Virtual Sealed Pot Challenge 2016

Westie983

getmyacttogether2016 wrote: »

Morning all

#5 with 12.49 for this week.

Grey clouds here, hope it get better as got a garage and sheds to attempt to clear.

GMAT

Great news keep potting...

Spreadsheet updated :-)

crimson.addict

I have a problem. So at the start of the year i wrote on 52 pieces of paper the numbers 1 to 52. The plan was to withdraw one piece of paper every week and transfer that amount so that by the end of the year i would have at least £1,378......

I wanted to know how much extra i had potted so i decided to do a spreadsheet. I looked at my bank account and crossed off the amounts that i had saved and wrote down the amounts that were not included..... somehow i have ending up potting 23, 24 and 25 twice and i haven't potted number 13 once...... how on earth that has happened i'll never know.

I'm going to keep going but i think i'll have to get a new plan for next year...... Maybe keep a spreadsheet from the start.... I don't know.


I'm thinking about using my pot to start my Help To Buy ISA. If i do this It will mean withdrawing £1200 this month. Am i still ok to add it to my total as it's technically saved? It will also mean that i have to save extra hard to be able to afford Christmas as i usually like to have about £1000. AND i need to find an extra £200 a month to throw at the ISA..... Does anyone else have a H2B ISA? What do you think? The interest rates seem great and that's before the 25% bonus...


Sorry for the long post xx

Westie983

crimson.addict wrote: »

I have a problem. So at the start of the year i wrote on 52 pieces of paper the numbers 1 to 52. The plan was to withdraw one piece of paper every week and transfer that amount so that by the end of the year i would have at least £1,378......

I wanted to know how much extra i had potted so i decided to do a spreadsheet. I looked at my bank account and crossed off the amounts that i had saved and wrote down the amounts that were not included..... somehow i have ending up potting 23, 24 and 25 twice and i haven't potted number 13 once...... how on earth that has happened i'll never know.

I'm going to keep going but i think i'll have to get a new plan for next year...... Maybe keep a spreadsheet from the start.... I don't know.

I'm thinking about using my pot to start my Help To Buy ISA. If i do this It will mean withdrawing £1200 this month. Am i still ok to add it to my total as it's technically saved? It will also mean that i have to save extra hard to be able to afford Christmas as i usually like to have about £1000. AND i need to find an extra £200 a month to throw at the ISA..... Does anyone else have a H2B ISA? What do you think? The interest rates seem great and that's before the 25% bonus...


Sorry for the long post xx

Ok, so I love the idea of 52 pieces of paper I had the same last year but written on the side of my pot and I just ticked it off when I potted, I set it up in reverse (so the high amounts in Jan and smaller in Dec when money is tighter) but then I just starting crossing on random ones that didnt match the date. ill try and find a photo for you.



I also set up one for a penny challenge but never initiated it, but it could be good for you to help you aim for £600 odd for christmas...



I think the H2B is a great idea and yes I'm happy for you to add it to the spreadsheet as its still saving, just worth knowing about the confusion about the H2B some people have struggled to use the money and bonus as part of the deposit and others have said when they have tried to claim the bonus from the solicitors they said the need to have the full deposit before the bonus is claimed, so worth thinking about if It will still be worth it.

I dont have one as I don't qualify but I have numerous regular saver which are similar without the government bonus.....

crimson.addict

Westie983 wrote: »

I think the H2B is a great idea and yes I'm happy for you to add it to the spreadsheet as its still saving, just worth knowing about the confusion about the H2B some people have struggled to use the money and bonus as part of the deposit and others have said when they have tried to claim the bonus from the solicitors they said the need to have the full deposit before the bonus is claimed, so worth thinking about if It will still be worth it.

I dont have one as I don't qualify but I have numerous regular saver which are similar without the government bonus.....

Thanks for those. I like the idea of doing it random as it forces me to transfer that amount and readjust my budget. I will print of a list to cross off as well though next year to avoid error.

With the H2B, i'm more interested in the interest rates at the moment. It's much higher than any of the other cash ISAs. Even if i don't use it for a house its a good rate, then you get the bonus if you buy a house. Plus, you can transfer £1200 in the first month then only £200 a month there after, i think this will force me to save that amount each month. I haven't added to my ISA in years so i need that push. I don't know if that makes any sense at all to anyone hahah.

Update:
And that's it, I now have only 50 something pounds in my VSP account as i have transferred £1,200 into my new Help to Buy ISA. I'd better get saving hard now otherwise Christmas is cancelled!!

Westie983

crimson.addict wrote: »

Thanks for those. I like the idea of doing it random as it forces me to transfer that amount and readjust my budget. I will print of a list to cross off as well though next year to avoid error.

With the H2B, i'm more interested in the interest rates at the moment. It's much higher than any of the other cash ISAs. Even if i don't use it for a house its a good rate, then you get the bonus if you buy a house. Plus, you can transfer £1200 in the first month then only £200 a month there after, i think this will force me to save that amount each month. I haven't added to my ISA in years so i need that push. I don't know if that makes any sense at all to anyone hahah.

Update:
And that's it, I now have only 50 something pounds in my VSP account as i have transferred £1,200 into my new Help to Buy ISA. I'd better get saving hard now otherwise Christmas is cancelled!!

Of course that makes sense as I work in a bank

yes you need to get a wiggle on as its only four months to go, start saving :-)

getmyacttogether2016

#5. Update form submitted, another 9.42 for last week, my final payment for August and ready to start September.

Thanks Westie for all your hard work in maintaining this. Looking ahead for 2017 and what aims I will be making.

GMAT

Westie983

getmyacttogether2016 wrote: »

#5. Update form submitted, another 9.42 for last week, my final payment for August and ready to start September.

Thanks Westie for all your hard work in maintaining this. Looking ahead for 2017 and what aims I will be making.

GMAT

Updated thanks,

any more for anymore, nearly the end of the month, I will hope to start a new spreadsheet on friday so please send August updates by then..

Then ill be able to see how our mini challenge has faired...

Westie983

crimson.addict

So according to my calculations i have saved £407.61 this month!!! How i don't know. I think it's mostly down to Westie's Challenge. I didn't want to let the side down.

Please Please Please set another one for next month

Westie983

crimson.addict wrote: »

So according to my calculations i have saved £407.61 this month!!! How i don't know. I think it's mostly down to Westie's Challenge. I didn't want to let the side down.

That's an amazing total, I am proud of you, spreadsheet has been updated. You have given the totals a good boost, we have saved (so far)

£4666.79 in the last six months,

So I don't think we will make the mini challenge, but I think I may run it over into September, maybe I was being at little too optimistic with the target....

We may have some final updates to come in for the end of August, so we may not be as far away as I thought...

Any more for any more.... some spaces on the spreadsheet...

Westie983

Westie983

crimson.addict wrote: »

Please Please set another one for next month

I will think about it.......

Okay, well we have yet to make either of my mini challenges, so I may just keep August one going into September, maybe I was being too optimistic with my targets...

Be patient and I decide what to do tomorrow, as we may get some more declarations in tonight and tomorrow, so I maybe proven wrong....

:-)