The "Save 12k in 2015' Thread!

girlatplay

edinburgher wrote: »

Another fan of pensions here, I was paying into one by the time I was your age, so was my (now) wife. The earlier you start, the earlier you finish! That said, I really don't think pensions for children are a good idea, thinking of the many costs they'll face on the way to that glorious day when they can take their boots off

I only pay in £10 per month at the moment. We have other provisions in place for other things that she needs for now. If we were struggling in other areas then I wouldn't have started it. If she starts working at 17 she will have just under £1000 already in her pension pot which will be more than a lot of others have a lot later than that. Also, she won't be able to touch it until retirement so no frittering of savings when she turns 18 either. There is method in my madness

Glitterbaby

edinburgher wrote: »

Another fan of pensions here, I was paying into one by the time I was your age, so was my (now) wife. The earlier you start, the earlier you finish! That said, I really don't think pensions for children are a good idea, thinking of the many costs they'll face on the way to that glorious day when they can take their boots off

Ps. Oh Lord - I just say 'by the time I was your age' - I'm 31

I too was paying into a pension by 22. I started at 19, only a small amount and have gradually built up the payments. My dad was always very pro pension and we were brought up with it as a non negotiable, its just something you did when you started earning. I was still at Uni when I took mine out.

killerpeaty

I would also like to join (how do you add yourself? Is it the easy update form?) as I have silently been reading the last thread all year. It was all so impressive that I wanted to join in as well.

So my target is 8k for 2015. :eek: This will have to include money saved to purchase a car for my sister, but the rest will be for a house deposit.

On a different thread to some others, I don't plan to include investments as I ignore them. It's the cash savings that I need the most motivation with. So this will be added to the approx 17k I have in cash savings at the moment.

Also youngmummy, I agree with the others, you should probably think about starting the pension. I don't have one yet (had a meeting and then fell ill) but we both should get one for 2015.

slowlyfading

Spreadsheet and front page updated please make a note of your challenger numbers!

Merrylegs1

Cheers slowlyfading! Feeling really motivated for the coming year��

maria3104

girlatplay wrote: »

I only pay in £10 per month at the moment. We have other provisions in place for other things that she needs for now. If we were struggling in other areas then I wouldn't have started it. If she starts working at 17 she will have just under £1000 already in her pension pot which will be more than a lot of others have a lot later than that. Also, she won't be able to touch it until retirement so no frittering of savings when she turns 18 either. There is method in my madness

Hi

I massively agree with this approach. My plan is to put in £2880 once for each and any GC born to me at birth. This means no holiday for us each time a GC is born. This is no sacrifice to us, we are not mad keen on holidays. I would so much rather the pension. GC fund could have grown to £250,000 by 70 if fund averages 7%. These figures came from Daily telegraph article and I know all about inflation and poor returns potentially etc. I just like this as a birth gift. Particularly as the GC can not access the cash until 55 plus. My friends spend thousands on gc furniture, clothes, prams etc. I opt out of all that stuff and just do the pension. I am a firm fan of we should all do what we fancy with our cash.

mrs_T

Does it count if I have to save to repay stoozed cash already spent on a car? If so put me down for £5500.

edinburgher

There is method in my madness

It's not a criticism, I fully agree re. investing for children, just not on the approach to investing. Making the payments and having the discipline to keep the money invested will result in very similar results, all things considered.

Mistermeaner

Apologies if I've missed the obvious but relatively new round here. What signing up achieve? I have my dd's set up for cash and s+s isa and my kids ctf, plus work pension is fixed and deducted at source.

If you have a savings target just set up a dd and leave it alone. If you lose your income all bets are off.

edinburgher

Apologies if I've missed the obvious but relatively new round here. What signing up achieve?

Not everybody has fixed income and no doubt some of the challengers will need to make extra money/reduce their spending in other areas to reach their 'number'.

For example, I'll be chucking in a proportion of money made from matched betting, but I can't commit to fixed DDs of 1/12 of my total.

Also, it's nice to have a bit of motivation from others, saving is dull as dishwater at the best of times