The "Save 12k in 2016" Thread!

Eco_Miser

Twiggy_34 wrote: »

I do something very similar to this as well, every month I transfer an optimistic amount into a separate [low interest account, whatever is still there by next pay day is then transferred into my long term savings (my ISA).

Why? A low interest account that is - why not a high (5%) interest account? And I hope your ISA is S&S.

bobobski

Twiggy_34 wrote: »

I do something very similar to this as well, every month I transfer an optimistic amount into a separate low interest account, whatever is still there by next pay day is then transferred into my long term savings (my ISA). I find I'm less likely to spend it this way as it's not just sitting in my current account making me feel frivolous, but having it in the separate account means I can still trickle bits back into my current account if I'm in need of a bit of extra cash for any reason.

I also do this. It's temporary "savings" and it's a low amount so I don't bother putting it in my higher interest savings for a few days and potentially forgetting to move it back in time for bigger expenditures (e.g. council tax). So I have my current account and linked rubbish saver, but the saver serves a budgeting purpose

Tea&Biscuits

Trying my best not to wish the next 12 months away!

Looking forward to the kids going back to school next week so I can get my ebay pile sorted... hoping I might get a few more you gov surveys this month too!

slowlyfading

lessonlearned wrote: »

that the best way to save is to "pay yourself" as soon as you receive your salary.

So rather than saving what you have left at the end of the month, pay your direct debts etc, set yourself a bit of cash and immediately transfer the rest to savings.

I've got a blog post about this very topic here if anyone wants a read

bobobski

So I've watched all three YNAB tutorials tonight and just started my free trial. Realised I've been living off next month's paycheque in the form of a credit card, which I thought was planned budgeting but is actually an insecure way to spread my income. So I will continue to contribute to my regular savers but will potentially have to sacrifice a bit of extra savings (as well as better budgeting) to get back ahead of the CC. I've always paid it off in full every month, and it's cashback, but I wasn't able to pay it at the point of making purchases. Only £500-odd on it but I've been tightening up lately.

I'm going to stick with my target though, and hopefully the £500-odd will correct itself with better budgeting!

lol_omg_wtf

Just filled in the form hopefully in time to be added!

Hopefully buying a house some time in the coming year so spending is mainly going to go towards that! Setting myself an optimistic £6000.

This will have to be separate to house buying and house savings.

I Imagine that i will start slow with this one then after house is bought it should all start to come together, by the end of the year(normally loads of overtime at work at the years end).

Good Luck Everyone!

darkidoe

bobobski wrote: »

Realised I've been living off next month's paycheque in the form of a credit card, which I thought was planned budgeting but is actually an insecure way to spread my income.

I have the same pay yourself method but it all begins on 1st day of each month for me, a few days after pay gets in at the end of the month. I get fresh monthly budget in spending account and also allocate a small budget for credit bills within the corresponding account it gets DD from. So just have to keep everything under the limits without making life too rough for myself.

I think the key is calculating the right budget for the kind of lifestyle you lead. Not overly ambitious but a satisfying achievement when you can stay within the budget.

Wentthedaywell?

bobobski wrote: »

I've always paid it off in full every month, and it's cashback, but I wasn't able to pay it at the point of making purchases.

I use a M&S create card with cashback; it's quite lucrative as i currently have £50 in vouchers (that's a lot of chicken kiev!).

But I have to be very disciplined with myself. As soon as I've spent something on it, even if just a couple of quid, I transfer that amount from my "spending" account into my "household bills/credit card payment" one, from where it's paid in full each month. Otherwise it can just run away with me and I'd be living on tick .

user1168934

Can you kindly add me for a target of £18000 please.

bobobski

Wentthedaywell? wrote: »

I use a M&S create card with cashback; it's quite lucrative as i currently have £50 in vouchers (that's a lot of chicken kiev!).

But I have to be very disciplined with myself. As soon as I've spent something on it, even if just a couple of quid, I transfer that amount from my "spending" account into my "household bills/credit card payment" one, from where it's paid in full each month. Otherwise it can just run away with me and I'd be living on tick .

I did this a bit at the beginning of having the credit card but life sort of ran away with me after quite a crazy summer last year, so I ended up living partially on next month's salary. It didn't feel out of control until I put it into YNAB! I do save quite a bit now and could easily re-set it all in one month, but I'd rather try to keep saving fully and gradually shift the balance back to this (or last!) month through better budgeting.

I think I need to do what you do though - or even pay it off in full as the month progresses! One time I did this but didn't realise the DD was already set up to take the full balance off my account and the Nationwide adviser didn't tell me so. The result was double payment, and with various further c*ck ups, I got a free £100. Kinda wishing for that to happen again!