The "Save 12k in 2015' Thread!

Dragon_Lily

Declaring £60 for June Not as much as I would like but just had a holiday, so not much spare cash. Anyway every little helps towards my goal and I'm nearly halfway with 6 months to go to reach £1000.

Have updated signature and submitted the update form.

Twiggy_34

I'm only declaring £100 for June as, unfortunately, a family member hasn't yet paid back all the money I loaned them this month (I loaned £350 and have only had £100 so far). I know that I will get it back but will declare it in July if I get it back in time for that.

In the next few months it's highly likely I'll be spending a sizeable chunk of my existing savings, as an unexpected opportunity has arisen to buy the flat downstairs from us (currently owned by my partners father). I should be able to retain savings to the sum of what I've saved so far this year though so I'll proceed with the challenge as though nothing has changed!

We always did plan to buy the flat but hadn't expected this to happen for a few more years; his dads circumstances changed recently and he wants to release the capital to finance another property purchase. Other than the fact we'll be using a chunk of our savings to facilitate this, it won't have a huge financial impact on us - we'll need to re-mortgage our own flat to free up some capital so that we can get a large enough deposit for the buy to let mortgage we'll need for downstairs, but, we were already planning to buy out of our existing mortgage and the current interest rates mean that our monthly repayments will only be around £50 more each month despite the £20k increase in debt. We still have things to work out and lots of numbers to crunch, and as such we're undecided yet about whether to go for an interest only or repayment buy to let mortgage, but even with a repayment mortgage, we should see around £100pm profit and we're both comfortable that we'd manage financially if we were without rent for a while (we would take ownership of the property with the existing tenant in situ - who is of course currently our downstairs neighbour). However, personally, I prefer the idea of going interest only and finding a good long term savings plan to tuck the difference away, as this way, should anything seriously unexpected happen, we know we'd be able to find that relatively small sum of money (around £165pm) until the situation changed.

So many ifs, buts and maybes but hopefully we'll reach a decision soon!

black_taxi_2

Lending to close family members is really tricky,i will lend or treat under £100.


Anything over£100 the person has budget/debt probs,rather than looking for best rate.

Twiggy_34

black_taxi wrote: »

Lending to close family members is really tricky,i will lend or treat under £100.

Anything over£100 the person has budget/debt probs,rather than looking for best rate.

Thanks for the words of caution. I do agree, but it's actually my mum so I wouldn't feel comfortable not helping her out. I've been lending money most months lately as she's been out of work but has always paid back the full amount and on time with the exception of one occasion where I had to chase the money. I'm applying a 3 strikes rule so, if she's late paying me back another time I'll be having a chat with her and see if she'll let me sit down with her and help her look at her finances and, depending on the outcome of that, if it happens a third time I may refuse to lend as much. Although they've been down an income I don't think she should be getting herself into this pickle, not every month at least!

slowlyfading

Merrylegs1 wrote: »

So pleased your scan went well SF- 6 weeks is so close!!!

Thank you I can't wait!

yorpington

Flamin' heck. MINUS 1009.38 for this month :mad: Had a TON of vet bills, weddings, travel, goodness knows what else...oh and we bought a car :rotfl: So happy with the deal we got though, and it felt great to pay for the car, insurance, breakdown cover and road tax all upfront and not have to borrow a penny. We REALLY needed the car; financially where we are it makes sense over using public transport and also for my mental health. Big dent in the savings though...but that's what it's there for I suppose!

Looking forward to getting back on it this month. Massive congrats to everyone else doing so well!! :beer:

Mc_Marty

Well done to everyone. We're at the half way mark for the year. As a group we must be getting up to the 3/4 of a million mark soon?

No#184 declaring £3,551 for June.

Mc_Marty

copperjar

Declaring £444.31 (another round number! ) for June. Bit disappointed because I had a good bit extra in my pay this month but had quite a few expenses and a £100 speeding ticket Grr

Anyway that puts me at £2574.11 for the year so far. Just over £400 behind target. But about £2000 more than I would have saved without this challenge!

slowlyfading

Spreadsheet updated

Westie983

Declaring £775 for June

£350 less then my monthly target as I had to pay off a chunk of my CC which was on 0% and was expiring so rather then save and earn 2% I have saved myself 16% (APR was 18%)

hopefully I can claw back the £350 over the next few months....

:-)