The "Save 12k in 2020" Thread!

SuperLooperSaver

Number 40 reporting £669.40 for July.  I'll submit a form now. 
I'm nearly at my target.  I chose a target that I thought I could achieve, as I was wary of setting a larger one and being disappointed if I didn't reach it.  I've saved more due to not being able to do much this year.

lantanna

Well done Slowly, have subscribed to your channel, look forward to watching some vids later

Wentthedaywell?

geoffers4 said:

Gizmo70 said:

Wentthedaywell? said:

I'm going to reduce the amount I reported earlier in the week as shares are on their way down again 

Will adjust next month up or down!

That's one of the reasons I don't include shares in my calculations or the value of any property. It is only when I realise them by selling or I receive income from dividends that I include anything.

I was thinking exactly the same - I don't think my nerves could stand it if I was monitoring S&S ISA values the whole time. So I just report money I physically move into savings/investments each month.

There's certainly a lot to be said for doing it your way, and I did it like that myself till a couple of years ago.

I'm probably in my final year before fully retiring now though, so I'm more interested in how big my final spending pot is - or specifically how much more there is than at the start of the year - rather than how much I'm putting away each month. It feels like running up the down escalator this year though!

CryptoSpiridiumZ

Late to the saving goal have just started but i am glad i found this thread probably will get nowhere near 12k but the effort counts. I have until December 31st god help me haha.

kev2009

Hi,
#003 declaring £500 for August.  Have submitted form also.
Many thanks!
Kev

kev2009

geoffers4 said:

Gizmo70 said:

Wentthedaywell? said:

I'm going to reduce the amount I reported earlier in the week as shares are on their way down again 

Will adjust next month up or down!

That's one of the reasons I don't include shares in my calculations or the value of any property. It is only when I realise them by selling or I receive income from dividends that I include anything.

I was thinking exactly the same - I don't think my nerves could stand it if I was monitoring S&S ISA values the whole time. So I just report money I physically move into savings/investments each month.

I agree, I only include the money save from my salary each month, I don't include anything else such as interest, dividends etc, i only include what i physically save each month.  Similarly, i also don't include any big purchases i.e expensive repairs or car purchases etc as I save fro my salary and then I spend as required but each month I try to ensure i'm saving something.  I don't use it as a running total of my total savings as I started this much later so already had some savings etc prior to starting.  This just effectively keeps me on track for saving each month and i'm kinda accountable for want of a better word .  For example last year's money, I've used to over pay my Mortgage but I've not recorded it here as otherwise the figure would be minus or £0
Kev

KeepOnKnitting

Wentthedaywell? said:

KeepOnKnitting said:

Reporting for July with another bumper month. Not my highest, but I have paid for a holiday and MOT this month. 

A holiday? What is this thing of which you speak?!  

I plan on risking the cancellation of a caravan on the coast for a week. I am a nurse, and I have not had a break since March, not even an isolation fortnight or a sick day. I think I deserve it!

darkidoe

Wentthedaywell? said:

geoffers4 said:

Gizmo70 said:

Wentthedaywell? said:

I'm going to reduce the amount I reported earlier in the week as shares are on their way down again 

Will adjust next month up or down!

That's one of the reasons I don't include shares in my calculations or the value of any property. It is only when I realise them by selling or I receive income from dividends that I include anything.

I was thinking exactly the same - I don't think my nerves could stand it if I was monitoring S&S ISA values the whole time. So I just report money I physically move into savings/investments each month.

There's certainly a lot to be said for doing it your way, and I did it like that myself till a couple of years ago.

I'm probably in my final year before fully retiring now though, so I'm more interested in how big my final spending pot is - or specifically how much more there is than at the start of the year - rather than how much I'm putting away each month. It feels like running up the down escalator this year though!

 It's definitely useful to track the total pot if you will be using it to forecast your spending power based on the the fluctuations. I think it's a good idea when approaching the decumulation phase. 

#38 reporting 2611.84 for the month of July

darkidoe

kev2009 said:

I agree, I only include the money save from my salary each month, I don't include anything else such as interest, dividends etc, i only include what i physically save each month.  Similarly, i also don't include any big purchases i.e expensive repairs or car purchases etc as I save fro my salary and then I spend as required but each month I try to ensure i'm saving something.  I don't use it as a running total of my total savings as I started this much later so already had some savings etc prior to starting.  This just effectively keeps me on track for saving each month and i'm kinda accountable for want of a better word .  For example last year's money, I've used to over pay my Mortgage but I've not recorded it here as otherwise the figure would be minus or £0
Kev

Surely purchases must be deducted from savings?
If not your numbers will give you a false sense of saving more than you actually do.

Suffolk_lass

darkidoe said:

kev2009 said:

I agree, I only include the money save from my salary each month, I don't include anything else such as interest, dividends etc, i only include what i physically save each month.  Similarly, i also don't include any big purchases i.e expensive repairs or car purchases etc as I save fro my salary and then I spend as required but each month I try to ensure i'm saving something.  I don't use it as a running total of my total savings as I started this much later so already had some savings etc prior to starting.  This just effectively keeps me on track for saving each month and i'm kinda accountable for want of a better word .  For example last year's money, I've used to over pay my Mortgage but I've not recorded it here as otherwise the figure would be minus or £0
Kev

Surely purchases must be deducted from savings?
If not your numbers will give you a false sense of saving more than you actually do.

Maybe it depends on what you are saving for. The accumulation of money in the savings total may be to stop the saver taking out finance (a mortgage?) for those significant purchases. I think in-year I agree with you but when my DH wrote his car off I certainly raided a savings pot for emergencies (that would not have been there, but for having saved it a few years earlier).