The "Save 12k in 2016" Thread!

ALIBOBSY

I think I would like to have a go at this and by using MSE hope to focus better to get saving. I would like to aim for the 12 but not sure that isn't too much.

Ideally I would like to get 2 large items done on the house

1) convert our garage to a habitable room, we will do most of the work ourselves (well OH will as he knows how to put up plasterboard etc). Rough prices including the council fee to apply for building regs approval are around £2500-£3000.

2) Install log burning stove in living room, OH helps out with the heavy lifting sometimes for a friend who is a registered stove fitter so we can get this sorted a bit cheaper than retail so around £1500-£2000 max

So I reckon aim for £6000 to cover all the above and leave a little bit over for savings and next christmas. But will reassess and may increase the target if things go well.

Ali x

Speedster2

SF,
I'm in. My 3rd year now! £12000 is the goal this year.
Thanks for persevering with this excellent thread.

enthusiasticsaver

darkidoe wrote: »

I think the net increase/decrease is more accurate representation of you overall savings compared to outflow. Gives an idea of what's you overall networth as well. I think this is the method i shall use.

You could be right but I guess the reason I prefer to keep savings pots separate is that a large proportion of my monthly (savings to be untouched) pot is in a stocks and shares isa so do not want to use the value of that going up and down as it goes up and down all the time. That could be quite dispiriting. If you were just talking about cash yes a net increase/decrease gives a good picture but if my portfolio has had a bad month that would not make me feel good about my savings

darkidoe

enthusiasticsaver wrote: »

You could be right but I guess the reason I prefer to keep savings pots separate is that a large proportion of my monthly (savings to be untouched) pot is in a stocks and shares isa so do not want to use the value of that going up and down as it goes up and down all the time. That could be quite dispiriting. If you were just talking about cash yes a net increase/decrease gives a good picture but if my portfolio has had a bad month that would not make me feel good about my savings

Ah I agree with you. I also have a small pot in a S&S ISA that I am adding to monthly. In my spreadsheet that I use to keep track of all my different accounts(cash&credit).I do not include the S&S ISA. I just measure the net increase in cash accounts. S&S are a totally different entity given the long term goals for it.

I just wanted to highlight to people if they measure savings as a separate sum of cash they put away every month, that might not accurate if they are spending from another current/credit account somewhere else.

On another note, can't wait for Christmas!:D

bsms1147

The method is easier for cash savings, yes.

For S&S, if you invest £100, would/could you consider that as £100 saved? Calculate any increase/decrease (gain/loss) only when you sell? Up to that it's all unrealised anyway.

My analogy would be a regular saver account, eg saving £100 a month, so the net increase in savings is £100 each month, but after 12 months I get the interest paid back to me in one lump too (gain/increase) which comes into that month's total.

enthusiasticsaver

darkidoe wrote: »

Ah I agree with you. I also have a small pot in a S&S ISA that I am adding to monthly. In my spreadsheet that I use to keep track of all my different accounts(cash&credit).I do not include the S&S ISA. I just measure the net increase in cash accounts. S&S are a totally different entity given the long term goals for it.

I just wanted to highlight to people if they measure savings as a separate sum of cash they put away every month, that might not accurate if they are spending from another current/credit account somewhere else.

On another note, can't wait for Christmas!:D

Yep I am looking forward to Christmas too Not long now.


As a significant amount of my annual savings at the moment is investing in the stocks and shares portfolio I need to include it which is why I chose that particular method but everyone has their own methods.


I quite agree that the true reflection of net worth is best gauged by calculating increase or decrease in assets less any liabilities and I do that as a separate calculation every quarter but for that I include property, my car, pensions and stocks and shares and cash less any monthly outstanding amount on credit cards. I love playing about with spreadsheets!!


For this challenge though the easiest way I could find of keeping track of how much I am putting away is simply to add up the monthly transfers into savings accounts which I then tend not to touch until the 12 months are up and they usually need moving to better rate because deal expired or whatever.


I love this challenge though because it encourages people to save which I think is essential to financial independence. Happy savings!!

enthusiasticsaver

bsms1147 wrote: »

The method is easier for cash savings, yes.

For S&S, if you invest £100, would/could you consider that as £100 saved? Calculate any increase/decrease (gain/loss) only when you sell? Up to that it's all unrealised anyway.

My analogy would be a regular saver account, eg saving £100 a month, so the net increase in savings is £100 each month, but after 12 months I get the interest paid back to me in one lump too (gain/increase) which comes into that month's total.

Yes if I do a monthly transfer to my stocks and shares of ISA of £100 then this is a saving of £100 as far as I am concerned. For this challenge I don't say that I have saved £120 if it has gone up or that it is £80 if it has gone down by the end of the month. I only calculate the loss or gain on sale of the unit funds but I do a quarterly valuation to see if I am generally on track should I need to liquidate everything tomorrow (unlikely !! ) I don't include interest in my savings challenge but I know some do. Interesting how we all have different approaches to calculating the figures. I don't suppose any method is completely reliable and accurate but so long as I am saving and not spending some of my money that makes me happy.

Hopeful30

Please, may I join with a target of £12,000? Thank you!

tmsbry

#051

Perfect looking forward to starting,
Is my signature correct?

FlareStar

Please can I join...

I tried to challenge myself this year to save - it was going well.... but so was spending it...! So have decided to join this thread...for the support and honest replies on any purchases I may ask opinions on...if you don't mind!!

but don't worry...2016...new year...new mindset...new saving goals...:A

Please put me down for £5000.

Thanks :j