The 'Save 12k in 2014' Thread!

YoungBusinessman

The invoices due.....are still due! Hopefully both are in the bank by the requested date, next Friday, the 14th. Tomorrow is a really long day at work, 12 hour shift but really good money in it so that will surely see me through. Need new work clothes but that can hold fire until end of march when my savings are at least £3k. Had 4 alloys in my garage taking up space that I had no use for so sold them tonight for £80. Frees up the space aswel. If I can get a bit more space I can get using my punchbag that's in there, a fine stress relief no spend hobby. Off to bed soon, need to be on top form tomorrow.

Living_proof

I am £2240 behind on my target but this is simply because I am unsure of where to actually put the money. I have used up my cash Isa limit this year and am thinking of starting an S & S Isa with my bank which is Halifax. I can't just leave it sitting in my current account. Or maybe I should put it in Premium Bonds for the time being although I will always have this problem with trying to save £12000 a year and such a low cash Isa rate. Does anyone have any ideas please? As I am unlikely to exceed the capital gains tax threshold and also am only a lower rate taxpayer I am not convinced an S & S Isa is A Good Thing. What should I do?

bigbadbear

I have decided to rejoin the thread (was going to pay off a loan early but my circumstances have changed). #155 declaring £920 for March

pgalland

Living_proof wrote: »

I am £2240 behind on my target but this is simply because I am unsure of where to actually put the money. I have used up my cash Isa limit this year and am thinking of starting an S & S Isa with my bank which is Halifax. I can't just leave it sitting in my current account. Or maybe I should put it in Premium Bonds for the time being although I will always have this problem with trying to save £12000 a year and such a low cash Isa rate. Does anyone have any ideas please? As I am unlikely to exceed the capital gains tax threshold and also am only a lower rate taxpayer I am not convinced an S & S Isa is A Good Thing. What should I do?

S and s isa are good. Any tax free wrapper is a good thing. As long as you dont need the savings in the short term, id suggest you invest in lower cost etfs (0.2% fees max) either shares/bonds depending on your age/investment horizon.

cydney65

Living_proof wrote: »

I am not convinced an S & S Isa is A Good Thing. What should I do?

I would say do some reading first. I opened my S&S Isa last July but I spent 3 months before hand reading books and articles so that I could understand stocks, shares, funds, ETFs etc. I read Tim Hales' book 'Smarter Investing', the free E-book 'Monkey with a pin' and several articles on the web. Search the savings and investment board and you will find lots of advice on investing for newbies.

X

Wentthedaywell?

Living_proof wrote: »

I am £2240 behind on my target but this is simply because I am unsure of where to actually put the money. I have used up my cash Isa limit this year and am thinking of starting an S & S Isa with my bank which is Halifax. I can't just leave it sitting in my current account. Or maybe I should put it in Premium Bonds for the time being although I will always have this problem with trying to save £12000 a year and such a low cash Isa rate. Does anyone have any ideas please? As I am unlikely to exceed the capital gains tax threshold and also am only a lower rate taxpayer I am not convinced an S & S Isa is A Good Thing. What should I do?

I've just set up an Additional Voluntary Contribution towards extra pension. I don't pay tax on the money going in, nor on any profit, and I can take it as a cash lump sum when I retire in a few years. So even if it doesn't make much profit, the tax break makes it worth while (I hope!).

Is a pension worth thinking about, Living Proof?Especially if your employer contributes?

Victorias4128

I have just changed my current account with Lloyds to add cashback, so when i spend on my debit & credit card at certain places, I will earn cashback, which in turn can be added to my savings. Hoorah!

jaggerc1

Living_proof wrote: »

I am £2240 behind on my target but this is simply because I am unsure of where to actually put the money. I have used up my cash Isa limit this year and am thinking of starting an S & S Isa with my bank which is Halifax. I can't just leave it sitting in my current account. Or maybe I should put it in Premium Bonds for the time being although I will always have this problem with trying to save £12000 a year and such a low cash Isa rate. Does anyone have any ideas please? As I am unlikely to exceed the capital gains tax threshold and also am only a lower rate taxpayer I am not convinced an S & S Isa is A Good Thing. What should I do?

Look into opening a current account with Nationwide where u get 6% AER on £2500,you will need £1000 per month going in from another bank account. Also Yorkshire bank but they have a smaller percentage.
Maybe look into first direct?
But u need DD going out of there I think

Living_proof

Wentthedaywell? wrote: »

I've just set up an Additional Voluntary Contribution towards extra pension. I don't pay tax on the money going in, nor on any profit, and I can take it as a cash lump sum when I retire in a few years. So even if it doesn't make much profit, the tax break makes it worth while (I hope!).

Is a pension worth thinking about, Living Proof?Especially if your employer contributes?

Unfortunately my employer offers no pension at all. I don't have one and due to a divorce/educating family etc. I have chosen to have a paid up house with some reasonable savings but no pension provision. I am saving for a more secure retirement which could be anytime from the next 4 years on. Employment prospects look pretty grim due to a recent merger so I am putting away what I can, when I can. I did win the Premium Bonds this month though. £25:rotfl:!!!

rjrs0510

So i managed to put 2000 into my savings account at the beginning of March, still trying to pay my future self first! I'm falling further behind my target, but remaining hopeful. I February I had a small car accident and had to pay some insurance access -_- That whole experience was traumatic. Anyway, I am trying hard to reign in any unnecessary spending. Again, it has been really motivating to see so many people do really well, this thread is inspiring! Good luck to everyone this month!