The 'Save 12k in 2014' Thread!

ajdj

lalman wrote: »

Do people class 'private pensions' as part of there total? I don't.... because I won't see It for decades...

I don't either. I prefer money in the challenge to be funds that I could access if I wanted to. My pension contributions are locked away. I think some people on here do include them though, which is fair enough as it is still savings

lalman

Thanks ajdj.

I can see both points of view - if our only goal was this target it would actually disincentive pension contributions which would be a mistake...

Im not going to include them but on my personal spreadsheet add it onto my 'balance sheet'... yes I am an accountant. lol

Niv

I don't include pensions, but I do include any other investments - not only cash.

YoungBusinessman

Hello strangers, massive well done to all who have stuck with the challenge this far, especially those who have smashed their goals already!!! So gutted about my turn of events but I should be clearing half my debts off next year so il be here to save 16k in 16 with you all!!!! Keep up the good work!!!

ajdj

lalman wrote: »

Thanks ajdj.

I can see both points of view - if our only goal was this target it would actually disincentive pension contributions which would be a mistake...

Im not going to include them but on my personal spreadsheet add it onto my 'balance sheet'... yes I am an accountant. lol

I know what you mean, as mine go out as salary sacrifice I've managed to get to the point where I don't have to think about them. I glance at my pay slip and see it's gone across and that's it. For me my pension contributions are pretty much zero effort! It's nearly at the point though where I set my preferences for next year and I think it's a good thing for me to increase my contribution. I'm currently contributing 3% of salary and my employer contributes 7% (the max they offer). I've decided to increase my contribution to 7% from January, it will help build the pot and reduce my tax bill

Lomcevak

lalman wrote: »

Do people class 'private pensions' as part of there total? I don't.... because I won't see It for decades...

I don't include my work pension (5% me via salary sacrifice, 10% employer contribution) but I do include contributions to my SIPP. Not very consistent, I agree

But it feels right to me - I guess because the work pension is 'invisible', it comes off my pay before I ever see it so I don't think of it or count it, whereas the SIPP is a savings choice that I make. I also have around 12 months salary already available in cash and don't want much more in the way of cash savings, so most of my savings are aimed at the longer term now, the SIPP is just a different wrapper.

Lomcevak

And on a savings note, happy to say I've now made it past the £20k mark - going to try for £24k by year-end, although that's probably a stretch too far with only two months left to go

[Deleted User]

I pay £300 per month into a Stakeholder pension but I do not include this in my savings total. I only include savings that are easily accessible to me.

Lomcevak - well done on reaching your goal.:T

Wilkos

Hello everyone,

No.38 declaring £800 for September. I am just £1,978.08 away from meeting my total for the year! Getting very excited now, but need to curb the spending for October, November and December. I'm thinking good luck with that, but I am sure I'll do it.

Congrats to everyone hitting and exceeding their targets - really inspiring.

girlatplay

Well I finally got the £100 switching bonus :j although it was 3 days late :mad: I had to call them to ask for it! Who knows how long it would have taken if I hadn't. Anway, got it now so added it to my tally towards this month's declaration.


Talking of this month's declaration, I will be hitting my target this month. I am only around £170 short of it. I already have £108 this month. I will be putting in around £160 on payday. I just got a 2% (:cool:) payrise so I will have about £25 extra per month to play with (which of course will be going into my savings for the purposes of this challenge :A). According to my spreadsheet projection, I am likely to hit £2000 by the end of the year.


So, should I up my target to £2000 for the last two months?