The 'Save 12k in 2013' Thread!

YoungBusinessman

In reality, im onto this challenge now. What money i make now, i get paid for in January. So effecitivly i have started :money:

snowgo

hails14 wrote: »

can I ask if people have any tips they have for me on how to reach my goal?

My tips are:

• Think really hard about what monthly amount (assuming you are monthly paid) is realistic for regular saving, allowing for the unexpected bill coming in and the occasional month when you'll feel like a treat
• Have a separate savings account (highest interest rate you can find) for your savings and set up a standing order to sweep your monthly savings across to this account at the beginning, rather than the end, of the month. That way you are left in your current account with what you plan to live on for the month and it's less tempting to fritter away the savings.
• Set your yearly goal as somewhat less than 12 times your planned monthly saving. That way if you have a 'bad month' it won't feel so disasterous, and if you have repeated good months you will feel like you're getting on top of your goal quicker.
• You can always set a higher goal mid-year, if you achieve your target early.
• If you are tempted to splash out on something big (new gadget, weekend break, etc) give yourself a day or so thinking time before committing yourself. I ask myself two questions: 'will this thing I'm planning to spend money on measurably enhance the quality and enjoyment of my life?' and 'Will I look back on it afterwards and think it was the right spending decision to have made?'
• Remember that savings are not the be all and end all. The quality and well-being of your life (& your family's) is what matters. But having savings can really help with that.

black_cat

snowgo wrote: »

Please sign me up for the 2013 challenge. I'm setting my goal at £6000 for the year. I had an initial target of £3600 in 2012 and I achieved that by August, so it's right to set a higher amount from the go this time. But I do think it helped me to be cautious last year, especially in the tough initial months. (I note that many of those who dropped out of last years' challenge had set themselves £12000 targets. A big ask. I'm pleased to see that many posts in this thread are setting lesser target amounts.)

Thanks for this good advice. I've followed the thread in 2012 but didn't sign up. I saved over £6000 and paid for our holiday in cash - thank you all for the inspiration :T

I'm not sure what DH's job situation's going to be in the New Year, so I'm going to join up and set my target at £5000

Robie

I missed out on the 2012 thread.

Count me in for 8K but I hope I am able to do the full 12K though.:j

hollysmum22

can i join please for £5000 thank you

LolaLemon

How have I missed this thread!?

I am going to sign up, but with a realistic aim for me of £4000, but hoping that I will save a lot more.

RedfordML

Sign me up slowlyfading, this time for £5,000 please!

Got a big year ahead so savings will be down on this yr but this is a great thread and keeps the motivation levels up!!

kandfs_mam

HI Slowlyfading

Count me in again for £12,000 which will be a combination of mortgage OPs and cash into savings.

Thanks

alright_dave

Can I be put down for £10,000.

fmhm

I'm in, for £8000 please

oh goodness! i've got those fun butterflies in my belly now