The "Save 12k in 2020" Thread!

slowlyfading

yellow1231231 said:

hi can  join also have a question do you count net assets or just savings 

You certainly can! And it's up to you - I just count savings added. What do you want your target to be?

slowlyfading

Spreadsheet updated

Wentthedaywell?

Hi Slowly, my target is showing £35,000. It should be 0, but I will update it (not to £35,00 though ) next month. Thanks.

Lomcevak

#27 reporting in with £5,268.19 for May, aided by some unexpected funds mid-month, making £29,022.45 for the year so far. Starting to think about some of the renovation work we need doing again, especially in the garden and outside of the house where it can be done while still distancing, so expectation is still that savings drop off in the second half of the year.

Other exciting news is that i'm now less than two weeks from being mortgage-free. Our planned holiday to celebrate is obviously on hold, but sure we'll find some way to mark the occasion. From a practical perspective, the most important point came last year when the mortgage dropped below about £15k, meaning that in a financial emergency we could have slowly paid off the remaining 12 years with negligible monthly payments. However, getting rid of it completely has been a focus for the last seven years (when it was a touch under £200k) so getting the last payment done and dusted will be awfully nice

kev2009

congrats @Lomcevak
Kev

steves_uk

In the spirit of paying myself first, savings contributions for June are as follows (I've updated the easy update form):

DD JISA - £100
DS JISA - £100
Sharesave Scheme - £220
Sharematch Scheme - £30
Personal ISA - £500

June total - £950
2020 total - £3,937

Best month of the year so far. I'm definitely finding that I'm saving substantially more by working from home and avoiding going out!

Mnd

Lomcevak said:

#27 reporting in with £5,268.19 for May, aided by some unexpected funds mid-month, making £29,022.45 for the year so far. Starting to think about some of the renovation work we need doing again, especially in the garden and outside of the house where it can be done while still distancing, so expectation is still that savings drop off in the second half of the year.

Other exciting news is that i'm now less than two weeks from being mortgage-free. Our planned holiday to celebrate is obviously on hold, but sure we'll find some way to mark the occasion. From a practical perspective, the most important point came last year when the mortgage dropped below about £15k, meaning that in a financial emergency we could have slowly paid off the remaining 12 years with negligible monthly payments. However, getting rid of it completely has been a focus for the last seven years (when it was a touch under £200k) so getting the last payment done and dusted will be awfully nice

Well done, it is a great achievement
It's a wonderful feeling 

george4064

george4064 said:

#21 reporting £1,271.23 for April.

Made some large new contributions to my S&S ISA in March and April, so whilst my net cash balance has decreased my grand total is improving. S&S ISA fell 10% in February and another 10% in March, whilst April it bounced back 8.6%. Note that my S&S ISA performance is a price performance and isn't a simply a change in value calculation.

Thought it might be useful to show how I calculate my monthly amount saved for this challenge = [Change in bank balances + Change in P2P balances* + Change in Credit Card Balances) + ISA contributions^ + AVCs + SIP Contribution]

Notes:
* Includes value of loans and cash balance, excludes non-performing or defaulted loans
^ Purely only new money added to ISA, hence any performance good or bad is excluded from this challenge.
1. SIP = Share Incentive Plan (not SIPP!)
2. Mortgage payments don't count, however overpayments would count.
3. Bank balances include any interest earned

#21 reporting £1,629.16 for May.

No new S&S ISA contributions but the prices have certainly bounced back from the lows in March! I'm feeling quite 'on the fence' at the moment as stocks are in a raging bull at the moment but I think that upwards movement is very fragile and can easily come back down. Therefore I continue to make small monthly contributions and hence majority of my monthly savings are held back in cash ready to move into my S&S ISA should there be another fall soon. Whilst I actively manage my S&S ISA to the extent I do as described above, I simply leave my DC pension with the normal contributions into global equities.

My final few 5% regular savers have matured and am now settling in with 2.75% as my highest regular saver rates. Currently have HSBC (2.75%), FD (2.75%) and Halifax (2.0%) regular savers in place, having recently closed the Coventry BS regular saver after it reduced the interest rate down from 2.5% to 1.85%.

I have stuck with Marcus and will continue to do so, I really like it as my instant access account and never had a problem with them. Meanwhile I have taken up HL's £25 Active Saving offer and stuck £5,000 in a Metro Bank 1 year fixed 1.20% account, having just missed out on Close Brothers 1.35% 1y fix!

Also switched my energy provider to a cheaper 1 year fix, I expect that to save us £120 a year. Every little helps!

Form submitted. Keep saving fellow MSE'ers and hope you all have a lovely weekend in the sunshine! 

SuperLooperSaver

#40 reporting £753.50 for May.  Form submitted.  

Duckyduck

Another month of low spend and s&s recovery means £2555.13 saved Inn May.