The "Save 12k in 2016" Thread!

Suffolk_lass

Please can I join? I have set my target for £6000. I have not been on a savings forum before, only a pay-down debt or reduce expenditure forum. I have set a target I should hit, if I can suppress my complacency filter!

Thanks for setting this up and what interesting contributions already!

Good luck everyone
SL

Squitchley

Hello! I'm very new to saving but I want a target of 6000. My aim is to save for a deposit for a house. I have 2000 saved from this year, which is the most I've ever saved. Hopefully the support of this thread will keep me focused!!

jessy-eve

count me in please! first time doing this! Going to try for £5000 as extra on top of joint house savings!

slowlyfading

Spreadsheet and front page updated

Please can you make a note of your challenge number (they go up to 94 so far) and put it in your sig? That'd be very helpful

darkidoe

boglehead wrote: »

That is the good advice I got from this forum, and that I followed over the past 2 years.
Last July, I cleared all debt, and I am now only left with my mortgage: a 5year fixed rate of 2.2%

Do u have a big business or something? Coz that is not your average mortgage debt at over 3/4 mill. All savings would probably be best be used for the mortgage though, if u still have such a large sum of debt. At least that is what I would do.

savingfortomorrow

Can I sign up. I don't really know how much I can save yet as so will think about the target.

YoungBusinessman

Cant wait to get stuck into this challenge. Not got any legal issues hanging over me this year solong as i make my debt payment towards it every month the rest can go to my £15k target for this. Love seeing some with massive targets(sure someone had £100k target a few pages back!) This spurs me on and makes my own target seem much more achievable.

george4064

I get the feeling that saving £200/month for HTB isa is going to be a common theme for many savers here, its exciting.

Dird

Stick me down for £15k as my first challenge on here

If the mortgage company will let me increase the duration without paying a penalty I may increase the target.

I guess we just make a note of total account balances on 01/01 and compare them with 31/12? What if you mess with S&S ISA?

boglehead

darkidoe wrote: »

Do u have a big business or something? Coz that is not your average mortgage debt at over 3/4 mill. All savings would probably be best be used for the mortgage though, if u still have such a large sum of debt. At least that is what I would do.

I don't own a business - this level of debt is the unfortunate result of the high cost of London real estate.

My wife and I decided not overpay our mortgage payments, as we want to diversify our asset base. Over 70% of our networth is tied up in the house equity. Hence, given that we virtually borrowed "free" money (2.2%), we'd rather invest in other asset classes, that appreciate faster than 2% a year, which really is inflation level - such as pension, which also gives us a 40+% tax break.

Once our house "only" represents 50% of our network, then we might consider making overpayments.