How much can you save?

JAMIEDODGER

hi guys:)

i love the idea of a savings olympics:T

i will be joining you as soon as this blasted overdraft is cleared as i will be saving to pay off my loan in full...

so i think i should be able to join you from march:) i will be aiming for bronze just to see how i get on:D

good luck everyone:)

Angelselondon

Well, at least we are all settled on how this scheme is going to work.

Good Luck everyone, as you save you should be working out your percentages rather than showing in sterling.

this is the sum for the working out the percentage:

amount saved this year to dated / annual net income

then multiply this number by 100


example given was if I earnt £100,000 after tax
and saved £75,000 I would have saved 75 % in a year

(100,000 / 75,000) = 0.75 * 100 = 75%

You would calculate at the same percentage if your annual net income was £100 and you saved £75

Month one should read 6.25% so by month 2 you would have broken through Bronze at 12.5% and in training for Silver and so on.

This ensures every one is neutral ground and are not put off by members of the thread who are able to save larger sums of money, therefore, please show how much you have saved each month in --% only.

I hated percentages when I was at school, but I think I've understood this right. Please correct if I am wrong.

Thank you

Angelselondon

Nice one Jamiedodger, great to see you are in training.

cookie9

Great idea to have a savers challenge. Do we show the percentage each month as percentage of annual income or monthly?

Angelselondon

Hi Cookie9 and Welcome

If you do the percentage as a running total against the year, you'll see your percentage increase towards each target. The idea being, at 0% - 9.99% you are in training towards that medal. So you get your medals as you go along.

I'll see if we can get medal smilies to add to our signaturesnas we get to each medal just like the Girl Guides as an incentive.

Katgoddess

I think this is a brilliant idea. I'm going to create a spreadsheet to work it all out. I have two jobs so it's a bit confusing!

jamtart6

Angelselondon wrote:

Hi Cookie9 and Welcome

If you do the percentage as a running total against the year, you'll see your percentage increase towards each target. The idea being, at 0% - 9.99% you are in training towards that medal. So you get your medals as you go along.

I'll see if we can get medal smilies to add to our signaturesnas we get to each medal just like the Girl Guides as an incentive.

i'm going to get SO confused doing it like that!!!! if someone could help i'd be pleased!!

jamtart6

Angelselondon wrote:

Hi Cookie9 and Welcome

If you do the percentage as a running total against the year, you'll see your percentage increase towards each target. The idea being, at 0% - 9.99% you are in training towards that medal. So you get your medals as you go along.

I'll see if we can get medal smilies to add to our signaturesnas we get to each medal just like the Girl Guides as an incentive.

i'm going to get SO confused doing it like that but i like it!!!! if someone could help i'd be pleased!!

jamtart6

Angelselondon wrote:

Hi Cookie9 and Welcome

If you do the percentage as a running total against the year, you'll see your percentage increase towards each target. The idea being, at 0% - 9.99% you are in training towards that medal. So you get your medals as you go along.

I'll see if we can get medal smilies to add to our signaturesnas we get to each medal just like the Girl Guides as an incentive.

i'm going to get SO confused doing it like that but i like it!!!! if someone could help i'd be pleased!!

jamtart6

Omg So Sorry For Triple Posting!!! Computer Went Nutz!!