The "Save 12k in 2016" Thread!

Ruthy1604

Hi
I'm a bit behind in my updates. April savings was £2339.56 which takes me to 34% of my target.


However, it wont be so good for the next couple of months as we have had 2 weddings this month with all the associated spends, DH has a significant birthday in June, and we are on holiday in July.


Well done to everyone and big thanks to SF for keeping the thread going.


Ruthy

darkidoe

Interested to know anyone here keeps track of their savings rate? (Monthly Savings/Monthly income) Introduces a sense of relative frugality to the picture and according to some personal finance blog is a crucial indicator of how long you need to work before you can 'retire'.

slowlyfading

Justonething wrote: »

Sorry I haven't been about for a while but I was in an accident at the end of March and it's taken me longer than expected recuperating. Anyhow back on my feet now so I've updated the form Slowlyfading and managed to save £2000 in March and £2500 in April so back on track.

I'll need to read back and see how everyone is doing.

Hope you're doing okay after your accident.

slowlyfading

Spreadsheet updated sorry for the delay!

Wentthedaywell?

£1500 in for me for May. It would have been a couple of hundred more but my blimmin' S&S ISA has gone down again after a brief recovery last month

Next month is the halfway point; everyone's doing really well. Thanks Slowlyfading for keeping us motivated!

Tea&Biscuits

Feeling v sorry for myself this month, Only managed my £500... was hoping to increase it by at least £100.

Car needed 3 new tyres, a service and tax all in one month!

brizzledfw

Oh well T&B - June is another month with everything to play for:)

Think I will have one of those months next month - realise that car needs tax and insurance. Despite using YNAB and having it in virtual pots, it will still hit hard

mummytummy

June/July and part of August will be 'one' of those months for me Hopingfor a tax rebate at some point to make up any shortfall...

Still 6 months or so to go - we can do it

geoffers4

darkidoe wrote: »

Interested to know anyone here keeps track of their savings rate? (Monthly Savings/Monthly income) Introduces a sense of relative frugality to the picture and according to some personal finance blog is a crucial indicator of how long you need to work before you can 'retire'.

This is a subject close to my heart, DD! My savings rate is about 72% at the moment, and there is some basic maths that translates this into about 8 years' saving before I can escape the world of work. The maths is beautifully explained on this U.S. blog;

http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Wentthedaywell?

geoffers4 wrote: »

This is a subject close to my heart, DD! My savings rate is about 72% at the moment, and there is some basic maths that translates this into about 8 years' saving before I can escape the world of work. The maths is beautifully explained on this U.S. blog;

http://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

Ha, Geoffers! By coincidence, that's my rate of saving too! That doesn't include my work pension contribution which will give me an additional cash lump sum equivalent to just over 2 years' take-home dosh. Neither does it include several savings "pots" for car, household maintenance, gym fees etc.

TBH, 72% is a bit of a stretch, even being mortgage free, and I feel I should be indulging a bit more. But I'm pulling in my belt till I retire next year, as a final savings push to make up for decades of my working life when I should have been saving more.