The "Save 12k in 2016" Thread!

slowlyfading

Spreadsheet updated

I have had a much better savings month in June, so I'm finally able to add something decent (for us) to the total! I'm so far off where I want to be at this stage, but will continue plodding along

copperjar

June update and I saved £405.55. Really pleased with that as I went on holiday and spent a tad more than intended!

garfield33

Update for June - low spending plus finally getting my Christmas overtime pay means I've saved £1048.89 and am back in the black! Yay!
So after a spendy/non-savey start to the year I'm up to £816.24. Onwards and upwards

bobobski

Reporting £535.40 for June. Low but that was expected... Now to get back on track!

There have been lots of changes at work so although I know what pay rise and bonus my boss wanted to give me I'm not holding my breath that the senior management will sign off on it. Fingers crossed they do, because what he wanted to give me was below what I need to keep myself on-track for a house by the end of 2020 so if it's even less than that I'll really need to reassess. Hopefully it'll all be announced soon...

Wentthedaywell?

garfield33 wrote: »

Update for June - low spending plus finally getting my Christmas overtime pay means I've saved £1048.89 and am back in the black! Yay!

Blimey Garfield, your employers don't exactly rush themselves do they?

bobobski

I've just dusted off my calculator and decided, rather stupidly, to set myself a further target. On top of saving £10,000 in 2016, I'm going to strive to have saved a total of £15,000 by the end of 2016. That requires an additional £1,166.30. I'm going to leave my target at £10k, as this additional sum is just an extra motivator and I'm unlikely to hit it, but I've fallen off the wagon a bit and I think hitting £15k by the end of the year would be a real boost and a great start for 2017.

I've just done some projections, based on not a lot, and I think I'm really going to struggle to meet my arbitrary end-of-2020 date for being in a position to buy a house. It's hard enough projecting income and bonuses, and when you throw the effect of Brexit on the housing market into the mix it's just anybody's guess. However, I've worked on the basis that there was no real slow-down in the Cambridge market during the most recent recession - it's just so damn resilient! I'm imagining growth of 5% average over the next 4 years, and even with 10% pay rises and bonuses, the amount I'll save + the amount I'd be able to borrow on my salary then barely cuts it.

However, and I don't know if other homeowner-wannabes do this, there's not a lot of point in getting down about that at this point. Worst case scenario it'll take longer, or I'll look at moving away from my desired location, but at least I'll have saved really hard in the meantime. I don't want to think now that I'll be living in a commuter town, as I'll just save less hard if it's something I want less.

Question for the big savers: Did you find it easier to continue to save well once you'd built up a solid base sum? Whether that's in pure numbers or percentage terms of the total you wanted to save. I'm finding it really hard to imagine that my measly under-£8k total will ever turn into the approx. £80k that I'd like to save before buying...

FlacosFloozie

Declaring a saving of £442.84 for June. I'm hoping to get over £500 this month and on course to exceed my target

Saver-upper

Oh my,it has been nearly five months(!) since I added to my savings account.I have been saving money quite well,but then it has been used to pay for house extension (so sort of like investing.....).Today I actually had money left at the end of the month to transfer to my savings account.
So today I deposited £700 into my savings,making the total for this challenge £1240.Must really get a wriggle on now,though I know I have been putting alot of money in my sealed pot,which will be opened in November,so that will be a big boost to this challenge.(There is actually £1340 in my account,but the first £100 was deposited when opening account in November,so before the start of this challenge)

lisa110rry

Bobobski, I found that being able to see my savings on line was the best thing for me. I have some investments that I cannot see online and I always forget I have them and cannot check their progress easily and that annoys me. Being able to see my progress easily is a big motivator.

lisa110rry

Slowly, thank you dear. I'm so excited that I will exceed my target this year, I've always set my target high never expecting really to get there. It's just by fluke that I will this year. I have to save, save, save as I'm six years off being a true state pensioner with a husband who is quite ill and retired at just under 50, some 18 years ago. I really don't want to have to leave my home of almost 30 years while there are still two of us, too much upheaval for him, and me!