The "Save 12k in 2016" Thread!

[Deleted User]

Tara HUGE congratulations on reaching the £100K goal. Well done, you are an inspiration.

Just logged on to find a wee message from MSE badger to say I have been awarded a new badge - my 10 years on MSE. It's really got me thinking about all that I have achieved as a result on being on this site. Here are a few wee highlights:
1. Paid off all loans and credit card debt.
2. Paid off my mortgage.
3. Claimed back various things from the banks including PPI.
4. I am now in the habit of doing a budget every month.
5. I meal plan and cook from scratch.
6. I have an emergency fund set up.
7. I am working on setting money aside for buying new (to us) cars so that when we need to buy them, in a few years, we have the cash set aside.
8. I had a wood burner put in last year and it is a joy to sit beside on a cold winter's day. It is also saving us significantly on our heating bills.
9. I switch and haggle every year when renewing car and house insurance, breakdown cover, broadband, mobile phones etc.

This is thanks to Martin and everyone on the forum for the inspiration, ideas and support.

CrabbitDutchie

Hey there :wave: Hoping there's room for one more to join for the rest of the year!

I'd like to aim for £4500 for the 6 months from July-December, which will let me smash the 10K barrier for the first time ever!

Suffolk_lass

CrabbitDutchie wrote: »

Hey there :wave: Hoping there's room for one more to join for the rest of the year!

I'd like to aim for £4500 for the 6 months from July-December, which will let me smash the 10K barrier for the first time ever!

Don't forget to lodge your target on the google form with slowlyfading - it is at the bottom of the first post in the thread (same for the monthly updates)

Good luck!
SL

CrabbitDutchie

Thank you SL!
It's looking like July will be a good month. However, from next payday I'm going to start contributing to my company pension (finally having a decent emergency fund means it's probably time). I know that it's being sensible, but I still don't like that I'll physically be able to move less over to savings each month.

I don't think I'll count pension contributions towards my target. What do people generally do?

Wentthedaywell?

CrabbitDutchie wrote: »

I don't think I'll count pension contributions towards my target. What do people generally do?

I don't count my main pension, as personally I look on that as deterred income ages into the future rather than hard cash you could get your mitts on should you need it.

I do count the extra grand a month I pay into an additional AVC as I will be taking that as a cash lump sum when I retire next year. It's like my savings account, bur tax free in and also out! I don't count the tax saving or the increase share value though - I'll need to balance it all when I take it.

Everyone counts it different ways Crabbit, there's no rules - whatever motivates and works for you.

bobobski

CrabbitDutchie wrote: »

Thank you SL!
It's looking like July will be a good month. However, from next payday I'm going to start contributing to my company pension (finally having a decent emergency fund means it's probably time). I know that it's being sensible, but I still don't like that I'll physically be able to move less over to savings each month.

I don't think I'll count pension contributions towards my target. What do people generally do?

As WTDW said, it's really about the rules you set yourself, but I would suggest you decide now what you're counting and stick to your rules, otherwise you risk changing what you do and don't include for the sake of the challenge which sort of defeats the point.

For me personally, as everyone on here has had to read about 100 times, I'm saving for a house deposit so my pension isn't relevant to my goal. As such, I don't include my pension contributions. However, if your goal is something more along the lines of "how little can I live on out of my basic pay", you may wish to include your pension.

I also agree with WTDW that a pension is more deferred income than anything, but I also don't personally count investments and a pension is just a fancy investment until you cash it in. I don't count anything which could foreseeably be £0 when you go to cash in. However, some people on here do, and it may be that in later years when I have the house and I'm focusing more on investing, I do decide to count my investments.

tara747

[Deleted User] wrote:

Tara HUGE congratulations on reaching the £100K goal. Well done, you are an inspiration.

Just logged on to find a wee message from MSE badger to say I have been awarded a new badge - my 10 years on MSE. It's really got me thinking about all that I have achieved as a result on being on this site. Here are a few wee highlights:
1. Paid off all loans and credit card debt.
2. Paid off my mortgage.
3. Claimed back various things from the banks including PPI.
4. I am now in the habit of doing a budget every month.
5. I meal plan and cook from scratch.
6. I have an emergency fund set up.
7. I am working on setting money aside for buying new (to us) cars so that when we need to buy them, in a few years, we have the cash set aside.
8. I had a wood burner put in last year and it is a joy to sit beside on a cold winter's day. It is also saving us significantly on our heating bills.
9. I switch and haggle every year when renewing car and house insurance, breakdown cover, broadband, mobile phones etc.

This is thanks to Martin and everyone on the forum for the inspiration, ideas and support.

Thanks very much allie23!


Congratulations on your 10-year MSE anniversary You've done amazingly well to have achieved all that, I am in awe Also jealous of your wood burner - I'd like one someday!

cathybird

CrabbitDutchie wrote: »

I don't think I'll count pension contributions towards my target. What do people generally do?

I do count pension contributions but my goal is about early(ish) retirement and the increase in my overall net wealth.

CrabbitDutchie

Very interesting to see what others do and dont't count.

My overall goal is definitely more along the lines of early(ish) retirement, but I'm still at the very start of that journey. As I'm still renting (flat share), the overall plan includes a sizeable deposit on a house at some point, but that is not the main aim as I'm currently very happy with my student-y lifestyle.

I'm not going to count my pension contributions for this challenge but will definitely start to track them (currently have a grand total of £3.45 in a NEST pension from a summer hospitality job, but that's it )

bsms1147

Over half way through the year, glad to see so many people on track or ahead of schedule! No worries for those who aren't where they want to be at the moment, you'll get there!

I've made it to 56.11% of my 2016 goal at this halfway point (end of June). I've also set myself some kind of secret stretch-goal, with a higher target, and I've reached 43.63% of it so far. My pay goes up from next month so I may be able to reach this second target if I'm lucky. Regardless I'm happy about how things are going

Keep up the good work all, I'll try and update sooner next month!