The "Save 12k in 2016" Thread!

chris9393

Sign me up for 2016!!

Going to aim for 8.5k again

Buffythedebtslayer

Ok. just as a reminder of where I am,

I had 4100 in an ISA With this months payment it will be 4500

I forgot I have been paying into Zopa for 2 years! which has turned into 470 pounds.

SO. Feeling both brave and old I moved 530 in to Zopa to make it 1000 pounds.

I will have 3000 pounds in the ISA (paying 400 pounds a month)

I moved 1000 pounds into the TSB account.


I am going to pay 700 pounds into TSB each month.

from there I move 500 pounds into my Barclays account as my spending money.

hope that makes sense.

What ever I don't spend goes back to the TSB.

phil09

Please would you sign me up for £15k again?
Hopefully I will reach the target next year!

YoungBusinessman

After reading that different people are doing different ways to calculate the savings can I be a pest and change my target amount please SF. I put save £15k but after some thought I'm trying to save while paying off debt so The easiest way is to increase my net worth. That's the way I want to do this challenge - seen a few others doing it this way. The new target will be increase net worth by £30k. Thanks !!

bobobski

Just to clarify: I was going to count the amount going from my main current into my various savings(/ current) accounts on 29/30/31 of the month - but interest counts? So in Feb when my FD RS matures, I can count the c. £80 interest? (£80 due to underpayments and 40% tax bracket).

Dird

The view I'll take is that all cash counts except dividend payments from shares. Hopefully I'll get a Euromillions win & have the highest ever amount on these threads
If I decide to invest in a S&S ISA in 2016 then I'm going to count the lowest of either the money going in (monthly) or the state at the end of the year. e.g. if I invest £100/month and it's at £800 by the end of the year then it's £800 savings; if it's valued at £1500 then it's £1200.

Eco_Miser

bobobski wrote: »

Just to clarify: I was going to count the amount going from my main current into my various savings(/ current) accounts on 29/30/31 of the month - but interest counts? So in Feb when my FD RS matures, I can count the c. £80 interest? (£80 due to underpayments and 40% tax bracket).

If you save it. Most people are talking about counting interest credited to, and remaining in, their 'saving' accounts whatever they may actually be.

bobobski

Thanks both, all the more incentive to get those decent interest rates!

boglehead

Urchhhh wrote: »

Bogelhead (not sure how to quote you, tried it but dont think it worked)
I dont understand interest rates every well tbh.
I've opened a help to buy ISA at 4% with Halifax, I can only save £200 a month in this. My online saver is only 0.9% and my other one is only 0.5%, i was just thinking about putting the extra money over the 200 I save each month into this. But should I be putting it in a higher interest rate account?

Before you open the halifax isa, i would check what rate you can get on MSE saver guide. Otherwise, you might want to invest in an ISA that doesn't limit you in how much you put it, given that the ISA limit is £15ka year.

boglehead

YoungBusinessman wrote: »

After reading that different people are doing different ways to calculate the savings can I be a pest and change my target amount please SF. I put save £15k but after some thought I'm trying to save while paying off debt so The easiest way is to increase my net worth. That's the way I want to do this challenge - seen a few others doing it this way. The new target will be increase net worth by £30k. Thanks !!

Without wanting to sound overly detailed, your increase in networth would also include capital gain on your investments, appreciation of your house value etc... Hence you probably dont want to track your networth increase on that tracker. Probably more likely that you only want to account for your savings, the money you invest / contribute on a brokerage account, or early repayment of debt / overpayments on your mortgage; all of which being contributors to your NW increase, but aren't the complete picture.

For example if your house value goes up in value by 6% this year, i am not sure this is anything that counts towards Slowly fading's tracker.