The "Save 12k in 2020" Thread!

ForestBluebells

Ok I’m in for £10k 😱 I’m going to count my additional pension savings but not contributions to my workplace pension as I’m trying to seriously boost my pension savings and will be funnelling most of my spare cash into a LISA and SIPP this year along with to a lesser extent boosting my emergency fund which I hope to bring up to £10k by the end of 2020. I’m also going to count the monthly money I set aside for potential expenses such as vet bills/car maintenance... just because this isn’t guaranteed to get spent and I’m still setting it aside but I’ll minus off any I do spend of that. 

Jan I saved £468 plus £14.99 interest  (£482.99 total for Jan) so I’m a little behind but I’m waiting on being able to cash out earnings from my freelance job and I’m hoping to start a 2nd freelance job soon also on top of my full time job which will make this a lot easier if I get it. I’m serious about saving this year! 

darkidoe

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? 

I count difference in balances. I record cash balance at beginning of each month and subtract the latest figure from the number from the month before. To me, a positive  addition to the total cash balance is savings. 

darkidoe

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? 

I count difference in balances. I record cash balance at beginning of each month and subtract the latest figure from the number from the month before. To me, a positive  addition to the total cash balance is savings. 

Gandhi

Reporting savings of 4995 for Feb. Lower than most months ought to be, as I was paying for January’s bills that were accumulated over a pretty big December! £13445 for the year, so on target thus far. Still got a circa 15k tax bill to pay at some point though. 

On the plus side, my investments (Not counted here) went up over the period as markets recovered somewhat from the coronavirus initial shock. 

On the downside, as my employer in Hong Kong is taking a real beating as a result of the virus hysteria, we have been asked to take 3 weeks of unpaid leave. I’m more than happy to do it, and I suspect we’ll get repaid for it anyway. In my case it’ll amount to about a 12.5% pay cut over 4 months. Extra discipline required, although it may not be tenable to hit my targets now. I’ll reassess the target once we get to my final reduced payslip. 

erin_transport

Hi 
number 71 checking in with mid feb check in of £311. Hoping for a few more £ To add before the end of the month. Thanks. 

Jazee

I only count savings that I don't intend to touch for anything until I retire although I don't include money automatically paid into my pension.

Suffolk_lass

skid112 said:

"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

I'm a bit like skid but I first accumulated an emergency fund for six months of bills, then various sink funds (albeit all in one account but very much for the things like car servicing or major costs like car replacement). These days (not working but maybe not finally retired) it is my Tilly Tidies (rounding of bank account every day or two), interest and loyalty payments, plus dividends in my ISAs. I similarly put change from my purse other than £1, £2 and 50ps in a big coin bottle.

Karen's_girl

#48 declaring £200 for February. It is lower than my usual amount but I treated myself to a much needed spa break last week. 

SuperLooperSaver

darkidoe said:

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? 

I count difference in balances. I record cash balance at beginning of each month and subtract the latest figure from the number from the month before. To me, a positive  addition to the total cash balance is savings. 

I do this too.  I'm doing well for February so far, despite buying a flight to visit family abroad in April.  Got the dentist next month.  I enjoy reading everyone's posts. Keep it up everyone.

ilselm

ForestBluebells said:

What do people count as savings for this thread?

I use this challenge to track personal FI progress which includes all savings and investments not intended for short-term intentional spending. So, pension, S&S ISA and regular savings account contributions; dividend reinvestments etc. It doesn’t include mortgage overpayments as that’s a separate challenge. It also doesn’t include the contributions made to a separate house renovation pot.