't be able to get a loan that cheap in the future. What's more, the amount you have to repay each month is linked to income, so if you fall on hard times (pay cut, unemployed etc) having the cash is no bad thing as your repayments will fall/cease.

Anyway, to answer the OP: I've got some money stashed aside for my wedding next year, and a potential house move this year. I'm not consciously 'saving up' though in terms of cutting back on anything, it's more a case of just not overspending.

Been tempted to get a 42" 1080p TV, XB360 and Sky HD & Multiroom though - more of a whim brought on by bank holiday sales than a planned purchase though.
 
Wife and I aren't having a holiday this year due to work/uni commitments so we're both saving for next years holiday - hopefully we'll get back to Italy :cool:
 
Was just thinking, thanks to the grant from WDA for welsh students studying at a welsh uni, I should have enough money to cover my first year costs.

Is it worthwhile for me to get a student loan to just put into a savings account ?

Or would I be better off not getting one at all ?
 
As much travelling/holidays as I can physically fit in/afford when I finish uni in a few weeks.
 
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