You need to add up all the money you have in savings accounts.
Start of month= 11,091 + 3,600 + 3,700 = 18,391
End of month = 12,061 + 5,000 = £17,061
I might be wrong but I think you spent £1,330, and didn't save anything?
Hiya, thank you for your response. I don't think I have explain myself well.
My current account was at the beginning of the month 11091.
I have taken out 5000 and deposited into savings account (different account).
I had 2 old accounts and I took the money out from there (3600+3700) and moved into my current account.
I have ended the month on the current account with 12061.
I am trying to work out how much I have saved that month on my current account not on my savings account.
How would you calculate this figure please? Thank you
You can't figure it out without knowing how much money you have in total.
Just looking at your current account gives the following figures:
11,091 - 5,000 + 3,600 + 3,700 = 13,391
£13,391 is the figure you would have in your account if you didn't spend anything. But you have £12,061 which is £1,330 less than this.
You haven't saved anything. You moved 5000 out, and 7000 in. And your total is down 1000 ISH. So you've spent about a 1000 and just been moving other stuff around.
Why did you consolidate 2 accounts into your current account? Where were they from? If savings then you saved minus a grand. If not then you saved 5 grand and moved money around which is irrelevant to how much you have saved.
£12k is a lot to keep in a current account which probably doesn’t earn interest… I’d suggest lowering the amount to be covering all your monthly bills/spending plus a small buffer and put the rest in savings. You can always have a separate “temporary savings account” you can use before you put it anywhere it might get locked away.
You need to sit down and do a proper budget.
Work out your income and work out your outgoings.
When you get paid, transfer an amount to savings for the month and then track your spending against your goals.
Technically your savings is nothing tbh, it's actually-1330
I mean yes you 'saved' 5000
But you moved 7300 back into your main account with a deficit of 1330
You need to add up all the money you have in savings accounts. Start of month= 11,091 + 3,600 + 3,700 = 18,391 End of month = 12,061 + 5,000 = £17,061 I might be wrong but I think you spent £1,330, and didn't save anything?
Hiya, thank you for your response. I don't think I have explain myself well. My current account was at the beginning of the month 11091. I have taken out 5000 and deposited into savings account (different account). I had 2 old accounts and I took the money out from there (3600+3700) and moved into my current account. I have ended the month on the current account with 12061. I am trying to work out how much I have saved that month on my current account not on my savings account. How would you calculate this figure please? Thank you
You can't figure it out without knowing how much money you have in total. Just looking at your current account gives the following figures: 11,091 - 5,000 + 3,600 + 3,700 = 13,391 £13,391 is the figure you would have in your account if you didn't spend anything. But you have £12,061 which is £1,330 less than this.
You haven't saved anything. You moved 5000 out, and 7000 in. And your total is down 1000 ISH. So you've spent about a 1000 and just been moving other stuff around.
As the previous reply stated, your current account has reduced by £1330
Why did you consolidate 2 accounts into your current account? Where were they from? If savings then you saved minus a grand. If not then you saved 5 grand and moved money around which is irrelevant to how much you have saved. £12k is a lot to keep in a current account which probably doesn’t earn interest… I’d suggest lowering the amount to be covering all your monthly bills/spending plus a small buffer and put the rest in savings. You can always have a separate “temporary savings account” you can use before you put it anywhere it might get locked away.
You need to sit down and do a proper budget. Work out your income and work out your outgoings. When you get paid, transfer an amount to savings for the month and then track your spending against your goals.
Technically your savings is nothing tbh, it's actually-1330 I mean yes you 'saved' 5000 But you moved 7300 back into your main account with a deficit of 1330
You just ignore the amounts that have moved through / into the account.