The 'Save £12k in 2012' thread!

guitarman001

I know I'll get flak for this - but I don't tend to follow savings 'plans' or the like. I tend to just spend as little as possible and keep it holed up in the bank. Ruined it by blowing a wad on shares that have tanked... and of course every couple months I do get a little bored of being a miser (lol - and the girlfriend gets even more bored with it!!) and splurge a little (~£100) on books or whatever. Plus on weekends I do spend £30-40 a go, but I don't think that's too bad. You've got to have SOME fun.

To be fair... if I REALLY pushed it, I could save £12k in a year. If I were single it would be a bit more. Just can't see how folks can live 'normal' and still save so much, on what I'm assuming are normal salaries (£15-30k).

(I throw up [not really] when I think of paying back my student loan... can't imagine what having a mega mortgage would be like. Never want one, ever. £50k's the limit, and that should be realistic when combining savings and the trend of falling house prices).

EDIT - do these savings also include interest accrued over the year?

XSpender

This is just the challenge I have been looking for :j

I have been debt free for over a year but still find it really difficult to save even though there is a surplus in my budget it always gets spent:o. I want to build up a safety net of 3 months income and save to settle my 2nd mortgage well before the current end date of 2016. There are 2 of us with a toddler and 2 little dogs and a joint income of about £47k before bonuses and expenses.

Can you put me down for £12000 please. I think £8000 would be achievable, £10000 a stretch so £12000 is really pushing the boat out.

slowlyfading

guitarman001 wrote: »

EDIT - do these savings also include interest accrued over the year?

Well you obviously have things worked out for you, and that's great Me and my H2B have a lovely life thanks, we don't go without but we are not massive spenders either. We're saving for a house deposit, so we're keeping that in mind when it comes to spending and saving.

To answer your question, I'm going to say no, they're not included.

Another point that may interest you, that unless I find another job soon, we will be nowhere near the £12k target by the end of the year, yet I'm still aiming for it....

slowlyfading

We've hit 50 members :j :j

k66yla

Wish I could join but to be honest would be lucky to save £1200, probably manage £120.

slowlyfading

k66yla wrote: »

Wish I could join but to be honest would be lucky to save £1200, probably manage £120.

You can join! just set your own amount

guitarman001

slowlyfading - I hope you find another job soon then! Good luck!
You probably know.. but I would wait a couple of years if you're wanting to buy property in the UK. I do still think we're likely to see double-digits knocked off. Properties round my way have been sitting around for more than a year with £25k reductions - and still not selling! I know people who want to sell and move up who say 'now is not the time' - but if I were them I would be lopping a wad off asking price and banking the cash before offers get even lower.

I would join this task BUT I know I would never keep up with jotting down numbers saved. Good luck to everybody, though!

RedfordML

K66, set yourself a target of say £1000, you never know, with a forum to follow you might just suprise yourself?! gl if you join!!

Desperate_Housewife_2-2

oo! no. 49! Thanks for adding me.
Guitarman001, we both have jobs and earn around £40k together and have 2 kids but frugality has become a way of life and the kids are following us so its normal to them. I think very carefully before buying anything and to be honest I find it refreshing not to be 'owned' by possessions. Clothes and household items come from jumble sales/ charity shops/ car boots and unless I can source things from there I don't bother. Of course there are things I have to buy new but budget for these.

I never scrimp on things like dental care and specs but its amazing how you can cut down on spending. I still feel extravagent sometimes too!

A great book that I often recommend is 'Tightwad Gazette' by Amy Daczyzn which revolutionised my life and gave me a whole bew outlook on spending.

Having said all this I do have my moments because of course life is to be enjoyed. Me and OH bought each other a kindle for our birthdays this year and I absolutely love it! Needless to say I have downloaded free books so have saved on that...

I don't think I will be able to save £12k but will give it a go... aim for the stars and you might reach the moon!

Good luck everyone

Humbert_Humbert

slowlyfading wrote: »

To answer your question, I'm going to say no (savings income), they're not included.

Not wishing to go against the grain of covention here, I think that any income should be permitted, be it interest on savings or, for those lucky enough, rental income.

My plan is to raise my savings from 'X' on Jan 1, 2012 to 'X + 12K' by Dec 31, 2012. Most of this will come from savings resulting from job income, naturally, but I'm going to include the small portion contributed by my savings, ISAs and NS&I index-linked certificates; I'll certainly need this boost to hit 12K.