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    I Have 4,000 Pounds In Savings. I Wish To Save 50,000 Pounds In 3 Years. Have Full-time Job, Also Freelance And Have Ideas. Could Save 650 Pounds A Month If Necessary. Is This Realistic Of Me?

    I am a single female in mid life starting from low base. I wish to improve my financial situation as quickly as possible. I have made financial mistakes such as selling a house, haven't we all? Also have a cash ISA receiving 250 pounds a month and live in rented accommodation. I wish to increase my liquid assets right now. I'm fortunate in that I have no debts. Looking for constructive advice and maybe a financial advisor or two out there! Look forward to your comments. I am new to this site, curious to see how it helps.

    asked 8 months ago

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    In order to save 50,000 in 3 years, you would have to save at least 1277 per month. It really depends on how much you are earning right now and your expenses. However, I believe if you put in some effort you can save this sum in 3 years as like you said you are also working freelance and have ideas about other income sources as well. I would advise you to make a budget and control any extravagant expenses. Also control your spending habits. This would entail a change in lifestyle which would benefit you in saving more. I would recommend start a small business of your own.

    answered 8 months ago   

    Sorry Aicha, I messed up the rating. I was going to give you 4 stars (!) as I think your advice was valuable, particularly the point about recommending I start a small business of my own. When the work is available the freelance work does pay a reasonable amount although it can go a bit quiet sometimes. All the more important I think up some more ideas eh and perhaps start a home business? I shall definitely work on controlling my expenses and draw up a budget. I have curbed my spending habits for a while now so shouldn't need much training in that area! The monthly amount I would need to save is maybe a bit unrealistic and I may have to lower my sights but at least it gives me a reasonable goal to aim for. Thank you for all your advice. (sending you this from England).

    comment made by Globe 8 months ago    Report

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