The "Save 12k in 2016" Thread!

sofarbehind

Voted for you SF.

Strange month for me. I have found a house and had an offer accepted! Very exciting but I've had a lot of initial bills to pay. I also received a spectacular unexpected gift of 4k towards it. Do I include this in savings as it's money I haven't earned? I can't figure out what my total should be this month..

I will be spending almost all of my savings soon if the sale goes well so I suppose I won't be meeting my end of year target after all...

cathybird

Pepperoni wrote: »

Hi. I'm thinking of joining the thread next year and wondered if mortgage overpayments would / could count towards the savings? I intend to save £12,000 but I'd like to use some of it monthly on our mortgage. To me it's savings as its money I never had to put to overpayments before, but don't know what the general rule here is! Thank you.

Hi Pepperoni and welcome - just wanted to add along with the others that you make your own rules and I certainly count mortgage overpayments towards my savings.

Eco_Miser

sofarbehind wrote: »

Strange month for me. I have found a house and had an offer accepted! Very exciting but I've had a lot of initial bills to pay. I also received a spectacular unexpected gift of 4k towards it. Do I include this in savings as it's money I haven't earned?

Not being earned is OK for savings, but is it savings if you're about to spend it?

Suffolk_lass

In July and August I have been following a piece of advice I have seen several people on here post (but my action was triggered by slowlyfading's blog, "The Frugal Cottage") - I have been regularly (3-4 times a week) rounding down both our bank account balances to round numbers by sweeping the "surplus" into our linked savings account.

I have also put the balance across at the end of the month (I have been dong the latter all year). I am slightly amazed that I seem to have accumulated about £1200 this month, but I need to keep this ring-fenced to pay off our holiday spending plus 4 new tyres for my car and a service on DS's car, which will all become payable via credit card bills in Sept and Oct. So at the moment it is not being counted as savings (which I am more reluctant to raid), but I hope to be able to do so from October onwards.

I am sufficiently impressed that I am going to carry on with it in addition to our regular savings that I have been adding each month. So much so that I have increased our target by £4000 for this year.

Not quite my end of month but looking good (probably down to no domestic spending while I was on hols)

SL

sofarbehind

Eco_Miser wrote: »

Not being earned is OK for savings, but is it savings if you're about to spend it?

Absolutely. It will be spent on a house at some point, that's why I joined this thread, to save a deposit. I will count it for now and deduct it all from my total if the sale goes through. Hopefully I can join 2017's challenge as a homeowner...and finish 2016 on -50k

So I'm reporting £5600 for August....

Westie983

Suffolk_lass wrote: »

In July and August I have been following a piece of advice I have seen several people on here post (but my action was triggered by slowlyfading's blog, "The Frugal Cottage") - I have been regularly (3-4 times a week) rounding down both our bank account balances to round numbers by sweeping the "surplus" into our linked savings account.

I have also put the balance across at the end of the month (I have been dong the latter all year). I am slightly amazed that I seem to have accumulated about £1200 this month, but I need to keep this ring-fenced to pay off our holiday spending plus 4 new tyres for my car and a service on DS's car, which will all become payable via credit card bills in Sept and Oct. So at the moment it is not being counted as savings (which I am more reluctant to raid), but I hope to be able to do so from October onwards.

I am sufficiently impressed that I am going to carry on with it in addition to our regular savings that I have been adding each month. So much so that I have increased our target by £4000 for this year.

Not quite my end of month but looking good (probably down to no domestic spending while I was on hols)

SL

Come and join my Virtual Sealed Pot challenge which is exactly what you are doing and how the rest of the ladies and gents on the challenge are doing... I'll find you a link...

https://forums.moneysavingexpert.com/discussion/5382555

Suffolk_lass

Westie983 wrote: »

Come and join my Virtual Sealed Pot challenge which is exactly what you are doing and how the rest of the ladies and gents on the challenge are doing... I'll find you a link...

https://forums.moneysavingexpert.com/discussion/5382555

Thanks Westie983, I have subscribed and I shall lurk for a while. I might join you next year!

SL

dark.knight_3

No. 102 with an update of £1098.33 this month bringing my total to £6,680.84 or 74.23% for the year so well on my way to the 9k I originally wanted to save. Had a better month due to restarting matched betting and completing a couple more sign up offers. I also sold some accumulation funds and rebought income which has bumped my money up a bit.

Good to see everybody doing well with their savings

Gem-gem

Westie983 wrote: »

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...

:-)

Hi Westie, what is Kent Reliance dropping their RS to?

ArmyDilllo

slowlyfading wrote: »

I'm nominated for the People's Choice award at the Money Bloggers awards in September - please can you vote for me?

Here's the link

(I'm The Frugal Cottage)

Voted.
Good luck!
:beer: