The "Save 12k in 2019" Thread

skid112

I would say depends on the company, the reason for redundancy and a few other factors

kev2009

Hi,

#003 declaring £500 for June.

Have submitted the form, thanks!

Kev

george4064

george4064 wrote: »

I'm here for a big 4 month update! After completing my flat purchase in January this year, I slightly lost track of my savings etc whilst I was super busy with loads of other things.

Therefore I'm going to do something slightly rogue and take a typical saving month from last year and use that as my amounts for Jan and Feb this year.

Other than that, this year has gone well with some bonus $ and a payrise too!

Declaring:

January 19 - £600
February 19 - £600
March 19 - £2,592.93
April 19 - £4,861.16

Bit late with my May update because I had my finance exams yesterday, glad its all over (until next year!) So here goes my May update:

Total saved: £952.73

I'm generally finding it harder and harder to keep track of my savings as the number of accounts increase and hence more accounts I got to keep track of! I remember only a few years ago my saving was super simple with only a few accounts to remember, now I've got several accounts to maximise interest as well as 0% credit card which I'm stoozing (acknowledging this as a negative balance on my savings).

I also find that my savings spreadsheet just gets bigger and bigger and bigger! (I add a new column for every new account I have, with details of the account in the top row. Info such as interest rate, maturity, any early exit penalties etc)..

Great numbers elsewhere, happy saving all! :T

clsmooth48

Cheers for adding me (179)! Added 5 submissions to put me up to date!

geoffers4

darkidoe wrote: »

I am curious. What are redundancy packages like nowadays?? I have never heard of any experiences before.

At our place they offer "voluntary redundancy" packages from time-to-time when some departments need to shift a few staff. Normally it's 1.5 times the statutory minimum, which I've copied below from https://www.gov.uk website:

Redundancy pay
You’ll normally be entitled to statutory redundancy pay if you’re an employee and you’ve been working for your current employer for 2 years or more.

You’ll get:

half a week’s pay for each full year you were under 22
one week’s pay for each full year you were 22 or older, but under 41
one and half week’s pay for each full year you were 41 or older
Length of service is capped at 20 years.

If you were made redundant on or after 6 April 2019, your weekly pay is capped at £525 and the maximum statutory redundancy pay you can get is £15,750. If you were made redundant before 6 April 2019, these amounts will be lower.

Redundancy pay (including any severance pay) under £30,000 is not taxable.

So for example, someone over 40 on £30k per annum who has worked there for 10 years would get about £13k tax-free. Not a fortune, but if you were thinking of moving-on anyway, then not too shabby.

webjaved

For the month of May I've saved £1,289.72

Karen's_girl

#46 declaring £225 for May and £225 for June. Am really pleased to read about how much people are saving on this thread. Well done and keep it up!

clsmooth48

June total of £2000.45 for #179

juststuff123

I'll be reporting a savings loss this month! It's not all bad though. I've paid off my credit card so as of today I officially have no debts whatsoever!

I'm completely FREE!

Tiglath

Had a couple of big months with an inheritance and my annual bonus (which was more than I expected), so changing my target to £100k please. Tillytidying is definitely my secret weapon. Things may change if we can persuade the next door farmer to sell us a couple of acres so we can keep alpacas to go with the planned goats and existing chickens, but that's only in the beginning stages so far.