The 'Save 12k in 2013' Thread!

slowlyfading

VfM4meplse wrote: »

I'm wondering what the point of saving anything is these days, given the pitiful rewards. I'd rather just give it to charity and get 40% back.

It's not just about the rewards - some people are saving for a specific thing, like a house deposit, car, etc. Some people (myself included) are putting money away into an Emergency Fund, so it's there if anything happens.

It's a personal choice, whether to save or not

coolcats

I have a regular saver each month. Works for me, means that I know whatever happens I've saved. Its treated as a bill so I don't miss it. It comes out at the beging of the month so its gone. With most you can only put in once a month up to a maxium and has a minium monthly payment.

Desperate_Housewife_2-2

Just updated sig and this monthly update for january. Miraculously I have saved £1k! I think it is mainly because I did extra shifts, didnt go mad at xmas and have been planning ahead for spends too.

lbnblbnb

My transfers have not happened to my savings accounts. I am not sure why, if it is because it is a weekend or if it is because I set them up for the day after payday.. I will wait and see tomorrow. Itching to update my sig and the spreadsheet, but I will only do it once the transfers have happened!

TDPIX

gothrockchic1 wrote: »

Last week I got word that I was getting a bonus for all my hard work from last year which will be included in next pay. So I will put that to savings and post how much it is when the Taxman has had his share!! :j

Congrats We should hopefully get an EOY bonus in work too.

As for how much is deducted - it's whatever tax rate you are on (e.g. 20%, 40%) plus 12% NI. (And in my case, a further 9% in student loans - so 20+12+9 = 41% overall )

Lomcevak

Regular saver kicked in yesterday, so month one done - total of £1019 to declare, plus £1500 off the nastyloan that needs to die.

Not going to keep going at that pace, Jan and Feb will be really good as there are a load of on-call payments coming in from work (24/7 support, week-on, week-off for a couple of months which was exhausting but lucrative). But that boost should be enough to break nastyloan while keeping pace with the £13k savings target. Hopefully will have the loan gone by March/April and will have £300 a month more to put towards the challenge

InsertWittyName

TDPIX wrote: »

Congrats We should hopefully get an EOY bonus in work too.

As for how much is deducted - it's whatever tax rate you are on (e.g. 20%, 40%) plus 12% NI. (And in my case, a further 9% in student loans - so 20+12+9 = 41% overall )

Just wanted to say that NI is only 2% for the 40% tax rate - so it's 32% or 42% in total (+ 9% student loan if it applicable).

[Deleted User]

Wow, lots of people made a great start to saving in 2013. Initially I too am saving towards an emergency fund and then towards my Dream House.

Canucksfan

Hey all!
It has been great to see such a strong start and to read all your plans and dreams for the year!
Here is my update for January. After a poverty stricken December, due to a mess up with my Maternity pay, the back pay is starting to come in slowly. My plan to try and educate myself about money meant that I read 'Rich Dad, Poor Dad' and 'The Wealthy Barber', both of which stressed the importance of 1. Pay yourself first and 2. Do not rely too much on government and private pensions when planning for retirement. With that in mind, I scraped together $1000 and put it into a tax free saving account for me. Of course that left me with very little money for anything else, including the bills, but I feel good that I have made a start on the savings. Next thing I must do is research where to put the money, as it isn't earning any interest in the bank account.
Two of my kids seems to have doubled in height overnight and have asked me for new clothes. Luckily they wear a uniform to school and I have plenty of used uniforms, thanks to different friends. One of the older children asked if the family could go to a restaurant to celebrate his birthday. We showed him his Dad's shift timetable for the rest of January which has loads of early starts, so DS has agreed to put it back to Feb - phew...must start saving for that. There is always something coming up in a family that wasn't budgeted for!
The baby is coming on in leaps and bounds. A friend gave me a bag of baby boy clothes and a sling to carry him around with. No matter how tight the money has been this month, I still have not resorted to using the washable nappies...YET! He has a habit of catching me out when I am changing him on the bath mat and doing a pee - well at least it saves on a nappy...v MSE of him ha ha!
I see on the news that you have had some rotten weather. Here on the West Coast it has been unseasonably mild - sorry! We have some beautiful sandy beaches nearby and try and go there regularly so the children can build their sand castles, climb the dunes etc! I keep my eyes peeled for any spare coins but no joy yet!
Right back to look on my online accounts to see if I can pay off anymore of the credit card bills which crept up in December when I wasn't being paid - ouch!
Keeps on saving peeps x

[Deleted User]

Rounding up the months finances as it is payday next week for me. We have £30 left in our fuel fund that we won't need as both cars have plenty petrol to see us through the week. So that £30 just been sent across to the savings account. Total sent since last update so far = £250. New savings total = £2263.

Will be sending some money over when I get paid too but will be less than planned due to a short break we are having up to Isle of Skye. Most of this trip is paid for by a voucher I got for my birthday for 'Accommodation, Food, Drink' at the Cullin Hills Hotel on Skye. Need to add on Petrol money and extra for food/treats.