Bit slow posting this as I’ve been spending time with family members who are staying with me for a while, plus I was away over the weekend for the first of two weddings this month.
Although I’ve still managed to save, I was only able to save 32.1% of my net salary, the lowest savings rate achieved since I’ve been measuring on this blog. Such months are to be expected I guess but in order to achieve my goal of an average 50% savings rate, I’m going to have to rack up some big savings at some point.
I didn’t put anything towards my cash ISA (still can’t quite get used to calling it a NISA). Instead, I diverted the cash into my First Direct Regular Savings account which is currently paying 6% interest (gross). The account is limited to £3,600 per annum (or £300 per month), with no withdrawals before the 12 months is up, but with that interest rate, seems to make sense to save there and transfer to the NISA later.
The above savings were boosted by £4.19 from Ebay, £20.24 from InboxPounds*, £9.04 from TopCashback*, £9.32 dividend from Aberdeen Japan Inv Trust and £200 rent received.
I hope to do better in August, even though it’s going to be another socially mad month!
[*Referral links]
Hi Weenie,
32% saving rate is still good and I totally agree with you about using the first direct 6% saving account instead of an ISA. I've also stopped putting cash into my cash ISA and have opened a club Lloyd's monthly saver which pays 4% .
Hi Weenie,
I hope you're not too down over your rate. It shows progress on your part that you view 32% as low, whilst most of the population would struggle with that amount. The 'lower' months tend to give me a push for the following month too. Congrat's on the additional earning too. The multiple income streams add up extremely well over time.
Have a great August!
Hi Huw, I'm not too down on the rate, just seems bad compared to last month's I guess. And yes, I fell like making a big push for August. Thanks for the congrats – it's good that other bits of income streams are trickling through and they do add up. Really do need to make more effort with eBay though!
Hi Mrs FF, good to see you back. Thanks – yes, 32% is good so I should pat myself on the back that I did save that after all! I do need a good run of a few months doing at least 50%, if not to up my average but to prove to myself I can do it! Yes, ISA interest rates are pretty paltry, even those that tie your money in for several years.
I agree with Huw and Mrs FF 32% is still amazeballs! 🙂
Thanks Laura! I could do with being more organised and focused like you – I'm sure I could achieve a lot more! 🙂