The 'Save £12k in 2012' thread!

girlatplay

Congratulations on becoming debt free dib-dab :T I know exactly how that feels as just 11 days before you did it, I did it :j It will be nice to have some savings! I am really geared up and motivated for this challenge and I am desperate to start it. I think saving will become addictive. I became addicted to paying off my debt and loved seeing the total come down, I am just thinking of this challenge in reverse

Gap

dib-dab

Congrats to you too girlatplay! It is a great feeling, I can still remember feeling sick and having sleepless nights 2 years ago when we totted up our debt and consolidated it, stupidly had no idea of the total and couldn't believe the huge number, we felt like it would never go down. Savings seem like things that other more sensible people have so I can't wait to feel like that is us and that if something were to go wrong (redundancy etc) that we would be able to cope with it. Well done again, it is great to be able to share the happiness with people on here seeing as it isn't something we talk about in the real world!

girlatplay

Thank you. My LBM was almost 5 years ago. Single parent, ridiculously horrible council flat, didn't have two pennies, etc, etc. It was almost the end of the world back then. It is such a great feeling now. Yes, other more sensible people have savings. I can't wait to be an other more sensible person :rotfl: This challenge certainly seems to be the way to go for me

Sinvegas

Hi.

I'm sadly excited by this challenge.
I have set up a spread sheet and opened a new savings account.
BUT
according to my spreadsheet, my savings will be more than my debts on payday 28/3/12. But i am expecting a bonus in Jan pay and OT in Feb pay which will cover it earlier(havn't put into spreadsheet - don't like to temp fate) I've just realised though, my savings are in my ISA which pays the intrest on 01/03/12.
My ISA is 3.5% and i'd have to use all of it. My loan is 8%, i will be paying it off 11 months early.

Shall I wait until the intrest is paid on the ISA in march before paying off debt?
- I think i've just persuaded myself to wait

MummyMummy_2

i am so excited to start this challenge. my other half as soon as i told him i'd signed us up was just like no we can't do it and you know what? i really really wanna prove him wrong... god knows how i will prove him wrong as i have to find £1000 each month to keep us on track for the challenge haha yes you read that right, there's nothing much at all to save each month! all suggestions of how to bring in £1000 per month are gratefully accepted haha.

it's strange thinking that 1 year of crazy saving could change our life forever as we might then have the deposit for a house. x

LittlestFlower

I feel really inspired by everyone's enthusiasm :j
£12K will be a real mission for me and am laying awake at night (in a good way) trying to figure out how I'm going to do it! I don't think people I know in the 'real world' would think I was anything but crazy trying. Looking forward to 1/1/12 and supporting everyone in this challenge

xx

nikki2804

I've not posted in a little while but i got my civil service pension forecast today and after 5 years its only worth £1200!!! So that definetley motivation to get a little nest egg together.

Anyway, im moving on Thursday so as of January i will have cheaper rent and council tax. Ill also have a lot more storage so i can bulk buy more food. At the last count i had 34 cans of baked beans haha.

Sorting out stuff to sell on ebay etc aswell.

LealeaV

WOW - everyone seems really geared up to start this challenge - just like me!

I will tot up this years savings on 31st December - I just cannot wait to do that and then start this challenge!

I'm on the same thought trail as Mummymummy, 12k could change my life around! And I too am saving for a house deposit!

This is the first offical challenge I have signed up and cannot wait to sink my teeth into it! I am finding so much inspiration from this forum and have really started to try and change my spending habits as a result!

I am just wishing that 2012 will be a good year, on both personal and money sides... It could be the start of something amazing!

Good luck and best wishes to everyone! x

PheoUK

Sinvegas wrote: »

Hi.

I'm sadly excited by this challenge.
I have set up a spread sheet and opened a new savings account.
BUT
according to my spreadsheet, my savings will be more than my debts on payday 28/3/12. But i am expecting a bonus in Jan pay and OT in Feb pay which will cover it earlier(havn't put into spreadsheet - don't like to temp fate) I've just realised though, my savings are in my ISA which pays the intrest on 01/03/12.
My ISA is 3.5% and i'd have to use all of it. My loan is 8%, i will be paying it off 11 months early.

Shall I wait until the intrest is paid on the ISA in march before paying off debt?
- I think i've just persuaded myself to wait

You should pay it off now, assuming no penalties; otherwise you are paying 5% interest on the difference, I.e. you have money in savings which you are giving to the bank which they are then loaning back to you for a tidy profit! Check out the MSE article!

On that note my car loan is now paid off! Hurrah! That's £4400 extra payments :T

slowlyfading

Front page updated It's nice to see so many people excited about this challenge!

I've been looking at other ways of bringing in some income in 2012 as well as keeping a very close eye on budgets in the hopes that I can save anything. And keeping my fingers crossed that I find a job sooner rather than later