The "Save 12k in 2016" Thread!

YoungBusinessman

Quite similar to myself, £15k off debt and £15k savings...wont be easy :money:

Saver-upper

Oooooohhh.......I have always wanted to join this challenge :j.
I have never been in debt,but for the last 2 years My OH and I have just been bleeding money :eek:.Last year we had a legal problem that cost us about £15,000,and this year (at the moment!) we are having a very large house extension.It started in September,and not due to finish til about February.So that is a money pit.
So,I really need to start saving seriously.I haven't worked out a target yet.
This year was the second year I have joined the Sealed Pot Challenge.We opened our pots on 5th Nov,and I had saved £651.04.I am fortunate I had it set aside,because less than 2 weeks later my dad died in Australia,so I needed to use it to help pay for the airfare.So one good reason to start saving again.
Off to ponder a target for the year,and how I am going to do it,especially while building works are still going on.
Feeling very excited :j:j:j.

Lolly88

BE95 wrote: »

then i plan on opening the 5% linked saver to maximise my interest,

Why not open one of the 6% saver accounts first to get the most out of your money.

BE95

Lolly88 wrote: »

Why not open one of the 6% saver accounts first to get the most out of your money.

I currently dont have a current account with either, but thank you, it is definitely something i need to consider, as not only is First Direct 6%, you can also put £300 away instead of £250, so overall it is better. thank you

Twiggy_34

I'd like to join again please. I'll go for a low target of £2000 again as we've just had yet another expensive quote for work at the rental property so much of my money will be diverted to that.

Thanks

ToiletLicker

Howwdy newbie here would like to challenge myself to £12000........Let the fun begin ��

boglehead

Hi Slowly Fading, can I please join again (3rd year running)?

My 2016 target is £100k.

Thanks a lot for organizing this another year. This is so helpful, and has really helped me focus on my savings. Believe it or not, but until I came across that savings challenge, I would barely save £10-20k a year, and squander the rest on toys, parties, holidays etc...
Thanks to you and this community, I have been able to save nearly £200k over the past 2 years.

Thank you so much in providing the support and motivation for me to do it.

savings_my_hobby

BE95 wrote: »

Thanks for the links, i have been planning this a lot recently trying lots of suggestions and so far the best i can do is have all my money in the TSB 5% current account.
However the plan is to continue depositing to my HtB isa, and in July i will have built it above £2k so it doesnt go under ever again, then i plan on opening the 5% linked saver to maximise my interest, next July following the year with 5% interest i will be moving it out of the 1% savings account or whatever it will be and moving it on to better grounds.
I am currently working out the best time to open a Halifax account for the free £60 a year also.
The forum is a great place as last year i earned 18p in my isa, while in my first month in TSB i earned nearly £4,

Now i am rambling on, but i would just like to say good luck to everybody!

My interest earnings have gone through the roof compared to when my savings were in an ISA, I literally earn more per month now than I did in a year before.

Halifax reward account should be opened asap - I believe that if you switch your account you can get £100, I already had a halifax account so I could only upgrade so missed out on the £100 but even so £60 a year is great.

The main thing is that you keep on saving where you can and then keep your money where it can earn.

darkidoe

boglehead wrote: »

Hi Slowly Fading, can I please join again (3rd year running)?

My 2016 target is £100k.

Thank you so much in providing the support and motivation for me to do it.

That's a high target! You must be raking it in! Clear the debts before doing any savings first tho! the debt looks worrying.

sofarbehind

boglehead wrote: »

Hi Slowly Fading, can I please join again (3rd year running)?

My 2016 target is £100k.

Thanks a lot for organizing this another year. This is so helpful, and has really helped me focus on my savings. Believe it or not, but until I came across that savings challenge, I would barely save £10-20k a year, and squander the rest on toys, parties, holidays etc...
Thanks to you and this community, I have been able to save nearly £200k over the past 2 years.

Thank you so much in providing the support and motivation for me to do it.

This thread really does you focus on saving, it's completely changed my attitude to money. I've managed to save around 19k, which is amazing for me. Your target makes me wish I had made a few different life choices though! :rotfl: Seriously, seeing other people do so well does really spur me on. Keep it up.