The "Save 12k in 2015' Thread!

mrssjs

Excited about the prospect of another month! Anyone else?!

savingfortomorrow

the target is 20,000. (i keep thinking of the bbc advert for gcse revision bite size amounts 5,000 per quarter sounds less difficult.)

the core amount i save a month is 1400 but i tend to add more that that through the month. but paying myself first it the rule.
this month will be bad as have a lot of out goings; once off expenses. so it may be difficult to but that is what a challenge is.

could i have a challenge number

lalman

wpearson92 wrote: »

Well im new to this thread but i think reading all the posts by you guys I think its going to help if I contribute to this thread.

Im a 22 year old engineer, currently saving for a mortgage deposit. Im a 4th year apprentice on around £39,900 a year I get a wage rise in september which will take me to £45,000.

Since christmas I have cleared my credit card which was £2,000. Ive cleared my overdraft which was £700 and I now have savings of around £3,500.

Ive used YNAB to set myself a budget and by October I will have £16,500 which is my 15% deposit which is required for my mortgage (ive got an agreement in principal. so i just need to reapply for agreement in principal when I have the deposit) and by December £19,970. So if I apply for a mortgage around october then I should have an house purchased by christmas, with enough money for furnishing and to keep me money problem free over xmas.

I hope to keep you updated with my progress

That's very impressive mate. Welcome and I sincerely hope you do continue to strive in your career and towards your financial goals. At 22 earning that sort of dosh gives you so many opportunities...


I apologise if I am teaching you to suck eggs (northern saying)


You could for example have a fully paid house before the age of 30... £110k house - 95k mortgage over 8 years (roughly 12-13k a year + 2/3k interest for the first few years)... just an idea...

wpearson92

lalman wrote: »

That's very impressive mate. Welcome and I sincerely hope you do continue to strive in your career and towards your financial goals. At 22 earning that sort of dosh gives you so many opportunities...


I apologise if I am teaching you to suck eggs (northern saying)


You could for example have a fully paid house before the age of 30... £110k house - 95k mortgage over 8 years (roughly 12-13k a year + 2/3k interest for the first few years)... just an idea...

That is something that could be work looking at, ill look at the different rates of payments and monthly amount etc closer to the time. I wouldnt mind taking 1 out for 15 years. Although having my house paid off in 8 years would be awesome

TheBunting

wpearson92 wrote: »

Well im new to this thread but i think reading all the posts by you guys I think its going to help if I contribute to this thread.

Im a 22 year old engineer, currently saving for a mortgage deposit. Im a 4th year apprentice on around £39,900 a year I get a wage rise in september which will take me to £45,000.

Since christmas I have cleared my credit card which was £2,000. Ive cleared my overdraft which was £700 and I now have savings of around £3,500.

Ive used YNAB to set myself a budget and by October I will have £16,500 which is my 15% deposit which is required for my mortgage (ive got an agreement in principal. so i just need to reapply for agreement in principal when I have the deposit) and by December £19,970. So if I apply for a mortgage around october then I should have an house purchased by christmas, with enough money for furnishing and to keep me money problem free over xmas.

I hope to keep you updated with my progress

Welcome mate!

I am actually the exact same age as you and also a 4th year apprentice in plumbing and in the exact same position as you (Saving deposit for new house). Although my salary doesn't quite compete with yours but I have more than enough spare money after outgoings for saving towards a house.

I know it's hard when at this age we have many money wasting distractions:

Friends wanting to to go out all the time
Clothes/shoes etc, dear to be fashionable
Holidays with friends/girlfriends
Impulse buying (I shop online far too much)

These all cost money and I don't know about you but I fall victim to all those. I think if at our age we can nip it in the bud and learn how to save up and be financially sensible, it will pay us in the long run. I'm glad to have seen someone else here in the exact same position as me at the same age. I look forward to hearing about your progress mate, good luck! :beer:

wpearson92

TheBunting wrote: »

Welcome mate!

I am actually the exact same age as you and also a 4th year apprentice in plumbing and in the exact same position as you (Saving deposit for new house). Although my salary doesn't quite compete with yours but I have more than enough spare money after outgoings for saving towards a house.

I know it's hard when at this age we have many money wasting distractions:

Friends wanting to to go out all the time
Clothes/shoes etc, dear to be fashionable
Holidays with friends/girlfriends
Impulse buying (I shop online far too much)

These all cost money and I don't know about you but I fall victim to all those. I think if at our age we can nip it in the bud and learn how to save up and be financially sensible, it will pay us in the long run. I'm glad to have seen someone else here in the exact same position as me at the same age. I look forward to hearing about your progress mate, good luck! :beer:

I know tell me about it, I used to be useless with money and was thinking to myself where is my money going. I just couldnt see the point in going out and spending so much money getting drunk to feel ill and tired for a week after :P

I'd much rather own an house and get it paid off as soon as I can so I can save up money to go through life money problem free!!!

Its amazing how much you learn from this website, and realise how stupid this country is not teaching people some financial education.

I didnt think anybody of the similar age would be on this thread so good luck to you too!

geoffers4

Hi everyone

Wow, loads of new people arriving on the thread this month, fantastic! Welcome everyone and I hope you find the thread as inspiring as I do. Also a special shout out to people saving smaller amounts - I sometimes worry people might be put off if they only have modest amounts to put away... but it all counts!

This month, in a slightly Orwellian twist, I have £1984 left - but am not actually declaring it as savings as I'm using it to plug the hole in my current account from replacing the car last month. On the car front, was pleased to manage 61.7mpg in its first few weeks - not bad!

Happy saving everyone.

ajdj

£830 declared for me for March which I was delighted with considering we had a week away snowboarding

Annual pay rise confirmed and starts next month, so looking forward to seeing what difference it makes. Even if it's not much more in my pocket, at least it means a bit extra in the pension as its % based. Been told I'll be up for promotion in the summer as well, so further potential there.

Major objective for April is to get my empty BTL sorted. New carpets and a clean are all it needs but I've been busy and neglected to get it done. Stupid as I'm liable for the council tax whilst empty and its lost income!

Westie983

Can I have number please - due to the amount of newbies think I may have been missed!!

I have £2850, saved so far in ISAs/Regular Savers/Current A/C. I am wanting to have a target of 10k, although I may have to review as I have a credit card coming of 0% sometime in the next few months....

looking forward to adding to this challenge...

Cweb

No.160 checking in.

A rather odd month, declaring £2078.21 for March so 1/4 of the year down and nearly 40% of my target chalked off! April is looking to be a pivotal month on many aspects, and not just for reaching the half-way mark - but that's next months news.

Nice to see more people joining and sharing their stories.