The 'Save 12k in 2013' Thread!

Twiggy_34

My savings on my online saver were just shy of £2.50, but they pay this into my current account (can't remember why I set it up to do that, but hey ho). However, Martin's ISA show lastnight encouraged me to do the math on what I'd earn if I moved it into the ISA today with the new allowance, and I calculated a return of more than £10 interest each month... My maths is not the greatest so it will be interesting to see if I did that right when the interest is paid out on it!

It also means I need to completely reconsider the way I manage my money, previously I never came anywhere even close to having significant savings, or to coming close to the limit for the ISA allowance so I always used that account to move money in and out of as and when needed. Now I need to leave what is there alone which only leaves my online saver, which I lose interest on if I withdraw money at any point in a month... this could be a good thing as it might be an incentive to not take money back out, but I'm thinking I need another account entirely to use as a buffer. I have a habit of stashing lots of money away into savings in the hope that I wont need it, and because I'm less likely to spend it so readily if it's not so easily accessible, but still need the flexibility of being able to trickle some of it back into my current account if/when needed.

[Deleted User]

Think I am going to have to dip into my new emergency fund next week as car is making strange noises and the driving lights are no longer working. Hoping it doesn't cost too much!

citizenkitten

I count anything as that is in the bank on the 31st dec as savings
So I count my pension too because it motivates me, otherwise I feel I am not really making that much progress.

Like others I have yearly savings that I started for the first time this year, I dip into for the following
Car - insurance, mot, servicing (all within budget hopefully)
Presents - family not friends
Holiday - just to insure i can afford one cheap holiday a year, got to have something to look forward to.
wedding fund - will be spending all by sept.

then emergency - finally started my emergency fund, starting slowly atm.

Determined_diva

Hi all
Need your advice on isa

I currently have a 2nd job that i am stashing the money away.
Do I :
A) open up a cash isa now with minimum of £1 deposit
wait until I have £2,500 and then open up a isa with bigger interest rate?

Will have the £2.5k by September this year

Thanks for your help

DDx

lippy1923

Although it's not new money towards this challenge I just moved some money from a standard savings account to my ISA as part of this years allowance I don't know why but I always get a little excited in the new tax year :rotfl:

Also added £200 new money to the wedding fund so that will go against my April figures.

Should really start sorting some savings out for my holiday which is creeping up fast. At this rate, come July we will be going away with about £100 spending money .....

.......I'm off to hatch a plan now. Happy savings everyone x

lippy1923

Determined_diva wrote: »

Hi all
Need your advice on isa

I currently have a 2nd job that i am stashing the money away.
Do I :
A) open up a cash isa now with minimum of £1 deposit
wait until I have £2,500 and then open up a isa with bigger interest rate?

Will have the £2.5k by September this year

Thanks for your help

DDx

That's a tough one. Personally I would open the best paying ISA I could find now and start putting away bits and bobs when ever I could. You never know what rates will be like come September. I would hate to wait only to find they have gotten worse or stayed the same and lost out on 6 months worth of tax free interest.

Good luck whatever you choose x

Determined_diva

Thank you Lippy! I just opened an easy isa with my bank so in can get some interest free tax and save some cash up. Come September I might look at best rate again, close my current isa down and transfer what I ave saved into the better paying one.

Thank you so much for taking the time to reply to me

DDx

Wentthedaywell?

Determined_diva wrote: »

Thank you Lippy! I just opened an easy isa with my bank so in can get some interest free tax and save some cash up. Come September I might look at best rate again, close my current isa down and transfer what I ave saved into the better paying one.

That seems a smart move DD. I'm sure you know from what you've mentioned above, but don't close your ISA, get them to transfer it. You can move providers (assuming no penalty) any time, so if you see a better deal, transfer.

Determined_diva

Thank you for saving me.... I was going to close it! Oops!
DDx

lbnblbnb

Twiggy_34 wrote: »

My savings on my online saver were just shy of £2.50, but they pay this into my current account (can't remember why I set it up to do that, but hey ho). However, Martin's ISA show lastnight encouraged me to do the math on what I'd earn if I moved it into the ISA today with the new allowance, and I calculated a return of more than £10 interest each month... My maths is not the greatest so it will be interesting to see if I did that right when the interest is paid out on it!

It also means I need to completely reconsider the way I manage my money, previously I never came anywhere even close to having significant savings, or to coming close to the limit for the ISA allowance so I always used that account to move money in and out of as and when needed. Now I need to leave what is there alone which only leaves my online saver, which I lose interest on if I withdraw money at any point in a month... this could be a good thing as it might be an incentive to not take money back out, but I'm thinking I need another account entirely to use as a buffer. I have a habit of stashing lots of money away into savings in the hope that I wont need it, and because I'm less likely to spend it so readily if it's not so easily accessible, but still need the flexibility of being able to trickle some of it back into my current account if/when needed.

I know what you mean, I am like that too! I have two savings accounts that are at the same bank as my current account. The interest rate is rubbish, but the money I move across into those accounts doesn't stay for long (heating oil, Christmas, holiday spending money, boiler replacement fund...). I then have a separate account paying a good rate for my emergency fund, which is only for dire emergencies. The first two savings accounts are just a way of me separating out the money, I am not charged for them and I make a small amount of interest but the flexibility is what I need.