The "Save 12k in 2016" Thread!

Lomcevak

Lomcevak wrote: »

Declaring £5257.24 for April, total for the year so far is £11,344.91 - so a little past a third of the way there with the third of the year gone (...really!?! where has it gone!?...)

Oh dear, I've been terrible at updating. Still plugging away, since my last update, it's

May: £2,436.72
June: £2,390.54
July: £3,126.70

so £19,298.87 for the year so far and almost at the £3k point for August so I'm now a touch over £22k with £8k to go to hit the target. Three expensive months to come, but should hopefully make it

kitjos

Hi SF, can you put down £159 for me please (for Aug) = taking my total to £8700 for the year so far.

Thanks hun x

tmsbry

-£740

August, holidays, dreadful time of year for saving. & looks like I'm well off my goal of £12,000 but will keep trying

Westie983

Final SO has come out for this month, I'm declaring slightly less then other months, as I had TSB regular saver mature so I have taken that figure off the total and then added the other regular saver amounts totalled this month.

Total to declare this month is £950.

Not sure what I will do next month as I haven't renewed TSB due to the drop in interest rate, (now 2% from 5%) I have put the money into some of my savings pots and topped up my christmas gift card stash....

One of my other regular savers will drop from next month (Kent) so I think I will reduce how much I'm saving into it...

Things are still on track, still a happy Westie983...

:-)

jacci45

No 24 reporting....£924.42 for August, so now on £7309.51, doubt I will make the £12000 this year but you never know! Its been an expensive year as we had a mega holiday for our 30th wedding anniversary and our son got married last week but how fab to still be able to save!
Good luck all. x

steampowered

bobobski wrote: »

Each to their own on student loans I think - some see it as tax; some see it as debt. But, to me, if you're going to have to pay it back at some point because of your career choice, why wouldn't you pay it down sooner rather than later, especially with low savings rates right now?

The effect of the student loan on your income is the same as an additional tax.

Paying off your student loan is a bit like keeping savings aside to pay some of your income tax bill, just in case you earn lots and become a higher rate tax payer.

I really don't understand why anyone would do it, but each to their own.

Westie983

jacci45 wrote: »

No 24 reporting....£924.42 for August, so now on £7309.51, doubt I will make the £12000 this year but you never know! Its been an expensive year as we had a mega holiday for our 30th wedding anniversary and our son got married last week but how fab to still be able to save!
Good luck all. x

Sounds like you are doing great, :-)

slowlyfading

This a bit cheeky, but could I ask you all a favour? I'm nominated for the People's Choice award at the Money Bloggers awards in September - please can you vote for me? It'll only take you a second!

Here's the link

(I'm The Frugal Cottage)

micron_2

With pleasure SF. Have voted for you and well deserved too. Thanks for continuing to keep us all on track with our savings.

bobobski

steampowered wrote: »

The effect of the student loan on your income is the same as an additional tax.

Paying off your student loan is a bit like keeping savings aside to pay some of your income tax bill, just in case you earn lots and become a higher rate tax payer.

I really don't understand why anyone would do it, but each to their own.

If you're a higher rate taxpayer from the day you graduate due to your career choice, you might want to get it out of the way.