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The "Save 12k in 2016" Thread!

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  • Trying to work out how to best do this. We got paid early on 18th December and then get paid on 27th of every month from Jan onwards, so will somehow work out where I started! :)
  • bobobski
    bobobski Posts: 771 Forumite
    Seventh Anniversary 500 Posts Name Dropper Chutzpah Haggler
    Eco_Miser wrote: »
    That's a different question than when you get taxed. You get taxed when the interest is paid into the account.
    The interest is actually calculated per day, on the balance on that day. If you've paid uniformly, the average balance for the year is 6.5 times the monthly payment, so £1950. 6% of £1950 is £117. The £2 difference is because months are not uniform.

    Agreed on daily/monthly - see edit :) Fair enough on when you get taxed - little unexpected loophole there. Surprised they didn't close it.
  • bobobski
    bobobski Posts: 771 Forumite
    Seventh Anniversary 500 Posts Name Dropper Chutzpah Haggler
    Trying to work out how to best do this. We got paid early on 18th December and then get paid on 27th of every month from Jan onwards, so will somehow work out where I started! :)

    I hate early pay in December. I just put my pay straight into a different account and pretended it wasn't there, and "paid" myself on "pay day". I suppose take your balance from just before getting paid as a starting point?

    I hate maths too.
  • slowlyfading
    slowlyfading Posts: 13,429 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    george4064 wrote: »
    Just to check, is it okay for me to update my January savings in Feb?
    Of course :)
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
    Personal Finance Blogger + YouTuber / In pursuit of FIRE
  • May I please join :) This challenge is just what I have been looking for. I have a target of £14,400 for 2016 consisting of £1000 into various accounts and £2400 into a S&S isa.

    My first goal is to save £4,000 into 2 x TSB accounts paying 5%. I will also be making use of the 5% cashback on contactless card purchases on both accounts gaining me a further £120 in the year.
    "These things take time but I know that I'm the most inept that ever stepped"
  • Eco_Miser
    Eco_Miser Posts: 4,856 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    bobobski wrote: »
    Agreed on daily/monthly - see edit :)
    That you made while I was typing.
    bobobski wrote: »
    Fair enough on when you get taxed - little unexpected loophole there. Surprised they didn't close it.
    What loophole? You get taxed in the year you get paid, and if they tried any other way, there would be masses of calculation for very little benefit - and possibly actually collecting less tax. It's only when there's a sudden step in allowances like this April, or a change in actual rate, that's there's any difference at all in the total tax due.
    Eco Miser
    Saving money for well over half a century
  • bobobski
    bobobski Posts: 771 Forumite
    Seventh Anniversary 500 Posts Name Dropper Chutzpah Haggler
    edited 12 January 2016 at 7:41AM
    Eco_Miser wrote: »
    That you made while I was typing. What loophole? You get taxed in the year you get paid, and if they tried any other way, there would be masses of calculation for very little benefit - and possibly actually collecting less tax. It's only when there's a sudden step in allowances like this April, or a change in actual rate, that's there's any difference at all in the total tax due.

    ... I've accepted that you're right... And I was only noting that I'd already noticed my error and expected that you hadn't seen it because you were probably typing when I made the correction...

    Sheesh.
  • Can I join this please? I am aiming to save 12K. What do I do once I have joined?
  • ArmyDilllo
    ArmyDilllo Posts: 150 Forumite
    edited 12 January 2016 at 1:05PM
    Apparently I have "no signature available" to be able to post my thread #143.
    I presume this to be restricted by a posts threshold.
    In which case, I shall include my number and total for this thread once achieved.


    [edit: Scratch that :)]
    2016 : Realised £103,000.00 savings (banked)
    2017 : Realised £97,000.00 savings (banked)
    2018 : Realised £ savings (banked)

    20.4% avg annual portfolio growth since 2004.

    Retired 17:30 hrs, Friday 30th September 2016, aged 56, and luvvin' it!!
    :beer:
  • JamesFews wrote: »
    Can I join this please? I am aiming to save 12K. What do I do once I have joined?

    Welcome James! When you know what you have saved for the month (we all know this at different dates depending on payday etc) put the details in the update sheet that's linked at the bottom of the top post.

    You can add comments here in the main body of the tread about how you're doing, ask for advice etc. Good idea to add your number to in your signature below. Slowly Fading will do her great work in updating the spreadsheet :).
    Save £12k in 2022 thread #7:

    Save £10,000 Jan-May 2022 THEN RETIRE!!
    Final total for (half) year: -£4,000
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