The "Save 12k in 2015' Thread!

Cweb

Westie983 wrote: »

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

Have a look at the Speadsheet No.215! 😉

Westie983

My story -

My name is Westie I am 31 and I work in a bank (yay for Bank Holidays especially when there is two of them) this job has meant that I have had access to financial products via work for a while, I have a few credit cards all with balances although three of them are on 0% deals and one is on low interest (but this is the one I am using regularly so as I pay it off I add to it again)

I have started to work with YNAB since beginning of March and this program has allowed me budget my money better if not that but to actually see how much I spend of food/Petrol/Miscellaneous items.

My category for food for march was shocking, think this is because I buy food on a week by week convenience basis rather then big shops as I find I never eat it all in time as I live alone.

I am saving my £1 and £2 coins in a jar at home which means I don't miss the coins but they soon add up, when I get paid I transfer fund into my bills account then try to live on the rest, this is difficult as I have the CC repayments to pay which I have to pay separate to the bills account.

my funds are a little low after being on long term sick for a year after a hip replacement due to wear and tear on my hip, but when I went down to half pay sick pay it began to dawn on my that I spend far more then I earn and that I have no emergency fund, so I decided to register on here and start adding myself to challenges to keep my motivated.

I am now back at work but as I work part time and still having time off for hospital appointments I am trying to pay back the money I spent to fund the gap between my full pay sick pay and the half pay I got, looking back I should have reduced my expenditure but that sounded like far too sensible...

Ideally my goal is to save 25K for another share in my shared ownership property, so I can increase my equity up to 50% without the need for a mortgage...

I have seen the light.... bring on the DFD....

Westie

Westie983

Cweb wrote: »

Have a look at the Speadsheet No.215! 😉

aha.... yes I see my name..

please forgive looking at the spreadsheet didn't cross my mind I was looking for a post with my number

Westie983

Found this and it made me think of this challenge

copperjar

Wow this has been a tight month! Really struggled. MoT, service, 3 new tyres plus holiday spends! I've only managed to put aside an extra £47.63 (there's those round numbers again!) on top of the £250 regular savings.

So £297.63 for March

I go to Hong Kong next Tuesday Spends are already paid for so in a weird way, I might be able to save quite a bit this month as everything is paid for and I'll be away for 10 days so no spending back home!!

Westie983

thats one bonus of being on holiday - I am away for a week and I have already sorted the currency on a prepaid card and hopefully I can just spend whats on there and no more so I just have to worry about paying back the holiday cost on the credit card which I will do when it gets to its end of 0%

bsms1147

Got my March amount to £1,526.47 (#027)

Really good work everyone, keep it up

Eco_Miser

wpearson92 wrote: »

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

It would indeed, but depending on your mortgage rate, you might be better off long-term tucking some of your income away in a pension, and in stocks and shares ISA. These should grow faster than the benefit of paying your mortgage off early, and will finance early retirement (state pension age could be 70 or more by the time you get there).

Just something to bear in mind, but for the moment, get your deposit saved up.

NoviceInvestor1

Hello all,

I have just discovered this thread and would love to get involved! I have mainly used the forum for pestering other people for their investment advice, so it would be good to be able to contribute in a different way :-)

Is there a format for any type of introduction etc, or do I just crack on and add to the form/spreadsheet?

Many thanks!

wpearson92

Eco_Miser wrote: »

It would indeed, but depending on your mortgage rate, you might be better off long-term tucking some of your income away in a pension, and in stocks and shares ISA. These should grow faster than the benefit of paying your mortgage off early, and will finance early retirement (state pension age could be 70 or more by the time you get there).

Just something to bear in mind, but for the moment, get your deposit saved up.

Thanks for the advice I contribute to a pension at the moment, 5% of my earnings before tax and my company contributes 2xmy amount so 10%

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