The "Save 12k in 2016" Thread!

Twiggy_34

Pay day tomorrow so I've just submitted my February update for £200.

I had to sit down with the calculator last night as I got myself into a pickle with my sums due to the 2 new regular savers I opened at the end of last month! I inadvertently saved more than I had intended into my long term savings pot and struggled my way through February, wondering why things were so tight after having no mortgage to pay this month (following a switch to a new provider) and no council tax. I'd attributed the struggle to having had to pay out on car insurance and MOT/Service, and borrowed out of my rainy day fund to make it through, but thankfully will be able to replenish most of it when my mum pays back the money I loaned her at the beginning of Feb.

Hopefully I'll be able to sort out a better way of managing my totals as the year progresses! :rotfl:

RichyRich

Declaring for February

Total savings balance is now £9,354.94. Starting balance was £5,027.78 which means that my savings so far are £4,327.16 and I have £7,672.84 to go to get to my target end of year balance of £17,027.78. This is not a typical month! I got paid my annual bonus so that's gone a long way towards bumping up my balance. I need to average £767.28 in savings for the next ten months to achieve it.

I also need to think about finding a new home for some of my funds. I'm currently saving in a FD regular saver, Natwide regular saver, TSB regular saver and TSB Classic Plus, but about £4k is sitting in a crappy ol' First Direct eSaver which pays next to nowt. This is the perfect amount for Lloyds Club, but at month-end £500 of that will be moved out into Natwide Regular, so then under the £4k for max interest. Maybe I need to wait a month or two, before I 'permanently' move the funds to Lloyds.

ourcornercottage

#59 coming with my feb totals. There wont be any more this month. I am very pleased with this months totals.

Feb total £755.27 and that should be a total of £1154.27/£3000

Thanks so much for updating the spreadsheet.

submitted via the form too

kitty__2

#164 declaring for February.

I have managed to save £1067.75 this month, taking me to a total of £1691.30/£9000. Not sure how the hell I've managed that and probably won't be able to keep it up - part of it is due to high value eBay sales and a loan being repaid.

Will try to keep it up in March though, have just opened my Nationwide FlexDirect account and hope to be filling that up soon.

Happy saving people! :T

enthusiasticsaver

Twiggy_34 wrote: »

Pay day tomorrow so I've just submitted my February update for £200.

I had to sit down with the calculator last night as I got myself into a pickle with my sums due to the 2 new regular savers I opened at the end of last month! I inadvertently saved more than I had intended into my long term savings pot and struggled my way through February, wondering why things were so tight after having no mortgage to pay this month (following a switch to a new provider) and no council tax. I'd attributed the struggle to having had to pay out on car insurance and MOT/Service, and borrowed out of my rainy day fund to make it through, but thankfully will be able to replenish most of it when my mum pays back the money I loaned her at the beginning of Feb.

Hopefully I'll be able to sort out a better way of managing my totals as the year progresses! :rotfl:

I had the same issues last year having opened four regular savers and a stocks and shares ISA so it was difficult keeping track of what was actually new savings and how much was just money being transferred around. This year I keep track of total income and subtract expenditure (not including transfers) and the difference is savings assuming of course my income is higher than expenditure. Easier to keep track of and I then don't have to monitor transfers to savings accounts so much.

enthusiasticsaver

RichyRich wrote: »

Declaring for February

Total savings balance is now £9,354.94. Starting balance was £5,027.78 which means that my savings so far are £4,327.16 and I have £7,672.84 to go to get to my target end of year balance of £17,027.78. This is not a typical month! I got paid my annual bonus so that's gone a long way towards bumping up my balance. I need to average £767.28 in savings for the next ten months to achieve it.

I also need to think about finding a new home for some of my funds. I'm currently saving in a FD regular saver, Natwide regular saver, TSB regular saver and TSB Classic Plus, but about £4k is sitting in a crappy ol' First Direct eSaver which pays next to nowt. This is the perfect amount for Lloyds Club, but at month-end £500 of that will be moved out into Natwide Regular, so then under the £4k for max interest. Maybe I need to wait a month or two, before I 'permanently' move the funds to Lloyds.

What about Tesco or BOS. They both pay 3% and you only need £3k or less for Tesco

Bruce_Bumba

Many of you are doing very well so please forgive me for balancing this out a bit and bringing the average down to a more reasonable amount
I didn't expect to save anything in Feb as I wanted to clear some debt first. Unfortunately I am not done with that and I'm somehow £2000 overdrawn as well so March savings are clearly in danger and I might have to wait until April at the earliest to get started! Especially since I'm moving to a better flat and my current deposit will not cover the next one.
I'll make it work once I get going but it probably means that summer holidays won't be fancy!!

On the plus side it's easy for me to keep track of my savings: 1 account, £0.02 balance

Happy savings!

Darksoul

Room for one more? I'm a little late to the party but I have been saving just missed this thread.
I'm aiming to save a minimum of £500 a month but like to push myself so will aim for £550 so can I be put down for £6600 please. Saved £782.96 in January which gives me a nice boost already but this is going to slow down over the coming months.

RichyRich

enthusiasticsaver wrote: »

What about Tesco or BOS. They both pay 3% and you only need £3k or less for Tesco

Thanks. BoS is a good shout. I've just opened an account and moved £3k over to it, which gives it room to grow up to the £5k max. A £1k standing order between there and TSB, and vice versa. Thank you.

enthusiasticsaver

Just declared £1000 for February which is way more than I expected. Payday today for OH and for me yesterday. We have actually received £1024 more in income than we spent and beyond a few food essentials we won't be spending this weekend so just kept £24 back for odds and ends as I like round numbers.

Considering we have paid for our hotels and flights for Switzerland this month and hotels for the family to visit Potterworld I am amazed we managed to save anything. Definitely the most spendy month of the year I think.

On to March when I have to pay Centre Parcs balance and my daughters 30th birthday !!! Happy saving everyone.