The "Save 12k in 2015' Thread!

TheGlobe

Unfortunately, February has seen some unexpected spends come up, which means I haven't managed to save much at all.

But £31.63 for this month takes me into three-figures for my saving so far towards my end-of-year target.

TheGlobe

I've sent my monthly total for February in, and while it's nowhere near as much as I'd have liked, I'm positive that next month will be better and I'll be able to save more in March towards my target!

boglehead

TheBunting wrote: »

Its great seeing people on this thread, what they've been through. Some were in thousands of debt, managing to clear that, then tackle their mortgage and now onto putting away some substantial savings.

I'm 22 and still have a house to buy etc, still have all these obstacles to tacke. So hopefully coming here and starting my savings and changing my attitude towards money early doors will stop me ever getting into debt and have some decent money behind me for getting a good house. I refuse to rent, it's a trap that I never want to be in. I refuse to set up an overdraft on any accounts and loans/credit cards are being avoided like the plague. However thinking about setting a CC up for fuel or something to try build up a decent credit file (will need advice on this).

Excited to see how far I can get, especially with another couple wage rises to get :beer:

Congrats and good luck. Thats the right attitude!

Humbert_Humbert

I think I'll join this one after failing to complete the 2012 challenge.

A quick question on what you consider to be relevant savings. Does anyone count their grossed-up personal pension contributions into a SIPP for this challenge, because, to me at least, this is saving for your future?

boglehead

£4350 saved this month.

I expected to save much more as i sold some stock options from the company i work for, but i decided to pay £15k off an outstanding loan. I will make another £14k payment in March to pay it off completely.

That's £29k that wont go against my original target of £75k for the year.
As a result i doubt very much i will manage to save anywhere near that amount this year... I will probably be closer to the £50k mark.

However the interest rate on that loan was 5.75%, which was roughly costing me £200 a month of interest... Waste of money!
I think it was the right financial decision.

After that payment in March, my only outstanding debt will be my mortgage (still worth more than Greece's GDP...) - 1.9% rate.

I will then concentrate back on savings/investing.

boglehead

Humbert_Humbert wrote: »

I think I'll join this one after failing to complete the 2012 challenge.

A quick question on what you consider to be relevant savings. Does anyone count their grossed-up personal pension contributions into a SIPP for this challenge, because, to me at least, this is saving for your future?

I would. The whole point of saving for your pension, and foregoing instant financial gratification, is to get the tax break - hence why not including that in your savings?

Afterall, it is also money paid to you by your employer... Not a free gift

Humbert_Humbert

I'm going to set myself the hugely ambitious target of 50K that includes pension contributions to ameliorate the impact of a 40 percent marginal income tax rate.

January - £12,961, but this includes a £10,000 (gross) personal SIPP contribution for tax year 2014/2015.

February - £3,846.

I'll likely report a negative figure in May though as I'm planning to redo the bathroom.

Hantsman

Declaring £1886.92 this month! I have a feeling the monthly amounts will start to get smaller as the weather gets better but for now I am on target!

Well done everyone on their totals so far

lalman

boglehead wrote: »

I would. The whole point of saving for your pension, and foregoing instant financial gratification, is to get the tax break - hence why not including that in your savings?

Afterall, it is also money paid to you by your employer... Not a free gift

I don't think its wrong to include pension contributions but I personally don't because I don't have access to it for 27 years, thus have less control over it... But I do see your point boglehead.

If I pay off a loan instead of saving I would class that as saving.... Sounds strange but your net asset position would have increased, it's just your headline asset position wouldn't.

FlacosFloozie

Declaring a total of £1256.65 for February which gets me back on track for the 12k total