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  • FIRST POST
    • slowlyfading
    • By slowlyfading 5th Dec 17, 9:10 PM
    • 12,877Posts
    • 73,939Thanks
    slowlyfading
    The "Save 12k in 2018" Thread!
    • #1
    • 5th Dec 17, 9:10 PM
    The "Save 12k in 2018" Thread! 5th Dec 17 at 9:10 PM
    So, the title is pretty self explanatory, but this is the place to be in 2018 it's that time of year, again!

    In 2018, the aim is to save £12k (or, any other amount if you like) from 1st January 2018 til 31st December 2018. I know it's early, but it gives you the time to plan for how you are going to do it.


    2012 thread:http://forums.moneysavingexpert.com/showthread.php?t=3547675
    2013 thread: http://forums.moneysavingexpert.com/showthread.php?t=4315923
    2014 thread: http://forums.moneysavingexpert.com/showthread.php?t=4844519
    2015 thread: http://forums.moneysavingexpert.com/showthread.php?t=5122817
    2016 thread: http://forums.moneysavingexpert.com/showthread.php?t=5369493
    2017 thread: http://forums.moneysavingexpert.com/showthread.php?t=5568097


    RULES:

    - This challenge starts on 1st January 2018 00:00 and finishes on 31st December 2018 23:59.
    - Everything saved MUST be done between these two dates.
    - Any interest gained during this challenge on your savings can be counted!


    Feel free to sign up but, please only sign up if you intend to go the distance - the thread tends to start off great and then people disappear

    Challenger List:
    001. slowlyfading - £10,000
    002. geoffers4 - £24,000
    003. Clare43 - £12,000
    004. george4064 - £12,000
    005. Dolly Rocker - £12,000
    006. ryath - £6,000
    007. Puddylove - £12,000
    008. bobobski - £14,000
    009. ToiletLicker - £20,000
    010. Westie983 - £12,000
    011. Lomcevak - £30,000
    012. Wanna Bee Free - £12,000
    013. tara747 - £12,000
    014. BBH123 - £10,000
    015. cathybird - £12,000
    016. fiisch - £6,000
    017. pearl123 - £1,600
    018. thewildrabbit - £12,000
    019. StarShapedPeg - £8,000
    020. CrabbitDutchie - £18,000
    021. itslulu - £12,000
    022. jessy-eve - £3,000
    023. try harder - £12,000
    024. Lolly88 - £12,000
    025. laurenturner - £7,000
    026. List Maker - £12,000
    027. letiss7 - £12,000
    028. fllsion - £12,000
    029. kindanice - £12,000
    030. _Amaryllis_ - £20,000
    031. darkidoe - £15,000
    032. vintagebrighton - £6,000


    CLICK HERE for the easy update form:
    https://docs.google.com/forms/d/e/1FAIpQLScO6GEcckTv1UKWIRgeRHXGddzp5OLED1jugdxOLZSq PMay0g/viewform
    CLICK HERE to see the total amounts so far:
    https://docs.google.com/spreadsheets/d/1HQ1v_cB_jreLxknL0KT-OyIM_PpmoUyI1Ucu_q565Dc/edit#gid=1
    Last edited by slowlyfading; 07-01-2018 at 11:19 AM.
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind - Dr Seuss
    Personal Finance Blogger / Jan NSD - 6 / Ultimate Dream Fund - £19,661.40/£306,000
Page 9
    • Cottage Economy
    • By Cottage Economy 4th Jan 18, 10:08 AM
    • 839 Posts
    • 2,737 Thanks
    Cottage Economy
    Hi Slowlyfading

    Could you put me down for £6000 this year please.
    The 'Save £12k in 2018' Challenge £500/£6,000 (8.3%)
    The 'Save £12k in 2017' #129 Goal: £4,000. Achieved £4168.95 (104%)

    "...success in personal finance isn't about mastering the technicalities. It is about mastering yourself."
    • denmjd
    • By denmjd 4th Jan 18, 10:47 AM
    • 74 Posts
    • 189 Thanks
    denmjd
    Hi Denmjd,

    Congratulations on your engagement!

    I can see youíve already had lots of useful replies but wanted to add one more thing for you. That whole pay yourself first idea - so American but so true. I started the challenge last year and the thing the target did for me was make me clear on the amount I wanted to save ie pay myself. Then I did that first at the start of the month and tried to budget the rest of my month with what was left. Not always successfully but Iím a work in progress. That was the biggest thing that changed for me in doing the challenge. Iím trying for a bigger number this year too so Iím not claiming Iíve got this 100% sorted or anything.

    Good luck!
    Originally posted by Wanna Bee Free
    Thank you Wanna Bee Free, every reply is gratefully received, each one has something else to offer & i am happy for the support, the Wedding means so much to us both, & appreciate the fact of firstly the congratulations, so nice to hear, & secondly all the different advice i have been given in so short a time!! Pay yourself first, I hadn't considered it that way around, that surely would focus the intent then, so the idea then is to treat yourself like a bill & pay a set amount each month, then see what you have left to live on? that's a great way of doing it, stops all the little extra's & when I've worked out what the figure can be, I will do that, along with tidying my account at the end of the month!! Thanks again & I wish you good luck with your goals, whatever they are xx
    • Wanna Bee Free
    • By Wanna Bee Free 4th Jan 18, 10:58 AM
    • 1,129 Posts
    • 10,348 Thanks
    Wanna Bee Free
    so the idea then is to treat yourself like a bill & pay a set amount each month, then see what you have left to live on? that's a great way of doing it, stops all the little extra's & when I've worked out what the figure can be, I will do that, along with tidying my account at the end of the month!! Thanks again & I wish you good luck with your goals, whatever they are xx
    Originally posted by denmjd
    Thatís exactly it. Itís made a big difference to me but you need to have a certain amount of Ďspareí money. Some months seem longer than others! Good luck with your goals too!
    No 12 save £12k in 2018 /£12,000 0%
    AFDs 4/150 2.6%
    • bobobski
    • By bobobski 4th Jan 18, 12:31 PM
    • 685 Posts
    • 1,576 Thanks
    bobobski
    Thank You Bobobski, so kind of you to reply.. WOW YOU HAVE DONE BRILLIANTLY! That is such a fantastic achievement... I have a questions if that's ok? what is YNAB? I am pretty much stuck in my job at the moment, no chance of a pay rise, had 1% in 8 years, rubbish i know but I am almost at the end of my 50's & finding another job at that stage of the game is nigh on impossible & yes I have tried, just seems to be no interest at the moment, I will look into the second job bit though, as i am a basic taxpayer, I am trying to sort out a budget plan & savings account, just need to find the right one I will get there as I am determined to sort everything out this year, thank you for your help x
    Originally posted by denmjd
    Thank you denmjd, I've worked very hard at it and am still learning every day!

    YNAB is budgeting software which is internet-based (so you can access from any computer) and also comes with an app so you can record income and spending on the go. Sadly the price went up recently but I would still recommend it. You can watch their tutorials for free here: https://www.youneedabudget.com/learn/ - I suggest doing so whether or not you're interested in the software and I have done each of the tutorials a number of times, whether or not they're relevant to me, as you always pick up great tips. They're live as well, so you can ask questions of the teacher in real time.

    There may be circumstances that prevent it, but I wouldn't discount the possibility of a pay rise. We Brits are rubbish at asking for payrises (and, I hate to say it, women in particular) so when I decided I wanted to ask for one I did some reading around the internet about how to approach the conversation and what sorts of things you should say. If you've had a 1% pay rise in 8 years effectively you've been getting pay cuts every year due to the effect of inflation so you might consider asking your boss (politely!) whether your performance has really been continuously decreasing to justify this pay cut and, if so, what they suggest you do to improve your performance and obtain a pay rise.

    On the additional income front, I forgot to mention paid surveys. People have their own preferred sites so I won't try to sway you with mine but this might help: https://www.moneysavingexpert.com/family/make-money-online. You won't make a fortune but doing a few a week could bring in a couple of hundred quid a year for not very much work.

    Re savings accounts, if you haven't already, definitely have a read here: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest. You might also consider starting a new thread in this forum asking whether the accounts you've selected are the best for your needs (you may wish to include a timeline for when you'll need the money as other people on here know a lot more about locking your money away for higher interest rates than I do).

    Hope that helps!
    #8: Save 12k in 2018: £0 / £14,000 (0%) | #18: Save 12k in 2017: £12,078.82 / £12,000 (100.65%) | #86: Save £12k in 2016: £8,476.09 / £10,000 (84.76%)
    House deposit by 31/12/2020: £22,048.11 / £60,000 (36.74%) | Emergency fund by 31/12/2020: £1,773.13 / £5,000 (35.46%)
    • scroogemcduck2
    • By scroogemcduck2 4th Jan 18, 12:43 PM
    • 4 Posts
    • 4 Thanks
    scroogemcduck2
    Can you put me down for £13k please!

    The google form doesn't seem to work when I click?
    • denmjd
    • By denmjd 4th Jan 18, 12:47 PM
    • 74 Posts
    • 189 Thanks
    denmjd
    Thatís exactly it. Itís made a big difference to me but you need to have a certain amount of Ďspareí money. Some months seem longer than others! Good luck with your goals too!
    Originally posted by Wanna Bee Free
    Thanks Wanna Bee Free, I am looking into all my fiances now, each bit seems to take soooo long, but I am going to treat myself as a bill now, such a good way of looking at it! Thank you xx
    • BBH123
    • By BBH123 4th Jan 18, 1:07 PM
    • 526 Posts
    • 832 Thanks
    BBH123
    Well I haven't had the best start to 2018, my car was smashed into and written off. As we know Insurers never give you enough to replace it so my savings plan will take a hit.


    What is it about BMW drivers ........................


    At least he admitted liability
    • Westie983
    • By Westie983 4th Jan 18, 2:07 PM
    • 3,880 Posts
    • 14,379 Thanks
    Westie983
    Hi Suffolk Lass, many many thanks for your reply, like the idea of tidying your accounts, I am guessing that you put the leftover £50 or £10 in your savings account? I will definitely be doing this, can't believe I've never thought of doing it before DOH! sorry what is S&S? I wish you well on your challenge & goals whatever they may be xx
    Originally posted by denmjd
    Come and join my Virtual Sealed Pot Challenge, where we do just this, each week round down your account to the nearest £10, then swop the money into a savings account.

    Have a read of the challenge here if you fancy joining just post a message on the thread.

    Virtual Sealed Pot Challenge 2018

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£0.00/£12,000 = 0.0%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £0.00/£800 = 0.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £0.00/£365 = 0.0%
    Virtual Sealed Pot #1 Total £150.00/£1,000 = 15.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-490/£2,000 = 50.50%

    Total £150.00/£16,165 = 0.92%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • Suffolk lass
    • By Suffolk lass 4th Jan 18, 2:30 PM
    • 1,641 Posts
    • 18,468 Thanks
    Suffolk lass
    Hi Suffolk Lass, many many thanks for your reply, like the idea of tidying your accounts, I am guessing that you put the leftover £50 or £10 in your savings account? I will definitely be doing this, can't believe I've never thought of doing it before DOH! sorry what is S&S? I wish you well on your challenge & goals whatever they may be xx
    Originally posted by denmjd
    S&S is Stocks and Shares - I have a self-selection ISA on the Charles Stanley Direct Platform that is low cost to operate and very low fees. If you buy funds rather than individual shares it is cheaper than buying individual shares, but our choices are all a reflection of our individual choices and circumstances.

    I don't want to make it sound like I know lots about this as I don't, but I have been consciously improving my understanding over recent 3-5 years. If you are interested I would suggest silent-reading of the investments and savings part of the forum - I suggest silent because of my own experience; there are one or two people who regularly browse and post and for reasons known better to themselves, they like to demonstrate how little the poster know/understands rather than being helpful.
    MFiT T4 #2 update 42.67% after Q7 £5,465 behind where I should be
    Save £12k in 2018 #53 - my annual target is £10,000
    OS Grocery Challenge 2018 budget of £3,500 including stores
    My DFD is http://forums.moneysavingexpert.com/showthread.php?t=5593594
    • denmjd
    • By denmjd 4th Jan 18, 4:48 PM
    • 74 Posts
    • 189 Thanks
    denmjd
    [QUOTE=bobobski;73660332]Thank you denmjd, I've worked very hard at it and am still learning every day!

    Thank you bobobski, you have given me so much to consider, the site looks good & as you say, the tutorials are really helpful, I will try to be as proactive as you when I have read & understood the information... I am so appreciative of all the effort you have gone to to help me out, it's so nice to see when someone has done so well they help & guide other people Thank you again for all your help, just out of interest, what is your goal this year for? Any particular reason or are you quite prudently saving for something special in the future? I am going over a few things this evening, & I think i am going to post my low figure in the morning, that way I will be able to manage it & maybe pop some more in as I go... I will lokk out for you on here & see how you are doing, Thanks again Denise x
    • geoffers4
    • By geoffers4 4th Jan 18, 7:21 PM
    • 115 Posts
    • 777 Thanks
    geoffers4
    I am always interested in what others budget for. I noticed you don't include life insurance in yours geoffers4 - is that deliberate (and if so, why?) if you don't mind me asking?
    Originally posted by Suffolk lass
    It's included in my work pension, fortunately. But even if it wasn't, I would probably "do my own insurance" as we've got enough built-up in various savings/investments/pension pots for OH to be covered if the worst happened. Similarly I don't bother with pet insurance - we did have a big vet bill recently, but for many years the dog has cost us nothing at all, so it all balances out over the longer term.

    No. 2 in Save 12k in 2017, 2018
    No.22 in Save 12k in 2016
    No.30 in Save 12k in 2015
    No. 6 in Save 12k in 2014
    No.193(!) in Save 12k in 2013
    • ConMan
    • By ConMan 4th Jan 18, 7:23 PM
    • 31 Posts
    • 15 Thanks
    ConMan
    As late as it is, can I please join. I don't get paid until later in the month, so haven't transferred any savings yet anyway! Target £12k
    • geoffers4
    • By geoffers4 4th Jan 18, 7:24 PM
    • 115 Posts
    • 777 Thanks
    geoffers4
    I would suggest silent-reading of the investments and savings part of the forum - I suggest silent because of my own experience; there are one or two people who regularly browse and post and for reasons known better to themselves, they like to demonstrate how little the poster know/understands rather than being helpful.
    Originally posted by Suffolk lass
    I've found this myself. Thank goodness we don't have that problem on this thread.

    No. 2 in Save 12k in 2017, 2018
    No.22 in Save 12k in 2016
    No.30 in Save 12k in 2015
    No. 6 in Save 12k in 2014
    No.193(!) in Save 12k in 2013
    • ConMan
    • By ConMan 4th Jan 18, 7:28 PM
    • 31 Posts
    • 15 Thanks
    ConMan
    This thread is very inspiring! It's so great to see so many other people set themselves targets, whether they're lower or higher than our own. My target is rather ambitious, and totally depends on if overtime stays on all year. For the last two years it's never stopped.

    I get paid 13 times a year, and so hoping to save £1k per month to meet my target. However, if overtime stops, there will be no way I'll hit the £12k.

    Will be exciting to see how this progresses. My guess is that I'll end up at around the £9k mark, but I really want to have a good go at £12k!

    Good luck everyone! - Hopefully see you drinking a cocktail upon Copacabana next year!
    • Westie983
    • By Westie983 4th Jan 18, 11:34 PM
    • 3,880 Posts
    • 14,379 Thanks
    Westie983
    Hi all,

    I can now view the spreadsheet but not the update form, I have sent a message to SF hopefully it will get sorted soon.

    Westie983
    Save 12k in 2018 #10 Total (£25,000)+£0.00/£12,000 = 0.0%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £0.00/£800 = 0.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £0.00/£365 = 0.0%
    Virtual Sealed Pot #1 Total £150.00/£1,000 = 15.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-490/£2,000 = 50.50%

    Total £150.00/£16,165 = 0.92%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • denmjd
    • By denmjd 5th Jan 18, 9:21 AM
    • 74 Posts
    • 189 Thanks
    denmjd
    Hi Slowlyfading, is it still ok to join? This is my first time on this challenge, so I am going to look & see what other people are doing to see how it runs, I am going to attempt £4000,(will more likely be £3000) big amount for me, not sure i will make it but I will give it a go.. Many Thanks to everyone I 'spoke' to, you have all given me the confidence to try this challenge
    • bobobski
    • By bobobski 5th Jan 18, 9:35 AM
    • 685 Posts
    • 1,576 Thanks
    bobobski
    Thank you bobobski, you have given me so much to consider, the site looks good & as you say, the tutorials are really helpful, I will try to be as proactive as you when I have read & understood the information... I am so appreciative of all the effort you have gone to to help me out, it's so nice to see when someone has done so well they help & guide other people Thank you again for all your help, just out of interest, what is your goal this year for? Any particular reason or are you quite prudently saving for something special in the future? I am going over a few things this evening, & I think i am going to post my low figure in the morning, that way I will be able to manage it & maybe pop some more in as I go... I will lokk out for you on here & see how you are doing, Thanks again Denise x
    Originally posted by denmjd
    You're very welcome, just paying it forward as I've received so much good advice from these forums over the last few years My goal is buying a property - my original plan was to save up for a few more years and buy the "forever" house as my first house but for various reasons I'm currently trying to buy a starter home with the original plan still acting as Plan B in case it all falls through!

    Good luck everyone! - Hopefully see you drinking a cocktail upon Copacabana next year!
    Originally posted by ConMan
    Wouldn't that be excellent - a "Save 12k" annual retreat in the sun
    #8: Save 12k in 2018: £0 / £14,000 (0%) | #18: Save 12k in 2017: £12,078.82 / £12,000 (100.65%) | #86: Save £12k in 2016: £8,476.09 / £10,000 (84.76%)
    House deposit by 31/12/2020: £22,048.11 / £60,000 (36.74%) | Emergency fund by 31/12/2020: £1,773.13 / £5,000 (35.46%)
    • StarShapedPeg
    • By StarShapedPeg 5th Jan 18, 11:06 AM
    • 66 Posts
    • 277 Thanks
    StarShapedPeg
    Hi all
    started the New Year in style! Recent storms have brought all our gutters down.
    January is not a good month... sigh.
    My emergency fund is depleted already.
    Hope others are having more luck.x
    #138 - The "Save 12k in 2017" challenge
    #019 - The ďSave 12k in 2018Ē challenge
    • geeovana
    • By geeovana 5th Jan 18, 12:21 PM
    • 25 Posts
    • 26 Thanks
    geeovana
    HI,

    Can you please put me down for £20K

    Thanks.
    • Cottage Economy
    • By Cottage Economy 5th Jan 18, 1:29 PM
    • 839 Posts
    • 2,737 Thanks
    Cottage Economy
    I've found this myself. Thank goodness we don't have that problem on this thread.
    Originally posted by geoffers4
    We do occasionally get someone popping up questioning why bother saving, we could die tomorrow, we should live a little, that's what credit cards are for, etc.

    The waves of happy savers that post after usually drown them out and they skulk off.
    The 'Save £12k in 2018' Challenge £500/£6,000 (8.3%)
    The 'Save £12k in 2017' #129 Goal: £4,000. Achieved £4168.95 (104%)

    "...success in personal finance isn't about mastering the technicalities. It is about mastering yourself."
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