The "Save 12k in 2018" Thread!

denmjd

Wanna_Bee_Free wrote: »

Hi Denmjd,

Congratulations on your engagement!

I can see you’ve already had lots of useful replies but wanted to add one more thing for you. That whole pay yourself first idea - so American but so true. I started the challenge last year and the thing the target did for me was make me clear on the amount I wanted to save ie pay myself. Then I did that first at the start of the month and tried to budget the rest of my month with what was left. Not always successfully but I’m a work in progress. That was the biggest thing that changed for me in doing the challenge. I’m trying for a bigger number this year too so I’m not claiming I’ve got this 100% sorted or anything.

Good luck!

Thank you Wanna Bee Free, every reply is gratefully received, each one has something else to offer & i am happy for the support, the Wedding means so much to us both, & appreciate the fact of firstly the congratulations, so nice to hear, & secondly all the different advice i have been given in so short a time!! Pay yourself first, I hadn't considered it that way around, that surely would focus the intent then, so the idea then is to treat yourself like a bill & pay a set amount each month, then see what you have left to live on? that's a great way of doing it, stops all the little extra's & when I've worked out what the figure can be, I will do that, along with tidying my account at the end of the month!! Thanks again & I wish you good luck with your goals, whatever they are xx

Wanna_Bee_Free

denmjd wrote: »

so the idea then is to treat yourself like a bill & pay a set amount each month, then see what you have left to live on? that's a great way of doing it, stops all the little extra's & when I've worked out what the figure can be, I will do that, along with tidying my account at the end of the month!! Thanks again & I wish you good luck with your goals, whatever they are xx

That’s exactly it. It’s made a big difference to me but you need to have a certain amount of ‘spare’ money. Some months seem longer than others! Good luck with your goals too!

bobobski

denmjd wrote: »

Thank You Bobobski, so kind of you to reply.. WOW YOU HAVE DONE BRILLIANTLY! :T:T:T That is such a fantastic achievement... I have a questions if that's ok? what is YNAB? I am pretty much stuck in my job at the moment, no chance of a pay rise, had 1% in 8 years, rubbish i know but I am almost at the end of my 50's & finding another job at that stage of the game is nigh on impossible & yes I have tried, just seems to be no interest at the moment, I will look into the second job bit though, as i am a basic taxpayer, I am trying to sort out a budget plan & savings account, just need to find the right one I will get there as I am determined to sort everything out this year, thank you for your help x

Thank you denmjd, I've worked very hard at it and am still learning every day!

YNAB is budgeting software which is internet-based (so you can access from any computer) and also comes with an app so you can record income and spending on the go. Sadly the price went up recently but I would still recommend it. You can watch their tutorials for free here: https://www.youneedabudget.com/learn/ - I suggest doing so whether or not you're interested in the software and I have done each of the tutorials a number of times, whether or not they're relevant to me, as you always pick up great tips. They're live as well, so you can ask questions of the teacher in real time.

There may be circumstances that prevent it, but I wouldn't discount the possibility of a pay rise. We Brits are rubbish at asking for payrises (and, I hate to say it, women in particular) so when I decided I wanted to ask for one I did some reading around the internet about how to approach the conversation and what sorts of things you should say. If you've had a 1% pay rise in 8 years effectively you've been getting pay cuts every year due to the effect of inflation so you might consider asking your boss (politely!) whether your performance has really been continuously decreasing to justify this pay cut and, if so, what they suggest you do to improve your performance and obtain a pay rise.

On the additional income front, I forgot to mention paid surveys. People have their own preferred sites so I won't try to sway you with mine but this might help: https://www.moneysavingexpert.com/family/make-money-online. You won't make a fortune but doing a few a week could bring in a couple of hundred quid a year for not very much work.

Re savings accounts, if you haven't already, definitely have a read here: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest. You might also consider starting a new thread in this forum asking whether the accounts you've selected are the best for your needs (you may wish to include a timeline for when you'll need the money as other people on here know a lot more about locking your money away for higher interest rates than I do).

Hope that helps!

scroogemcduck2

Can you put me down for £13k please!

The google form doesn't seem to work when I click?

denmjd

Wanna_Bee_Free wrote: »

That’s exactly it. It’s made a big difference to me but you need to have a certain amount of ‘spare’ money. Some months seem longer than others! Good luck with your goals too!

Thanks Wanna Bee Free, I am looking into all my fiances now, each bit seems to take soooo long, but I am going to treat myself as a bill now, such a good way of looking at it! Thank you xx

[Deleted User]

Well I haven't had the best start to 2018, my car was smashed into and written off. As we know Insurers never give you enough to replace it so my savings plan will take a hit.


What is it about BMW drivers ........................


At least he admitted liability

Westie983

denmjd wrote: »

Hi Suffolk Lass, many many thanks for your reply, like the idea of tidying your accounts, I am guessing that you put the leftover £50 or £10 in your savings account? I will definitely be doing this, can't believe I've never thought of doing it before DOH! sorry what is S&S? I wish you well on your challenge & goals whatever they may be xx

Come and join my Virtual Sealed Pot Challenge, where we do just this, each week round down your account to the nearest £10, then swop the money into a savings account.

Have a read of the challenge here if you fancy joining just post a message on the thread.

Virtual Sealed Pot Challenge 2018

Westie983

Suffolk_lass

denmjd wrote: »

Hi Suffolk Lass, many many thanks for your reply, like the idea of tidying your accounts, I am guessing that you put the leftover £50 or £10 in your savings account? I will definitely be doing this, can't believe I've never thought of doing it before DOH! sorry what is S&S? I wish you well on your challenge & goals whatever they may be xx

S&S is Stocks and Shares - I have a self-selection ISA on the Charles Stanley Direct Platform that is low cost to operate and very low fees. If you buy funds rather than individual shares it is cheaper than buying individual shares, but our choices are all a reflection of our individual choices and circumstances.

I don't want to make it sound like I know lots about this as I don't, but I have been consciously improving my understanding over recent 3-5 years. If you are interested I would suggest silent-reading of the investments and savings part of the forum - I suggest silent because of my own experience; there are one or two people who regularly browse and post and for reasons known better to themselves, they like to demonstrate how little the poster know/understands rather than being helpful.

denmjd

bobobski wrote: »

Thank you denmjd, I've worked very hard at it and am still learning every day!

Thank you bobobski, you have given me so much to consider, the site looks good & as you say, the tutorials are really helpful, I will try to be as proactive as you when I have read & understood the information... I am so appreciative of all the effort you have gone to to help me out, it's so nice to see when someone has done so well they help & guide other people Thank you again for all your help, just out of interest, what is your goal this year for? Any particular reason or are you quite prudently saving for something special in the future? I am going over a few things this evening, & I think i am going to post my low figure in the morning, that way I will be able to manage it & maybe pop some more in as I go... I will lokk out for you on here & see how you are doing, Thanks again Denise x

geoffers4

Suffolk_lass wrote: »

I am always interested in what others budget for. I noticed you don't include life insurance in yours geoffers4 - is that deliberate (and if so, why?) if you don't mind me asking?

It's included in my work pension, fortunately. But even if it wasn't, I would probably "do my own insurance" as we've got enough built-up in various savings/investments/pension pots for OH to be covered if the worst happened. Similarly I don't bother with pet insurance - we did have a big vet bill recently, but for many years the dog has cost us nothing at all, so it all balances out over the longer term.