The "Save 12k in 2016" Thread!

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  • TheBanker
    TheBanker Posts: 1,817 Forumite
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    emincosi wrote: »
    Hi Westie! Not sure how yours works, but ours comes directly out of the payroll (I save 300pm into it) - at the end of the savings period (3,5,7 years) you can choose to take the cash, buy shares and hold them, or buy shares and immediately sell them for a profit (if at loss you'd just get the cash back). The only drawback is that you don't get any interest on your savings. The total for the year for me will be 3600 - but I didnt count that towards the challenge hehe - I guess it's up to you if you wanted to!

    Ours works the same, and worth adding that the price of the shares is the price at the start of the scheme (or 20% less than the price at the start of the scheme in our case). Used to be an almost guaranteed profit but recent years have not been kind to bank shares.
  • cathybird
    cathybird Posts: 13,308 Forumite
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    It looks as though we are collectively getting very close to the million mark - I wonder if we have actually reached it? ... Or if it will be end of October :)
    In April I am taking a break from buying: Books
  • Kreacher
    Kreacher Posts: 86 Forumite
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    My trusty £500 saved again for September. Takes me to £5900, just £100 off my target!!
    Save 12K in 2017 #023 = £1345/ £6000 (22.41%)

    Save 12K in 2016 #110 = £7500/ £6000 (100%)

    20k by April 2018 = £8845/ £20000 (44%)
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    TheBanker wrote: »
    Ours works the same, and worth adding that the price of the shares is the price at the start of the scheme (or 20% less than the price at the start of the scheme in our case). Used to be an almost guaranteed profit but recent years have not been kind to bank shares.

    agreed which is why I sold 2015, shares and re-bought again at the lower share price minus 20% so I think I should get into profit in 3 years but wasnt sure with the old share price as it was at 75p.-
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • gwyneth_valiant
    gwyneth_valiant Posts: 53 Forumite
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    Yours comes out of pre-tax wages? That's amazing! Ours is post-tax!

    But yes to the 20%, same in our case - however, it's a bit useless, as our shares have lost more than 50% this year in value...
    #115 - Save £12k in 2019 challenge: £13152.85/29419.55 - 44%:beer:
    Save 100k by March 31st 2021: £38890.27/100k - 38% :j
  • Sanctioned_Parts_List
    Sanctioned_Parts_List Posts: 491 Forumite
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    I'm late to the party again! I didn't know this thread even existed having spent most of the year on the DFW boards, but have been diligently saving away nonetheless.

    So... is it better just to set a target for the last two months, or shall I report the year to date as well?
  • Hantsman
    Hantsman Posts: 95 Forumite
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    Sanctioned_Parts_List wrote: »
    I'm late to the party again! I didn't know this thread even existed having spent most of the year on the DFW boards, but have been diligently saving away nonetheless.

    So... is it better just to set a target for the last two months, or shall I report the year to date as well?

    I think it's probably up to you, this is a fairly relaxed thread, it might be easier to post a goal for the last 3 months of the year then start afresh in 2017 but like I say, it's up to you
    12K in 2017 No.029: £7154.37/ 18,000 (40%)
    £80,000 by Jan 2017: £81419.91/ £80,000 Achieved 01/10/2016!
    £100,000 by Jan 2018: £92360.46/£100,000 (92%)
  • slowlyfading
    slowlyfading Posts: 13,429 Forumite
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    Sanctioned_Parts_List wrote: »
    So... is it better just to set a target for the last two months, or shall I report the year to date as well?
    Feel free to report year to date, if you know it! I always like to add numbers to the pot :)
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
    Personal Finance Blogger + YouTuber / In pursuit of FIRE
  • slowlyfading
    slowlyfading Posts: 13,429 Forumite
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    Apologies for the delay in updating, I have done that now. I'm struggling a bit to be honest (see my diary on mfw if you want).

    However, we've passed the £million mark saved :j :j :j well done everyone!
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
    Personal Finance Blogger + YouTuber / In pursuit of FIRE
  • Sanctioned_Parts_List
    Sanctioned_Parts_List Posts: 491 Forumite
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    slowlyfading wrote: »
    Feel free to report year to date, if you know it! I always like to add numbers to the pot :)
    Thanks!

    To end of September '16, including company-matched pension deposits but excluding interest and home equity following mortgage payments, I've saved £26,151. I reckon I should hit £30k plus a bit by the end of the year in deposits - especially as I've just increased my pension savings rate.
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