The "Save 12k in 2021" Thread!

juststuff123

Hi #53 reporting for March.
A bounce in S&S means I'm reporting £3766 for this month. Covid has caused me to spend a lot less in the last year than i would normally, I'm looking forward to being free, but I have enjoyed the extra on my bank balance.

ForestBluebells

#21 reporting £1220.13 for March. Would have been more but I withdrew £455 for MOT/service costs this month and I decided to scoop over what was left in my various pots this month for adding to next months budget instead of putting into savings.  Had my final freelance payment this week now too so next month will be less 😖

george4064

george4064 said:

#27 reporting £1,295 for February

£150 to SIP
£1,000 to S&S ISA
£145 other

Nothing major to report for February. From April will be moving to a new (DC) pension contribution schedule which will see my contributions go up a fair amount, this is because employer contribution matching is much better in new schedule vs current schedule. Since I only count AVCs for this challenge, I expect monthly saved amounts to decrease slightly from April (all other things equal).

S&S ISA had a so-so month, down about 2%. I am consciously maintaining a slight overweight to UK equities, funded by an underweight to US equities, nothing drastic but I enjoy having some active input on the portfolio!

Form submitted.

#27 reporting £5,383.94 for March.

Another strong-ish month - which I'm really delighted for. I am really preparing to jig things around in the near future as I have several regular savers/fixed account maturing in the next few months (2 in April, 1 in June and a Fixed Account maturing in June) which I don't intend on opening new Regular Savers as the rates as so poor now. 2.75% is bearable but 1.00% rates really are terrible!

I filled up the £4,000 LISA allowance in these last few months, longer term I'm contemplating how much contributions I should divert to my employers pension vs LISA (LISA is not for house purchase). I tend to sacrifice any earnings that tip me into higher rate band into my employers pension, so I think things are quite evenly balanced. Welcome any other people's views/thoughts on this!

Form submitted.

Alexland

george4064 said:

I filled up the £4,000 LISA allowance in these last few months, longer term I'm contemplating how much contributions I should divert to my employers pension vs LISA (LISA is not for house purchase). I tend to sacrifice any earnings that tip me into higher rate band into my employers pension, so I think things are quite evenly balanced. Welcome any other people's views/thoughts on this!

I do that too although if I made basic rate pension contributions then it would give about the same benefit with the salary sacrifice NI savings however the main benefit of the LISA is that it isn't considered against the pension lifetime allowance. So my pension contributions are a balance between paying enough in to avoid higher rate tax and child benefit claw back but at the same time wanting to keep my pension contributions as small as possible due to LTA risk.

george4064

Alexland said:

george4064 said:

I filled up the £4,000 LISA allowance in these last few months, longer term I'm contemplating how much contributions I should divert to my employers pension vs LISA (LISA is not for house purchase). I tend to sacrifice any earnings that tip me into higher rate band into my employers pension, so I think things are quite evenly balanced. Welcome any other people's views/thoughts on this!

I do that too although if I made basic rate pension contributions then it would give about the same benefit with the salary sacrifice NI savings however the main benefit of the LISA is that it isn't considered against the pension lifetime allowance. So my pension contributions are a balance between paying enough in to avoid higher rate tax and child benefit claw back but at the same time wanting to keep my pension contributions as small as possible due to LTA risk.

That’s a good shout (LTA considerations).

 I’m 30 years old and I’m really not sure if I should try take LTA into account or not. Based on my current pots and contribution rates, my pot will exceed LTA with 8% annual investment growth but will be quite a way short with only 5% investment growth. Obviously any change to the assumptions input have big effects on the final pot!

I have taken the stance that retirement is so far away I shouldn’t worry about LTA too much, continue as I am and revisit things when I’m closer to retirement.

AuburnEnigma

#40, just submitted my update form

·         Into ISA (ii): £2900

·         Vanguard general acc: £0

·         Into SIPP (Fidelity): £0

·         OpenMoney pension: £0

·         Regular saver: £250

·         Savethechange: £2.98

·         Grand total: £3152.98; YTD: £6906.40

Just concentrating on my ISA at the moment, whilst I'm between jobs. I'll have £50 a month going into my SIPP from April onwards, but I'm going to wait until I'm employed again before I make more contributions to my Vanguard/OpenMoney accounts.

Suffolk_lass

george4064 said:

Alexland said:

george4064 said:

I filled up the £4,000 LISA allowance in these last few months, longer term I'm contemplating how much contributions I should divert to my employers pension vs LISA (LISA is not for house purchase). I tend to sacrifice any earnings that tip me into higher rate band into my employers pension, so I think things are quite evenly balanced. Welcome any other people's views/thoughts on this!

I do that too although if I made basic rate pension contributions then it would give about the same benefit with the salary sacrifice NI savings however the main benefit of the LISA is that it isn't considered against the pension lifetime allowance. So my pension contributions are a balance between paying enough in to avoid higher rate tax and child benefit claw back but at the same time wanting to keep my pension contributions as small as possible due to LTA risk.

That’s a good shout (LTA considerations).

 I’m 30 years old and I’m really not sure if I should try take LTA into account or not. Based on my current pots and contribution rates, my pot will exceed LTA with 8% annual investment growth but will be quite a way short with only 5% investment growth. Obviously any change to the assumptions input have big effects on the final pot!

I have taken the stance that retirement is so far away I shouldn’t worry about LTA too much, continue as I am and revisit things when I’m closer to retirement.

I really wish I had been as money savvy as you two at your age. I would also be balancing the child benefit threshold with the basic tax threshold and using all legitimate tax minimisation options. I am diverting some of my former cash into premium bonds at the moment - much older than you two I have already stopped work, have an occupational pension, and don't want the balance of equities to be any higher than it already is. At least any winnings are tax free! - I've got a way to go before I reach the limit too!

My monthly form is in - it splits down as:

£360.18 in Tilly-Tidy transfers (to the nearest £50 in this no-council tax month)
£40.20 in dividends within S&S ISA
£383 in PB
£250 RS - started just before the rate dropped to 1% from 2.75%

Total is £1033.38 for March

I must remember to do something with the cash ISA that matures this week!

Sandyra

#32; £500 for March, I was hoping £1000 this month but I bought some treats and increases in CT and service charges, I'll be back hopefully to make it up. Form updated.

Westie983

Sorry I have been quite unwell since the new year so I haven't declared for this year yet so I have just sent the forms in 

January - £500.00
February - £250.00
March - £250.00

Westie983

longhill

No 28 sorry I am going to drop out after my husband died in October last year I have been living off my savings so it hard to keep track of new saving will take time to get my head around it and may start again next year good luck to everyone