The "Save 12k in 2020" Thread!

webjaved

It's been a while since I've dropped into the saver's section on the website.

WOW - COVID19 has surely put a spanner into finances/savings haven't they?
I've not really been on top of my savings, I know that £250 is put away monthly on a standing order so I have added that to the form for it to be updated, I need haven't actively manually been putting away into another account I have for savings. I think it's best to start doing that soon!

The rest of the year seems like it is going to be very expensive for me so I have revised my total to £10k Will review that towards the end of the year.

Keep up the savings, during these unprecedented times. Stay safe.

Reg_Smeeton

Evening mates, #42 dropping in to report £961.40 for June, taking me up to just shy of 40% of my target with half of the year gone... form submitted. Thanks once again to the OP for the excellent administration, great to track my progress on the big spreadsheet!

Wentthedaywell?

george4064 said:

After having been a homeowner for nearly a year and a half now, I have finally made my first ever mortgage overpayment! Whilst I probably should've started this sooner, I think what has prompted me to start this is seeing my interest rates on my saving accounts continue to fall!

It's crazy to see how much interest I pay per month relative to how much is actually taken from my bank account, looking forward to seeing that monthly interest figure going down in the future as my overpayments really tackle my balance!

That's a really smart move, especially with low savings rates. I cleared my mortgage years early by a comparatively small overpayment early on.

If you have any more spare money I highly recommend (speaking as an old gimmer) adding to your pension. Again, money in the early years compounds up to make a big difference later on. By the time most of us start seriously thinking about pensions it's a lot harder to make a big difference. Big tax advantages too!

george4064

Wentthedaywell? said:

george4064 said:

After having been a homeowner for nearly a year and a half now, I have finally made my first ever mortgage overpayment! Whilst I probably should've started this sooner, I think what has prompted me to start this is seeing my interest rates on my saving accounts continue to fall!

It's crazy to see how much interest I pay per month relative to how much is actually taken from my bank account, looking forward to seeing that monthly interest figure going down in the future as my overpayments really tackle my balance!

That's a really smart move, especially with low savings rates. I cleared my mortgage years early by a comparatively small overpayment early on.

If you have any more spare money I highly recommend (speaking as an old gimmer) adding to your pension. Again, money in the early years compounds up to make a big difference later on. By the time most of us start seriously thinking about pensions it's a lot harder to make a big difference. Big tax advantages too!

Totally understand the importance of pension contributions. Fortunately I work in the industry (mainly DB schemes, but some DC work too) so I have always had knowledge about pensions and how important they are!

Currently have about £25k in my DC pension pot (£17k in current employer pot and £8k SIPP), all invested in L&G or HSBC passive tracker equity funds. At present contributing 20% of my c. £45k salary (my core contribution + employer cont + AVCs), so I hope I'm on track for a decent retirement in the future. Currently 29 years old.

tommyedinburgh

Just tidying up what will be saved in July as we are getting work done at home, roughly half of what we have saved recently, likely to be the same for the rest of the year. 

Suffolk_lass

Wentthedaywell? said:

george4064 said:

After having been a homeowner for nearly a year and a half now, I have finally made my first ever mortgage overpayment! Whilst I probably should've started this sooner, I think what has prompted me to start this is seeing my interest rates on my saving accounts continue to fall!

It's crazy to see how much interest I pay per month relative to how much is actually taken from my bank account, looking forward to seeing that monthly interest figure going down in the future as my overpayments really tackle my balance!

That's a really smart move, especially with low savings rates. I cleared my mortgage years early by a comparatively small overpayment early on.

If you have any more spare money I highly recommend (speaking as an old gimmer) adding to your pension. Again, money in the early years compounds up to make a big difference later on. By the time most of us start seriously thinking about pensions it's a lot harder to make a big difference. Big tax advantages too!

Just to echo the effort you put into overpaying at the beginning of your mortgage really makes a big difference. Lots of people round their regular payment up to the nearest £100 if they can manage it, as well as looking at little lump sum deductions. I wish my Son was as savvy as you are at 29 (he is 28!)

Gandhi

Ending June with an increase of £6130, so fairly pleased with that progress. Mostly a result of not travelling (wife and I are avid travellers usually). Well done everyone!

fawwadali90

Ohhh great thanks for helping its awesome  

longhill

NO 98 Total for June1228.00
Running  total 3827.30

funkymonkey

number 113 reporting a big month! £4103 added to the pot so I have now not only surpassed my original 12k total but also my new 15k total! 
Not going to change my goal though as I am about to leave my job with a 2 week gap before my new employment starts with no money coming in, and as such I may need to dip into the pot in July.