The 'Save 12k in 2013' Thread!

MissyD_2

Lol I couldn't guesstimate my pension pot, I've had 2 (1 with previous employer, stopped adding nearly 6 years ago) and the 2nd with my current employer for nearly 6 years (I'm putting in about 100 p.m. and my company have been matching it)
Having said that I don't expect it to amount to much as most of our pensions are in the "lovely banking market":eek:

slowlyfading

nat21luv wrote: »

Happy anniversary for yesterday Slowlyfading :heartpuls

Thank you

MissyD_2

trixie4 wrote: »

Well March stayed at £500 for me. I do have an extra £300 by the looks of it, but I'm planning two big spends: a bed and a laptop and have the large outlay of car insurance and MOT next month to cover as well, so going to keep some in my current account.

...another year where I've not managed to fill an ISA!

Have you considered paying for your Car Insurance on a 0% (for say 12 x months) credit card?
Then divide the amount by 12 and set up a D/D or Standing Order for that amount to be paid every month!BONUS - Credit file is up dated with payments being made on time always looks lovely!

This would work out cheaper than paying up front or monthly instalments by D/D (which appears to be similar to a finance agreement as you do end up paying more ??% APR) as that could earn interest on that amount of cash, in your case tax free ;-)
There's a whole section on this......
http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

Just a suggestion for one to consider in case one wasn't aware of this option.....

citizenkitten

MissyD wrote: »

Lol I couldn't guesstimate my pension pot, I've had 2 (1 with previous employer, stopped adding nearly 6 years ago) and the 2nd with my current employer for nearly 6 years (I'm putting in about 100 p.m. and my company have been matching it)
Having said that I don't expect it to amount to much as most of our pensions are in the "lovely banking market":eek:

Chases your pension providers for a statement.

Minme is worth zilch as i am only second year in just - and first year in my private pension half went on fees etc. I happen to know mine meticulously because every penny counts lol. I agree it is a huge gamble as paper really is worth nothing. but for me, it was to make sure my soon to be husband would be left something if i died as the rest of my money is tied up in a trust.

SusanneCape

slowlyfading wrote: »

Thank you

How rude of me ..... slowlyfading, Happy belated anniversary :beer:! Thank you again for all your hard work that you do for us.

Hugs,

Twiggy_34

anoncol wrote: »

This thread looks intriguing, how does it work if i've bought a car or something which i was saving up for?

This is an interesting question that I'd be interested in knowing the response to as well. Partly because I've known I will need to dip into my savings pot (which is significantly larger than what I've amassed as part of this challenge) for necessary costs to enable us to let out dads house, carpet fitting for example. Also, I intend to use some of the money saved from the rent towards some dental work I need to get done... does it count as savings if technically it's already been spent?! lol

I'm inclined to continue counting it as, regardless of it having a purpose already, it's good to have the incentive to continue accumulating a kitty for such costs rather than to dip into old savings and for them to slowly dwindle into non-existence, or worse still, put the costs onto the credit card. Hopefully that makes sense to everyone?! :rotfl:

eklipze

Twiggy_34 wrote: »

This is an interesting question that I'd be interested in knowing the response to as well. Partly because I've known I will need to dip into my savings pot (which is significantly larger than what I've amassed as part of this challenge) for necessary costs to enable us to let out dads house, carpet fitting for example. Also, I intend to use some of the money saved from the rent towards some dental work I need to get done... does it count as savings if technically it's already been spent?! lol

I'm inclined to continue counting it as, regardless of it having a purpose already, it's good to have the incentive to continue accumulating a kitty for such costs rather than to dip into old savings and for them to slowly dwindle into non-existence, or worse still, put the costs onto the credit card. Hopefully that makes sense to everyone?! :rotfl:

I think it's all relative isn't it ? There are no fixed rules to this thread and it's down to you how you want to interpret "saving".

I have never had savings and I've ALWAYS had credit card debt, since dropping out of uni so many years ago. I'm now credit card debt free and only have a couple of overdrafts to get rid of and I'm clear.

My goal for my savings are purely for a house deposit, so I'm only counting money I'm managing to chuck in an ISA rather than spend. So I'm not counting any of the following as savings as the majority will not help in a deposit.

1) Pension contribution, mine and employer.
2) SAYE share scheme
3) PAYE share scheme
4) SIPS share scheme

These are all savings but I class them as more long term so I'm not including them.

The 3 different share schemes, when comes to excersice time I plan on putting them in a S&S ISA and leaving them there, this I count as future savings not deposit.
If however come exercise time, it's better to cash out, I will do and add this cash value to my savings goal as that is then applicable to by deposit.

I'm sure everyone here will have different reasoning, so .... count what is applicable to you.

girlatplay

anoncol wrote: »

Hi,

This thread looks intriguing, how does it work if i've bought a car or something which i was saving up for?

For me, I intend to have my target in the bank on 31st December 2013. I plan to spend a lot of it on a big holiday next year. If I was planning to use any of it in this year I wouldn't count it in my savings for this challenge.

I don't count my monthly pension savings like some people do and I save separately for car insurance/mot/maintenance/etc and yearly outgoings - tv licence, home insurance, dental treatment, etc.

This all works for me.

nat21luv

The way I've done it is split my savings into seperate accounts;

1. Special Occasions(bday/Xmas ect)
2. Holiday
3. House Deposit
4. Personal(clothes/makeup/days out for kids/new uniforms)
5. Car (ins/mot/repairs/tax)

The only pot I'm counting in here though is the house deposit. The others I pay into every month but sometimes I dip into them too, eg. Birthdays, new shoes for DS, new breaks on car so there's no point in counting it.

mintedmatty

Twiggy_34 wrote: »

This is an interesting question that I'd be interested in knowing the response to as well. Partly because I've known I will need to dip into my savings pot (which is significantly larger than what I've amassed as part of this challenge) for necessary costs to enable us to let out dads house, carpet fitting for example. Also, I intend to use some of the money saved from the rent towards some dental work I need to get done... does it count as savings if technically it's already been spent?! lol

I'm inclined to continue counting it as, regardless of it having a purpose already, it's good to have the incentive to continue accumulating a kitty for such costs rather than to dip into old savings and for them to slowly dwindle into non-existence, or worse still, put the costs onto the credit card. Hopefully that makes sense to everyone?! :rotfl:

I got married last year and set out to save £11,000 during the year, I knew I would be dipping into it at various points to pay for stuff for the wedding but used the train of thought that if I can set aside £11,000 and pay for the wedding out of that then it wont have an impact on day to day life and if I finished the year with a surplus then it would be happy days! So it depends on how you want to look at it, either way you are in the right place for motivation!