The "Save 12k in 2017" Thread!

Jo_Blogs

swimminginaseaofdebt wrote: »

Evening everyone,

............. but my focus is on paying my debt and I've knocked nearly a grand off since the beginning of the year so I am pleased with my progress on that side.

Look forward to saving the big bucks along with you when I'm debt free

Well done :T:T - keep up the great effort everyone, some great saving

kitjos

Hello all, hope your March month is going well and you're saving load of pennies

This thread was 4 pages back so wanted to post and check in with you all - great motivation on here! :beer:

Im not doing to bad this month, managed to save £1200 so far and hopefully another £600 to go till end of March update . Husband got promotion at work so annual salary gone up another 6k. Awesome news for us! I hope to blow my 8k target on here by summer :eek:.

Ill check in at end of month for main total - keep pushing hard everyone :T xxx

CrabbitDutchie

How do people tend to deal with bonuses or pay raises?

I've found myself in the slightly odd position where I've recently been promoted and have just been told I'll also be receiving a completely unexpected bonus (£590 after tax) which will hit my account at the same time as the pay increase.

So I'm now trying to work out how to best deal with the unexpected extra before it hits my bank account and I make silly decisions.

Any advice (apart from save all of it )?

pennystretcher

Round robin with savings and keep the money saved in the best paying account you can get. I am still paying off my mortgage, but as I can get more interest in regular savings etc and waiting, waiting and waiting and paying the gained interest in my mortgage account financially it makes sense...

You have a target. Make a small grid on paper where you colour in the blocks of your savings target and stick it on your fridge door. And remember to make your saved money to work the hardest you can, whether it is regular savings, ISAs etc. I have received some bonuses during my lifetime, usually just absorbing the bonus and spending it or paying off debts. After ten years I actually went and spent a small bonus I got from a project on something I liked and in a 50% off sale was a total bargain. After that I had my LBM, my retirement is more important than splurging on something one off. But if you feel like spoiling yourself, set yourself a limit of 5%, 10% or something like that of the bonus and save the rest. You will not regret it later, I promise.

Twiggy_34

CrabbitDutchie wrote: »

How do people tend to deal with bonuses or pay raises?

I've found myself in the slightly odd position where I've recently been promoted and have just been told I'll also be receiving a completely unexpected bonus (£590 after tax) which will hit my account at the same time as the pay increase.

So I'm now trying to work out how to best deal with the unexpected extra before it hits my bank account and I make silly decisions.

Any advice (apart from save all of it )?

I have had the occasional unexpected 'windfall' since joining these threads. I usually split the money, some into long term savings, some into my rainy day fund but hold a little back to treat myself to something frivolous.

kitjos

CrabbitDutchie wrote: »

How do people tend to deal with bonuses or pay raises?

I've found myself in the slightly odd position where I've recently been promoted and have just been told I'll also be receiving a completely unexpected bonus (£590 after tax) which will hit my account at the same time as the pay increase.

So I'm now trying to work out how to best deal with the unexpected extra before it hits my bank account and I make silly decisions.

Any advice (apart from save all of it )?

Hummm... I guess long term pay rise i include it all into our saving scheme. That's what ive done in our case with husband's promotion. Instead of 12k per year we could poss save, its now around 17k py so that's my (inner) goal as of now. Lump sum payment i guess id put approx 70% into savings and give the rest to hubby or use it for a day out to theme park etc. Need to also enjoy and have a life while saving xx

MissMarble

Hi everyone,

Very late update from me - I recently started a new job and so I've been quite caught up in that. I'm declaring £250 for February which is a bit of a cheat update as it's a standing order I've made into my super saving account once I get paid.

I have saved some extra money but it's my boyfriend's birthday this month and I've used that load of savings towards his gift. Some may count it as a saving, but I know it will soon leave the account so as I think I've said before my savings I focus on with this thread is more bigger things - I.e. House deposit!

My boyfriend and I are also saving into a holiday fund which a slice of my savings go into - it again it's expected to leave that account. Once March is over I think I'll be able to add more into the deposit fund.

I've had a bit of a re-think in terms of how I'm budgeting and recording our spends and as well as noting things in my journal - I've created a couple of spreadsheet pages which are work in progress!

Hope everyone is having a great month!

CrabbitDutchie

Thanks Pennystretcher Twiggy and Kitjos for your thoughts.

I'm planning that the extra take home pay from the rise will go straight into savings without me ever 'seeing' it so that there's no danger from accidental lifestyle inflation.

As I'm not specifically saving for a house deposit (for which I'd want everything in relatively easy access cash) I'm toying with the idea of putting a portion of my rise and any windfalls into an S&S ISA. Both to diversify a bit and to put off opening yet another currrent account/regular saver (had that all thought out based on my salary staying the same).

As for treating myself, I'm planning a weekend in London (have some training near London that work are paying for, but they're not re-imbursing the travel and accomodation). Does getting the train back up first class for £35.50 count? I've never got the train from London to Glasgow before (usually megabus it) and have most definitely never travelled 1st class!

bobobski

MissMarble wrote: »

Hi everyone,

Very late update from me - I recently started a new job and so I've been quite caught up in that. I'm declaring £250 for February which is a bit of a cheat update as it's a standing order I've made into my super saving account once I get paid.

I have saved some extra money but it's my boyfriend's birthday this month and I've used that load of savings towards his gift. Some may count it as a saving, but I know it will soon leave the account so as I think I've said before my savings I focus on with this thread is more bigger things - I.e. House deposit!

My boyfriend and I are also saving into a holiday fund which a slice of my savings go into - it again it's expected to leave that account. Once March is over I think I'll be able to add more into the deposit fund.

I've had a bit of a re-think in terms of how I'm budgeting and recording our spends and as well as noting things in my journal - I've created a couple of spreadsheet pages which are work in progress!

Hope everyone is having a great month!

Everyone is different but I agree with you in terms of what counts as savings - for the purpose of this challenge, since it's for the whole of 2017 (unless you specifically say otherwise), it makes sense that money saved to be spent later in the year doesn't count as savings. But I don't think a standing order for savings is cheating at all; it's one of the best ways to do it! Making saving automatic is often recommended; saving doesn't necessarily involve toil and struggle and active moving of money

Fruittea

It's a slow start to the month for me. Only £154 in the savings account so far. But I knew March would be a slow month as I don't have much income from house sitting etc - I best get on with some Ebay selling.