The 'Save £12k in 2012' thread!

LB29 · 19 December 2011 at 11:34PM

Thanks for adding me too. Hope you all have plenty of ideas to share.

*cassius* · 20 December 2011 at 12:52AM

Can i be added please, might give me an incentive to finish my house savings deposit of £50'000

trixie4 · 20 December 2011 at 10:28AM

Thanks for adding me slowlyfading!

I'm hoping to save up for a flat deposit over 3 or 4 years. By that time I'll have a better idea of where I want to live as well! I have £3200 in savings so anything I transfer from my current account on top of that will be part of the total

T

MummyMummy_2 · 20 December 2011 at 1:02PM

Wobblydeb wrote: »

I reckon that works - although I'm not in charge! I am only going to count what I physically move into savings, so I should be able to see £12,000 by the end of the year.

Already wondering how the heck I am going to buy my new winter coat in the sales and still make £1k in January... :undecided:

that's what i thought the 'rules' were? that you had to actually have your challenge amount as actual money set aside when the end of next year arrives?

***

speaking of having seperate money aside... i really don't know where i should put money that i've saved/set aside $:\$ i don't have any savings accounts right now (i have my bank account and a premium bonds account. i can hear the gasps at me having money in premium bonds right now haha but that's it). i don't really understand saving if i'm honest and whenever my bank phones me up 'to save me money' i just say i'm not interested and leave it at that as i just don't genuinely believe that somebody who makes money off my money is going to want to save me money. maybe i'm too cautious? or maybe i'm just plain stupid? *shrug* i try reading the posts on here but i end up more confused than when i started off and i wouldn't know a good interest rate from a no interest rate $:\$

Cat2011 · 20 December 2011 at 2:27PM

MummyMummy wrote: »

that's what i thought the 'rules' were? that you had to actually have your challenge amount as actual money set aside when the end of next year arrives?

***

speaking of having seperate money aside... i really don't know where i should put money that i've saved/set aside $:\$ i don't have any savings accounts right now (i have my bank account and a premium bonds account. i can hear the gasps at me having money in premium bonds right now haha but that's it). i don't really understand saving if i'm honest and whenever my bank phones me up 'to save me money' i just say i'm not interested and leave it at that as i just don't genuinely believe that somebody who makes money off my money is going to want to save me money. maybe i'm too cautious? or maybe i'm just plain stupid? *shrug* i try reading the posts on here but i end up more confused than when i started off and i wouldn't know a good interest rate from a no interest rate $:\$

The best buys on here are a really good start. Try http://www.moneysavingexpert.com/savings/savings-accounts-best-interest
My understanding is that you want to 1) Pay off debt, 2) Pay off mortgage if interest you pay is higher than interest you earn on savings accounts, 3) Fill an ISA with your allowance, 4) Put money in an easy access savings account, 5) If you're saving a fair amount each month then also drip feed into a regular saver.

Northern Rock and The AA have 3.05% on their ISAs at the moment according to MSE. ISAs are good because you don't have to pay tax on them. So I'd start by opening one of those. You'll need to open another one in April - at the start of the next tax year.

There are also other options, such as opening a Satander Prefered current account. As long as you pay in £1000 a month you can get cashback for opening the account along with a 5% interest rate on the first 2.5k.

You're right in ignoring banks that contact you about savings. One of my banks asked me every time I was in their branch if I wanted to open a 2% savings account. Eventually I was a bit rude and basically said why on earth would I want to open that when my other savings accounts are 3.1% - 5%!

slowlyfading · 20 December 2011 at 3:55PM

:hello: and welcome to all of the new members - you're all added to the front page!

redbull5 · 20 December 2011 at 4:06PM

rictus123 wrote: »

Are you as excited as me redbull? Lets do it

More. Will be great to see my bank grow for the first time in 6 months. Yupee. Got some overtime in this months pay so put that away as soon as i got it. Last minute xmas shopping on thursday and thats me.

Whats your business loan thing mate

Got my card and details for my new current account through the post today. Going to pay all my bills from it and my fuel and leave my normal day to day spending on my normal current account. This is so i cant overspend and i know all my bills are paid without having to worry about them. I will have a buffer in that account so i will have access to an emergency fund aswell. Just need to put some extra into there to get it started and leave it to build.

So determined about next year, although not looking forward to april already, car insurnace, car tax, probably 4 tyres and mot. AHHH better get saving eh

mrshep · 20 December 2011 at 5:02PM

Hi All

I've been doing some sums and I can't see me getting to £12k not even close I am afraid!

Can you please change my target to £6k and I will have a go for that, although that will be tight!

Thank you
xx

lvm · 20 December 2011 at 6:44PM

Because I'm a bit sad, have too much time on my hands and I've just realised that it is officially 12 Days til we can start saving...here's a little Christmas song!

*******************************************

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ENJOY! :snow_grin :xmastree: :snow_grin

rictus123 · 20 December 2011 at 6:46PM

redbull5 wrote: »

More. Will be great to see my bank grow for the first time in 6 months. Yupee. Got some overtime in this months pay so put that away as soon as i got it. Last minute xmas shopping on thursday and thats me.

Whats your business loan thing mate

Got my card and details for my new current account through the post today. Going to pay all my bills from it and my fuel and leave my normal day to day spending on my normal current account. This is so i cant overspend and i know all my bills are paid without having to worry about them. I will have a buffer in that account so i will have access to an emergency fund aswell. Just need to put some extra into there to get it started and leave it to build.

So determined about next year, although not looking forward to april already, car insurnace, car tax, probably 4 tyres and mot. AHHH better get saving eh

No way, i do not believe for one second anyone on this thread is more excited than me. Exactly the same, been a few months recently where my account balance has gone the wrong way. Im all done with xmas shopping, have a little put away for the sales on boxing day though....knowing me i wont spend it though.

Loan was so i could get all the tools and equipment i need for doing my job in my own time, all new aswel so very likely to work out cheaper in the long run. I know i should have saved then bought with my own money but this stuff should help me earn upto an extra £1500 a month next year. Needed with this challenge and shouldnt take too long to pay off £13k ish.

Sounds like me, you have it all planned out. In April i am away to America so wont be cheap for me either!! July should be best month of year for me, especially earning wise.

The 'Save £12k in 2012' thread!

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