The 'Save 12k in 2013' Thread!

matttye

Just been given a 5% payrise (without asking for it), so pleased about that

I don't want to commit to saving any more yet though, as at the moment I'm hardly spending any money on myself at all and I don't know how sustainable that is... the extra money might be used to treat myself sometimes :P

Tales17

On track for a super saver month! Woohoo! x

InsertWittyName

Payday for me today - another £402.08 in the pension from me and transferred £500 into the ISA.

April's looking like a good month (see sig)

slowlyfading

Spreadsheet and front page updated

[Deleted User]

Thanks for keeping the thread going SF :T.

It is pay day for me next Thursday and I have had a look at the budget for the month ahead. I was hoping to get to 12K by the end of April but the car repairs have put me back a bit so I won't get there until May now. It sounds daft as I know my savings are building up nicely but I felt quite disheartened having to dip into my savings to pay for the car repairs. I just have to refocus and keep in mind that things like unexpected car repairs is why we need to have some savings!

twix521

Congrats Lippy 1923...
Would really reccomend going to an NCT sale.. I am not all for what the nct stand for but their sales are really great and we picked up some really nice bits and peices from them as well as ebay etc.

Also quick question for someone that is a bit more clued up than me...!!!

I pay no tax on my earnings as they are below the threshold (I only work p/t) ... I have just rung natwest about my savings accounts.. just wondered if I still pay tax on the interest I earn or if as I don't pay tax normally I am exempt from this.

I was told by natwest I still pay the full amount of tax on the interest but this sounds wrong to me as I was reccomended by someone to put 'our' savings into my name just so we didn't have to pay tax (my OH pays the basic rate of tax).... totally clueless! Doesn't really matter as the interest I earn is next to nothing, but it all helps....

On the savings calc on this website there are 4 different catagories when working out how much interest etc you will earn over a period of time.
-no tax
- basic rate
-higher rate
-additional

Really confused and would appreciate any advice. x

RoxRoxBling

twix521 wrote: »

Congrats Lippy 1923...
Would really reccomend going to an NCT sale.. I am not all for what the nct stand for but their sales are really great and we picked up some really nice bits and peices from them as well as ebay etc.

Also quick question for someone that is a bit more clued up than me...!!!

I pay no tax on my earnings as they are below the threshold (I only work p/t) ... I have just rung natwest about my savings accounts.. just wondered if I still pay tax on the interest I earn or if as I don't pay tax normally I am exempt from this.

I was told by natwest I still pay the full amount of tax on the interest but this sounds wrong to me as I was reccomended by someone to put 'our' savings into my name just so we didn't have to pay tax (my OH pays the basic rate of tax).... totally clueless! Doesn't really matter as the interest I earn is next to nothing, but it all helps....

On the savings calc on this website there are 4 different catagories when working out how much interest etc you will earn over a period of time.
-no tax
- basic rate
-higher rate
-additional

Really confused and would appreciate any advice. x

Perhaps they're saying that in case you happen to earn above the personal allowance, and then you are a tax payer. You can always claim tax back on your savings.

Eco_Miser

twix521 wrote: »

Also quick question for someone that is a bit more clued up than me...!!!

I pay no tax on my earnings as they are below the threshold (I only work p/t) ... I have just rung natwest about my savings accounts.. just wondered if I still pay tax on the interest I earn or if as I don't pay tax normally I am exempt from this.

I was told by natwest I still pay the full amount of tax on the interest but this sounds wrong to me as I was reccomended by someone to put 'our' savings into my name just so we didn't have to pay tax (my OH pays the basic rate of tax).... totally clueless! Doesn't really matter as the interest I earn is next to nothing, but it all helps....

If your TOTAL income, including interest, is less than your Personal Allowance - £9,440 this year - then no income tax is due. However, until you tell your bank(s) on form R85 they will continue deducting 20% from your interest. You can claim overpaid tax back from HMRC using form R40. It's explained at the HMRC page here, including special cases I didn't mention.

twix521

Thankyou eco miser.

My income for yr 2012-2013 was about 4k as I only started work part way through the yr.
This years will be about 7k.. so still below the personal allowance.

I will print off those forms and send them off. Thanks for the advice

Also, I have around 3k in shares all with the same company, they pay dividends twice a year and they are worth about £120 in total if I can remember rightly...Would I need to let the company know that I currently don't pay tax or are they tax free?

Sorry to divert from the main thread...

lbnblbnb

I am afraid I can't help with the tax questions, I can barely understand my own tax situation...
Savings for April are £905.21. I am pleased but it has been a difficult month and it looks like May will be too.
My emergency fund will be finished in a few months and I am aiming to open a stocks and shares ISA. Trying to read up on it but finding it as clear as mud. Any recommendations of books/ blogs?