The 'Save 12k in 2014' Thread!

Simple_Si_2

Hi, I would like to sign up. I will be trying for the 12000, It is a massive challenge! Thankyou

Domayne

Thanks slowlyfading! I'm excited as well! :j
I've updated my signature already - The £30 is what I used to open up my new ISA, I will be back to update on the 1st of each month! The first few months of 2014 will be rather low amounts added to savings (£200) because I still have some debt to pay off - which I estimate will be gone by the end of March, Then I will throw all the ££ I currently throw at debts to the savings! Can't wait for 2014!

Jason_Bourne_2

What sort of account would be best to use?

The money I'm saving for this won't be touched for 12 months, I'll have another account for an emergency fund so any money put into my savings will stay there until about March 2015.

Isa?

StrawberryJam132

Hi everyone :wave:

Slowlyfading, could you put me down for £6K, please? Time to pay off my debts & start these OP's!

Thanks!

SJ X

Lomcevak

The amount you save during the year, can it be used on OP's and DIY projects throughout the same year?

Up to you, I think - I see it as 'challenge' for personal motivation, not a competition.

Personally I include mortgage OPs in my total as they are improving my overall net worth but don't include anything that is otherwise budgeted to be spent; e.g. this year I saved a bit over £14k (split between mortgage OPs and ISAs) but also built up just over £10k to pay off debt, including £5k that isn't needed until 2015 when I have to pay off a lump sum on my car, but as I plan on spending that money eventually I don't count it as savings or towards the challenge. But that's just my take on it, not any rule of the challenge.

StrawberryJam132

Thank you Lomcevak! I'm impressed with how much you've saved!:beer:

SJ X

Lomcevak

StrawberryJam132 wrote: »

Thank you Lomcevak! I'm impressed with how much you've saved!:beer:

SJ X

Thanks, but in a sense i'm not doing particularly well - we have quite a high household income (not massive by any means, but we are both higher-rate taxpayers) and tend to have a lot of surplus cash in the budget, so in a way saving a fair bit is quite easy.

But we're also not nearly as good as we could be; our target is to consistently save 50% of our income and finally escape the 'two income trap' where we rely on us both working to make ends meet, but it's a rare month we manage it (twice this year, I think), and we never consistently do. So i'd give myself a B- overall; shows potential, but needs to work harder, as my teachers used to tell me

dizzybee

hi,
can i sign up please, i thing i will do this in baby steps has my job is at risk. so 6k for me and see if i can save this by half way.
good luck everyone.

youngsaver1995

Hi all, great to see the 2014 thread open. Should achieve £5000 savings in 2013, but think I will be able to save more in 2014, so going for £6000 .

FlacosFloozie

Another newbie looking to sign up. I've still got some debt to pay off but we've just had a big change for the better in our finances and I'd like to start saving for a house deposit as well. I've been dithering re amounts for the last hour. I think we can do £6000 comfortably but that isn't a challenge so can you put me down for £8000 please