The "Save 12k in 2018" Thread!

Niv

Thinking of signing up but before I declare a total I was wondering:


- Would capital paid off mortgage count?
- Would pension contributions count?


I ask because I currently overpay my mortgage and will be upping my pension contribution next FY and therefore 'cash savings' will be lower than previous. If they don't count then I would need to take that into account before I could give a savings figure.


Thanks.

Merlin's_Beard

Sign me up! I'll aim for £10,000, though that may go to pot if housebuying becomes a reality later in the year.

redsunset

Sign me up for £8k

Twiggy_34

Count me in again please SF. I'll raise the bar slightly and aim for £3000 this year, as I've beaten my £2500 target the last 2 years.

Thanks

Wentthedaywell?

Niv wrote: »

Thinking of signing up but before I declare a total I was wondering:


- Would capital paid off mortgage count?
- Would pension contributions count?

I used to count my AVC, which I took as a 100% lump sum cash when I retired, as savings but not my main pension. Personally I wouldn't count mortgage over-payments as that is paying down debt rather than adding to the savings pot.

That's just me though; there's no right or wrong on this forum. You do whatever works for you Niv, it's all a good use of money!

christiem94

Could I join in this year please? I've not done a challenge like this before so I think I'll ease myself in with a target of £6000

Dot_Cotton_2

Can I also join please? My target is €12k. First ever challenge here too :j

Ruthy1604

Id like to join again please.
Could I sign up for £30K
Thanks

Ruthy1604

Niv wrote: »

Thinking of signing up but before I declare a total I was wondering:


- Would capital paid off mortgage count?
- Would pension contributions count?


I ask because I currently overpay my mortgage and will be upping my pension contribution next FY and therefore 'cash savings' will be lower than previous. If they don't count then I would need to take that into account before I could give a savings figure.


Thanks.

I include my pension contributions as I see that as saving for my future in a tax efficient way!

bobobski

Niv wrote: »

Thinking of signing up but before I declare a total I was wondering:


- Would capital paid off mortgage count?
- Would pension contributions count?


I ask because I currently overpay my mortgage and will be upping my pension contribution next FY and therefore 'cash savings' will be lower than previous. If they don't count then I would need to take that into account before I could give a savings figure.


Thanks.

I wouldn't count either personally - mine is purely money which is put into a savings account which I can relatively easily access. A pension isn't savings and neither are mortgage overpayments. However, the beauty of this challenge is that you can make it whatever you want and I'd say it's more important to be consistent with your criteria than sticking to someone else's criteria if they don't suit you.


I think there are mortgage overpayment challenges if you're interested in those but I'm not there yet