The 'Save £12k in 2012' thread!

rictus123

MoneySaverLog wrote: »

Work it along side this one, just make it a longer term goal :-)

Thats what i would do....but the 2 would be seperate as this goals money is spoken for in form of a house deposit. Got a 3% apr account i will use for the next year for this challenge. Will be small and steady wins the race in this case!! Who is going to start it then. We wouldnt really need the totals on first page, just everyone take note and do there totals themselves as they post. Maybe a big quote every year with how everyone is getting on.

sweetpeas_2

rictus123 wrote: »

It is amazing to think about it...but if you saved it along side your mortgage, your mortgage would be much less than £74k.

At the rate of this challenge its £120,000 not £100k.

£120,000 just looks so much better

Oh yeh I never thought of that lol. Can you tell I'm a complete novice where it comes to saving?! I've never in my life had a savings 'pot'. This challenge is the first effort I have ever made towards a savings plan which is why I'm so mega excited about it

Mixture of having kids young and having a certain love for Caribbean holidays... But now I'm creeping towards 30 I've almost had a little light bulb switch on which has made me panic slightly!

£120k does look better you're quite right, sounds very ambitious to me at the minute but that's probably because I've never looked at the long-term before. Scary stuff! :eek:

rictus123

Well at least you have no debt to get through first sweatpeas? I have a fair chunk to get rid of before im even part of this challenge. Looking at being complete debt free in June/July at latest this year. Give me 3-4 months saving a little emergency fund(this could well be accounted for in £100k challenge as will not be touched unless forced to) then rest of year and start next year first half of year looking at saving deposit to move out by next summer. Bring it on, someone get it going so i can get on it

stavromueller

I'm up for the £120 000 in 10 years, although I will definitely have to get my boyfriend on to the challenge as well - we are saving up for a house together at the minute, although as we are both just out of university, are only just starting.

Our current plan for saving is roughly I save £650 a month into the deposit savings and £100 a month into the holiday fund and my boyfriend saves £350 a month into the deposit savings and £100 a month into the holiday fund, and then anything else we can manage on top of this. I earn around £300 a month more than he does so this seems fair. And if we manage to keep this up over the whole 10 years then that should be a reasonable target!

I figure that if I'm going to save all this money I ought to enjoy it too! (Holiday plans include Prague this February, Norway next feb, New Zealand at some point, Niagra Falls, Yellowstone Park, Eygpt..... err I need to stop looking at travel websites!).

I haven't been paid yet so I haven't managed to 'save' anything yet. I tend to work on the principle that I put into savings £600 a month when I first get paid, and then move across the rest of the previous month's pay cheque at the end of the month.

sweetpeas_2

No we have no debt rictus, we did have a very very large amount (40k+) which we finally got rid of Aug 2010. So all our money has gone towards that for so long hat we've never managed to save anything. Shortly after that we went on a posh hol to Cuba as a 'treat' because we were finally debt free.. so this is the first 'savings' we've ever had

rictus123

Aw well you have done well then...i have just started up a thread of my own you guys should pop in to motivate me. Aiming for £100k net worth by the time im 26 so just over 5 years to do it..aiming to be debt free by my 21st this summer so that will be my working career 5 years old and give me exactly 5 years to get my net worth upto £100k. I will still be able to do the £100k in 10 challenge as it will work towards my net worth increasing. Surely if i can do £100k in 5 years and by 26 i can do £250 by 30 in 4 years once i hit the £100k mark...as they say, money makes money!?

Desperate_Housewife_2-2

Exciting stuff! Everyone seems keen on the £100k idea...

Just transeferred £8.30 from Santander as interest got paid into hubbys account today so grand total now £780.78!

jencolescott

Hey can you count me in please Saving for a house deposit so really need some motivation

zafiro1984

Got to share this with someone - just sold my first ever item on eBay in the last 5mins. OK, so I only got £25.00 for it but that is going straight into my savings. That only leaves £11,975.00 to go. Two more items to finish later tonight.

I am seriously de-cluttering 40+ years of items. Our son thinks I should easily get 12k plus, looks like it could be a full time job in the next 12mnths!!!!

MoneyWorry

I would love to do the £100K in 10, but having a fairly small salary and being on my own, I don't think it will be possible. Would be good timing as this would take me to retirement.