The "Save 12k in 2020" Thread!

Gizmo70

Number 25 reporting in for February. I managed to put aside £4,775. This was mainly due to cashing in some investments (just before the drop started) of £4,235, so I have asked my target to be adjusted from 6k to 10.5k
I'm expecting the next 2-3 months to have fairly small increases but it will partially depend on what happens with the stock markets.

george4064

george4064 said:

#21 declaring £429.94 for January!

Paid down a deposit for a holiday later this year so number is a bit lower than normal as expected. Solid start for the year but definitely room for improvement in the coming months!

#021 Reporting £522.69 this month.

My monthly figure is lower than last years which I'm disappointed with but I think I am quite 'harsh' in how I label if money has been 'saved' or not. So I know why my figures are so low but it does discourage me, haha!

A major financial 'piece' that I don't include is my mortgage, I could perhaps include the monthly net figure I have reduced my mortgage balance by (hence it includes the interest taken). How do others incorporate their mortgage into their savings spreadsheet and how/if do you include it within your monthly savings figure?

kev2009

I don't include my mortgage or anything, I literally only include money I have saved from wages.  I don't include interest on accounts etc, i just simply include any income I get that I save.
Kev

Suffolk_lass

I account for my mortgage as a debt on my debt-free diary and report my reductions on this year's "Mortgage Free Wannabees 2020" thread and the slightly longer term "Mortgage Free in Three (Take 5)" thread that runs over three years

george4064

kev2009 said:

I don't include my mortgage or anything, I literally only include money I have saved from wages.  I don't include interest on accounts etc, i just simply include any income I get that I save.
Kev

Fair enough, I mean technically money towards your mortgage (net after interest is taken) is saved money but I can understand your stance on this. I've been doing the same as you so far (i.e. not including my mortgage at all), but I'm considering including it in the future. Particularly because I was a first time buyer, so before I was spending that money on rent and now a fair chunk of that monthly payment builds equity in my flat.

Welcome posts from other users about how/if they include their mortgage in these monthly saved amounts!

Thanks suffolk_lass for posting too with your take on it.

ForestBluebells

I hadn’t thought about including mortgage payments/overpayments as it’s not money I can access unless I sold my home so for me I wouldn’t include in my “savings” figure 

steves_uk

I've managed to lose access to my old account so I'm switching to this one

Paying myself first this month, so savings contributions for March are as follows (I've updated the easy update form):

DD JISA - £100
DS JISA - £100
Sharesave Scheme - £220
Sharematch Scheme - £30
Personal ISA - £110

March total - £568
2020 total - £1,727

Worst month of 2020 so far but still plenty of time to catch up on my target

skid112

A major financial 'piece' that I don't include is my mortgage, I could perhaps include the monthly net figure I have reduced my mortgage balance by (hence it includes the interest taken). How do others incorporate their mortgage into their savings spreadsheet and how/if do you include it within your monthly savings figure?

I'm lucky as i paid off the mortgage a number of years ago and am paying in hard earned cash for the new house build. This money is segregated from the savings I declare as is the interest (pitiful) earned on it as it will go onto the house in one shape or another. Also as I am more than halfway moved to Spain I will lose access to UK accounts and the interest rates available for regular savers etc., there isn't such a thing here and the interest that can be earned is tiny. 

Clare43

Hello 😊.    No 13 reporting in with £1245.38 saved for February 😊

delta13

Slow start to March with £381.23 saved by paying myself first. I opted to pay for mobile phone insurance for the year upfront rather than by monthly direct debit - so I'm taking a little hit now, but saving 2 months worth of bills in the long run.

I'm going to check my finances at the end of this week once I've bought all the March birthday gifts I need for others, and then put away some more for savings.