The "Save 12k in 2020" Thread!

bobobski

SF, it's a testament to how well you run this thread and how much it helps all of us that so many people (long timers and newbies alike) have signed up already. Thank you for all your hard work in keeping this running for us

Emperor2014

Hi Guys

I'm new to this but am hoping for a £12K target this year.

Do you guys have any tips or strategies on how to reduce expenditure, or generate additional income/cash back? Literally any hints or tips as to how you guys minimise your expenses and maximise income. Thank you

Wentthedaywell?

Emperor2014 wrote: »

Hi Guys

I'm new to this but am hoping for a £12K target this year.

Do you guys have any tips or strategies on how to reduce expenditure, or generate additional income/cash back? Literally any hints or tips as to how you guys minimise your expenses and maximise income. Thank you

Welcome Emperor, have a mooch round the 'Old Style Money Saving' Boards for lots of tips, also the debt/mortgage free wannabe ones if applicable.

The savings & investments ones (this one excepted!) can be a bit off-putting till you learn more, with people talking in technical terms about BIG anounts of money . Though to be fair, people are very knowledgeable and very happy to assist and share their expertise. This is especially useful on the pensions threads where there are some great experts.

Eco_Miser

Wentthedaywell? wrote: »

The savings & investments ones (this one excepted!) can be a bit off-putting till you learn more, with people talking in technical terms about BIG amounts of money .

There are definitely those, and very instructive to potential and new investors they are. There are also ones on where to put your £12k as you are saving it, such as Regular Saver Thread **New and Restarted**, and the various announcements of better (or worse) savings accounts rates.

SuperLooperSaver

Please can I join for 2020 with a £5,500 target? I'm new, though I've been reading for over a year! It will be interesting to see whether I save more than I did last year with this added motivation. I'm not going to include AVCs.

Thank you SF.

geoffers4

Emperor2014 wrote: »

Hi Guys

I'm new to this but am hoping for a £12K target this year.

Do you guys have any tips or strategies on how to reduce expenditure, or generate additional income/cash back? Literally any hints or tips as to how you guys minimise your expenses and maximise income. Thank you

Hi Emperor and welcome to the thread!

I seem to give the same advice every year-
*track every penny of expenditure in a spreadsheet so you can see any amounts building-up to a level you're not happy with, and
*shop only at Aldi! We've saved thousands compared to when we lived next door to a Tesco's.

skid112

Emperor2014 wrote: »

Hi Guys

I'm new to this but am hoping for a £12K target this year.

Do you guys have any tips or strategies on how to reduce expenditure, or generate additional income/cash back? Literally any hints or tips as to how you guys minimise your expenses and maximise income. Thank you

Round down any balances in bank or other accounts weekly and at the end of the month if you can afford to, makes a difference. Join cashback sites for any purchases, but be sure to follow the guidance on these and never count it until its paid to you. Switch bank accounts and pocket the bribes. Collect your spare change, give up that bought coffee in the mornings/day cheaper to make your own.
I am sure others will come with lots of tips as well

Suffolk_lass

Emperor2014 wrote: »

Hi Guys

I'm new to this but am hoping for a £12K target this year.

Do you guys have any tips or strategies on how to reduce expenditure, or generate additional income/cash back? Literally any hints or tips as to how you guys minimise your expenses and maximise income. Thank you

You already have some excellent tips from others - the rounding your accounts down is known as Tilly Tidying, if you see that mentioned - and is excellent for squirrelling away what you have, combined with pay-day saving and long-term saving.

In terms of keeping what you have, to free up more to save, the single best thread for me is the Grocery Challenge - it is well worth reading through the first few posts for the techniques to reduce your spending. I took my spend down to less than a third of what I was originally spending. Here is a link to the December thread. There are also loads of money saving recipes over there and everyone is friendly

katsu

Woo hoo. I've been waiting for this. Just trying to decide my target

Please can I join and I'll aim for £15k.

We have some specific things we need to save for like a new car so I'm not sure how to count savings we might spend during the year - any advice?

Suffolk_lass

katsu wrote: »

Woo hoo. I've been waiting for this. Just trying to decide my target

Please can I join and I'll aim for £15k.

We have some specific things we need to save for like a new car so I'm not sure how to count savings we might spend during the year - any advice?

It is up to you and lots of people count in different ways. Personally I do not take savings off my total unless it is in-month - so once I have posted the savings form at the end of the month, it is mine and it sticks. It does not relate to the total I have.

So for example we had enough squirrelled away to buy a replacement car when husband wrote ours off one Friday night on the way home - This was because we had savings, and not subtracted.

In contrast, when husband's motorbike tax direct debit hit without him warning me it was coming, I had to take £200 from in-month total to top up the current account.

Err, it isn't always husband, it just is in these examples

I also have not counted pension contributions, recycling (moving savings I already have into regular saver accounts to generate higher interest) but I will be counting interest, loyalty payments and dividends (but not stock rises and falls) in 2020.

As some people accumulate savings to offset mortgage (not always in an offset mortgage) you might consider counting any savings you make over your mortgage lifetime (in interest saving) by making over-payments, if you elect to do that instead.

As I say, many things to consider.