The "Save 12k in 2016" Thread!

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.

jessy-eve

number 094 checking in for may - managed to save £508 so pleased with that considering an indulgent weekend away

Also me and my partner have finally hit our £20k for our house deposit! (keep the saving for this separate from this feed as it a set amount each month). We are finally getting excited! Just a few more months to gather funds for fees before we start looking. Woo! Hope everyone is having a great month x

geoffers4

Wentthedaywell? wrote: »

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.

Spookily similar WTDW.... I too have a pension lump sum, but not quite as big.
I'm also on "full frugal" to maximise the 'retire early' fund... I didn't really save a penny until 2013 and I do wonder sometimes how much I might have stashed away over the last 30 years if only I'd had this thread to give me some focus!

Wentthedaywell?

geoffers4 wrote: »

Spookily similar WTDW.... I too have a pension lump sum, but not quite as big.
I'm also on "full frugal" to maximise the 'retire early' fund... I didn't really save a penny until 2013 and I do wonder sometimes how much I could easily have stashed away over the last 30 years if only I'd had this thread to give me some focus!

I, depressingly, calculated that i could have easily saved half a million quid by now, even with simple compound interest let alone taking into account share increases and tax breaks on pensions.:eek:

I wouldn't mind so much had I blown on lots of exotic holidays, fancy cars and loose men, but it just trickled away. I think it is not the large purchases you make over a year - car, furniture, holidays - that the bulk of your disposable income disappears on. It is the myriad of smaller, frequent ones - the magazines and books, lunches at work, take away coffees, clothes you never wear etc - unnecessary and cumulative wastes.

Ah, just one of the things I know now, but I wish I'd known at 20!

Westie983

Finally,!!!!

the final SO for my regular savers has just gone out, being that the 21st was Saturday I had to wait till today, but they have all gone, so I'm declaring for May....

£1350

Happy with that, so nearly mid year, we have got to keep the momentum up!!!

The next few weeks will be a tough for me as I have a wedding this weekend and my Dad, Niece, and Best Friend's birthdays to budget for.

I'm beginning to work them into my plans now....

Onwards and upwards....

Hopefully my nerves will allow me to get some sleep tonight, but seeing the doctors Tuesday so Ill ask him to put me down, if it doesn't :rotfl:

Happy Monday to you all, only one week to go till BH is upon us again. :T

Over and out for now,

Seafoam

Really, really want my first pair of designer shoes but it's going to cost me £285:eek:

Someone save me_pale_

Wentthedaywell?

Seafoam wrote: »

Really, really want my first pair of designer shoes but it's going to cost me £285:eek:

Someone save me_pale_

DON'T DO IT SEAFOAM! See my previous post about all those cumulative spends - been there, done that

Will a £300 pair of shoes give you 10 times the pleasure/wear of a 30 quid pair? If so, buy them, if you've already saved this month, paid pension, got an emergency fund etc. We all need our treats, but only if we really, really want them and it's not just silly spending and they'll sit in the bottom of the wardrobe.