The "Save 12k in 2015' Thread!

nat21luv

YoungBusinessman wrote: »

the £12k will be emergency fund.

You have to stop calling it that, by naming it an emergency fund, you are attracting just that: an emergency. All the books say never to call it that, just call it a savings account...but maybe I've been listening to Tony Robbins seminar CD for too long!

boglehead wrote: »

I cannot believe it myself either, especially since i had never been saving up until 2years ago when my wife and I found out we were pregnant.
Makes me feel awful about all this cash we wasted before that. We've gone from a lavish and ridiculous lifestyle, to a more frugal and low key lifestyle, where our biggest expense by far is our mortgage and debt repayment!

I set my mind on retiring early to enjoy my family and not be the richest man on the graveyard... And that forum really is a huge motivator. Seeing everybody making efforts to save in order to get a better future for themselves and get satisfaction from frugal and simple pleasures life has to offer, has been an immense inspiration to me!

And you are an inspiration to us! Its great to see your mindset has changed from a few years ago, its totally pointless working so hard to get earn that sort of income, just to waste it on material items. Good on you

kathrynha

Please can I join. I would like to aim for £2500 as it's a decent amount without being off-puttingly big target. Obviously if I manage more than that it's even better

Sugarplum634

How do people keep track of how much they save/earn as extra income over a year? Any tips would be great.

nat21luv

Write it in your signature (Quick links-Edit sig)

Spreadsheet

Oh my personal favourite, the chalkboard! I get such satisfaction from rubbing out the numbers and filling in new ones. the only downside is that anyone who comes in my kitchen also knows my figures!

Sugarplum634

Thanks Nat, I'm still new to the whole saving money in an active way.

I love the idea of your chalkboard but I might edit my sig to start with

Twiggy_34

Is anyone else using the new MSE forum design? I can't work out how to subscribe to this thread!

missthrifty

Please can I join. I am finally debt free and ready to save. I would love to aim high but put me down for £2500. I would prefer to start with a target that I can achieve. I have just set up a shiny new savings account and can't wait to get started!

PrincessLou

Please can I be put down for 5k please? :j

boglehead

enthusiasticsaver wrote: »

Goodness that is a huge amount! Well done. Can you tell me if you don't mind me being nosey do you actually put that amount of money in a savings account or pay it down off your mortgage which I can see is quite high? Just interested as I wonder which is more beneficial to you. We never had significant savings until our mortgage was paid off but I am not sure if that was just because psychologically we wanted rid of it.

Hi Nat, no probs being nosey :-)
The money saved in 2014 went into the following categories:
-£34k into ISA (wife and I + the baby) to benefits from future tax free returns
-£35k into pension (good to get tax break given our 45% marginal rate)
-£15k general saving/emergency fund,
-the rest (around 8k) gone in taxable investment account.

In addition to that, we also put another 20k against our mortgage.

We decided not to put more into our mortgage for now given that a) the mortgage rate is only 1.9% and we figured we could get better return from the market and b) 75% of our networth is tied up in our house... So we figured we'd rather save for a few years and get closer to a 50/50 split. Putting all our eggs in 1 basket... You never know what the London real estate market could do

chocolatedonut4

Hello completely new to mse but would love to join in. Please put me down for a target of £4500.

On unpaid maternity leave for 5 months next year so I'm not able to 100% plan ahead. I think £4500 is a reasonable target.