The 'Save 12k in 2014' Thread!

YoungBusinessman

I'm the same as last post, £12k is minimum, should be pushing for 15 again. Spent a bit of money on sofas....savings are down! But still up about £600 for this month and will get another £1,000 put away on the 31st. £1,600 still a decent start to the year. Better than I did for January last year. Almost time to start banging in the overtime so wages will increase a bit. Should be getting a tax rebate in April, around £1,000 so far will work it out nearer the time and get onto them as told it can take 5-6 weeks for them to give it back?!

Got a job on for end of April/start of May that I will manage to do on weekends so should see an extra £2,000ish income. How early did someone hit £12k last year?? I want to be one of the first this year, need to start living a bit more frugally, like stop going out so much.

amiehall

I've always had pretty speedy tax refunds when I've written to them with the right paperwork. Like I've had the cheque within a week. Although I guess this is likely to take longer in April at the year end. Aren't you going to be waiting a while for your P60 or are you out of work? If you're not currently earning you can claim now and don't have to wait until April.

YoungBusinessman

I'm currently in work and phoned them to ask why iv paid so much and they said it will be refunded in April once tax year is over. 40% tax bracket now so it might end up being less than £1,000 I get back. I usually get my p60 with first payslip of new financial year. Only 5 more pays until end il hopefully get a new Isa opened and filled.

sw-blue

So how does this work?

My wife saves £500 a month. I save £250 towards car costs. If I were to save another £250, does that count towards the £12000? We may draw on these savings, so I ask again, does this count? Sorry to be naive.

sparrer

Saving has been a bit hit and miss this last week due to a family member needing some help. However a holiday has had to be cancelled so I'm saving on that which has evened out the financial situation and still on track for my monthly amount

ShootForTheMoon

Ok, my first post in the 2014 challenge!!

Today my payment of £300 went into my First Direct Regular Saver. :j

That's in addition to £300 that comes straight from my pay into savings with work's mutual society (this is not accessible for a couple of years, but is performing well and will still count towards my total)

I also used my Christmas money to buy a £200 worth of premium bonds - bit of fun and what my old Pops wanted, so, declaring January's total:

£800 / £10,000 = 8% of total

Hoping that I should be able to stash away more from March onwards as smashing the overtime at work to make the most of it!

Congrats to everyone pulling in some big amounts in what's always a loooong month! Best of luck!

Shoot x

girlatplay

sw-blue wrote: »

So how does this work?

My wife saves £500 a month. I save £250 towards car costs. If I were to save another £250, does that count towards the £12000? We may draw on these savings, so I ask again, does this count? Sorry to be naive.

I only count savings that I will not be dipping into during the year. I save separately for car costs, insurances, dental plan, etc. I will not be counting the money I put into my emergency fund this year as I know my washing machine is on its last legs (has been for a while) so will likely have to buy one at some point this year.

Payday on Friday :j although I won't be able to update until next week as I am waiting for the interest from my regular saver which I won't get until 28th.

[Deleted User]

sw-blue wrote: »

So how does this work?

My wife saves £500 a month. I save £250 towards car costs. If I were to save another £250, does that count towards the £12000? We may draw on these savings, so I ask again, does this count? Sorry to be naive.

I would only count money that is not allocated for other use as savings. I set aside money separately from savings for car costs such as service/MOT/Tax/Breakdown cover etc and would not count this in my savings.

If the £500 from your wife and additional £250 saved by you is not allocated to be used for expenses then yes it would count as savings to me. Hope that helps.

Wentthedaywell?

girlatplay wrote: »

I only count savings that I will not be dipping into during the year. I save separately for car costs, insurances, dental plan, etc. I will not be counting the money I put into my emergency fund this year as I know my washing machine is on its last legs (has been for a while) so will likely have to buy one at some point this year.

I do the same as girlatplay - I don't count it as saving if it's earmarked for planned budgeting. But there's no hard and fast rules on this thread, we are a pretty laid back bunch!

slowlyfading

sw-blue wrote: »

So how does this work?

My wife saves £500 a month. I save £250 towards car costs. If I were to save another £250, does that count towards the £12000? We may draw on these savings, so I ask again, does this count? Sorry to be naive.

It's supposed to be the savings that you will have at the end of the year, but others have chosen different ways to interpret the thread