The "Save 12k in 2015' Thread!

Westie983

LiveSimply wrote: »

Ok, I need some help. My credit card runs from the middle of the month. So I have a cc bill to pay in a few weeks, and I also know what I have added to the bill in the last couple of weeks since the previous bill. Which numbers am I using?

Current account minus cc bill due in the middle of the month OR

Current account minus everything I have actually spent on the credit card whether it has reached the billing stage or not?

As you can see money stuff does not come naturally to me but I am determined to crack it with your help.

I would go with the balance at the end of each calendar month so the savings minus the balance on the CC at the time of posting the figures, regardless of when its being paid as the next end of the month you will be posting a reduced figure from when you paid it during the previous month...
I will give you an example...

Credit card Balance 500
Savings 1500.00

April 30th you give the figure of savings - CC balance as per statement Internet banking on that date. lets say this total £1000.00
May 10th - you pay CC balance - £500, but spend £200.00
May 31st - you give us the figure of savings minus the CC on this date which will be minus what was paid on the 10th (£500 savings - £200 = £200.)

so you would post you have saved £200 for May...

TBH I post whats in savings regardless of CC or any debt, and if I need to pay anything off or have to dip into the balance I post a withdrawal and end of the month I post the savings balance I have which may be less then I posted the previous month...

Westie

LiveSimply

Right.

A - I didn't know I was going to join this thread and

B - it has been a weird month with some unusual one-off payments (but every month is weird for me!)

so I would like to post a starting balance of -£122.61

I know it's a bit odd but that is my balance at the moment and I have to start somewhere. Roll on to next month!

Eco_Miser

LiveSimply wrote: »

Ok, I need some help. My credit card runs from the middle of the month. So I have a cc bill to pay in a few weeks, and I also know what I have added to the bill in the last couple of weeks since the previous bill. Which numbers am I using?

Current account minus cc bill due in the middle of the month OR

Current account minus everything I have actually spent on the credit card whether it has reached the billing stage or not?

As you can see money stuff does not come naturally to me but I am determined to crack it with your help.

The simplest way would be to write down your account balance at the end of every month on a piece of paper or a spreadsheet, and declare the difference from the previous month. Ignore the credit card balance unless it fluctuates wildly month to month.

e4rly

A better March than I was expecting, as I'm declaring £1,015. I've also started to save into separate "pots" so I won't have an excuse to raid this one...never quite got round to it as a method, so lets see how it works!

April will likely be expensive with some larger one-offs planned - ah well!

Eco_Miser

wpearson92 wrote: »

Stocks and shares is something Ive been looking at but I dont have too much experience with how they work, im not a person who takes allot of risks without knowing what is actually going to happen

That's sensible. While you're busy saving for your deposit, read about investments, on here, on monevator.com, and assorted other sites and books you'll see recommended. Get a feel for how owning a piece of thousands of successful companies worldwide is going to grow your wealth faster than money in the bank, or overpaying your mortgage.

LiveSimply

Eco_Miser wrote: »

The simplest way would be to write down your account balance at the end of every month on a piece of paper or a spreadsheet, and declare the difference from the previous month. Ignore the credit card balance unless it fluctuates wildly month to month.

Ha ha just in the last year it has fluctuated between a bill of over £1000 and a credit of over £200!

Eco_Miser

Well in that case, add the change in the Santander to the change in the credit card.

But it doesn't matter too much so long as you are consistent - any under- (or over-)declaration one much will balance out the next month.

Westie983

Little bit of jiggery as just got paid a refund so can will post a total for Jan/Feb/March of £1125 and start saving towards end of April update.

slowlyfading I have sent you three forms can you update my figures please, it will now look and feel better with of 1k saved each month.

slowlyfading

Spreadsheet updated

bsms1147

Reply #1000 (Post #1001)!

Just thought I'd claim that.