The "Save 12k in 2020" Thread!

tommyedinburgh

My wife and I were chatting again last night how helpful and motivating this seems to be for us, can't thank everyone and especially Slowlyfading enough.

ForestBluebells

What do people count as savings for this thread?
Money invested in a LISA?
Money saved but earmarked for annual expenses such as potential car repairs, gifts, vet bills etc?
Or only money put specifically in savings? 

KeepOnKnitting

ForestBluebells said:

What do people count as savings for this thread?

Different savers count different things. This year I am counting money I am saving for my house deposit. I intend to buy before the end of the year, so will (hopefully) have spent it before the challenge is over. I did the same last year when I spent it on a holiday I had been planning for two years. Some people count money in pensions or mortgage overpayments. It's really up to you. 

lantanna

#93 declaring for Feb £1844

work bonus came through, however haven’t saved as much as I’d have liked due to car repairs and booked a well needed holiday. 

Looking forward to hopefully get a good return in March.

skid112

"What do people count as savings for this thread?"

I count money into regular savers and interest earned monthly, I do not count my ISA or my pensions. I also round down my bank accounts every week and again at the end of the month and put that into savings accounts, I round up any shopping paid in cash and add that to my total as well

delta13

ForestBluebells said:

What do people count as savings for this thread?

I count any new money going into any type of savings account, including interest earned. I've started paying into a Share-save scheme through work, and although I won't see that for 3 more years it's still a saving towards the future.
I'm saving for a house deposit, and going to Germany in the summer, so some of the savings will pay towards those pre-planned things. I'm using the challenge to get myself into a good savings habit - if I need to spend the money along the way that's fine, better use that up when really needed than get myself into debt

lantanna

I’m a bit different I want to physically have £7k in my accounts at the end of the year so I don’t count savings for hols etc that will be spent throughout the year. I don’t count my pension savings either.

Queen_of_the_Hive

It's definitely a personal thing. For me my long term goal is to save for a deposit for a property so for me I count anything that could be a potential pot for a deposit. I don't count pension & money put away for holidays, Christmas etc. I've recently changed what I was counting so my savings amount in Feb was really low as I took out my £1 coin jar.

Jami74

ForestBluebells said:

What do people count as savings for this thread?
Money invested in a LISA?
Money saved but earmarked for annual expenses such as potential car repairs, gifts, vet bills etc?
Or only money put specifically in savings? 

Yeah it's an interesting one. I'm not counting money that I'm saving towards a holiday or car expenses or anything that I'm expecting to spend this year. I'm counting money going into a help-to-buy (not sure I'll ever be able to buy, but the interest rate is good,), money going into my government saver, £100 a month for what I suppose is an emergency fund and any interest.

lantanna said:

I’m a bit different I want to physically have £7k in my accounts at the end of the year so I don’t count savings for hols etc that will be spent throughout the year. I don’t count my pension savings either.

Yes me too. At the end of the year I want to have x amount more than I had at the start of the year. If I end up spending it for whatever reason I will have to submit a negative amount.

Duckyduck

I define savings as change in current assets, for me its more simplistic than having to exclude set amounts for holidays etc and the ups and downs make the challenge more exciting than just a flat rate into a savings account.  Been thinking about it a lot this month as this definition means I’ll be reporting a loss this month - it’s not really a loss as the regular saver which has just matured was always intended to pay off the credit card before the 0% rate expires in March.  Tempted to exclude it to show the success of in months savings...