The "Save 12k in 2021" Thread!

ilselm

#70 here. Just sent through form update for £3,538 for April. Thanks. 

Queen_of_the_Hive

Hi SF, 

#51 pleased to report my first positive figure of £4511.06 this year from a mini inheritance. This takes me to     -£1460.02. Still in the negative but my overall financial position is becoming stronger as I have paid off more than 50% debt which nibbles at my ankles each month! If I keep on the path I am on I will be nearly debt free this time next year and finally be actually saving! Anyone else in a similar position... keep going...!!! 

Billycock

the wife did the £2880 in and £3.6K out with her HL SIPP to bank another £720.

How does this method work please?
I'm thinking the SIPP is based on someone who is a non earner, same as myself. From info courtesy of Mr Google amongst others, a non earner up to age 75 years can deposit £2880 and get a £720 tax relief from HMRC. Is the £2880 deposited into the SIPP and more or less withdrawn straight away or at a certain stage. Call me stupid if you must but I'm new to the investing principles 

george4064

Billycock said:

the wife did the £2880 in and £3.6K out with her HL SIPP to bank another £720.

How does this method work please?
I'm thinking the SIPP is based on someone who is a non earner, same as myself. From info courtesy of Mr Google amongst others, a non earner up to age 75 years can deposit £2880 and get a £720 tax relief from HMRC. Is the £2880 deposited into the SIPP and more or less withdrawn straight away or at a certain stage. Call me stupid if you must but I'm new to the investing principles 

Will your wife have taken/be taking withdrawals from any of her pensions this tax year?

If her withdrawals are all within the personal allowance then great, but if she will be withdrawing more than the allowance then she will be taxed so cycling money in/out of the SIPP may not be as good as it seems.

Billycock

Thanks for your reply george4064
I don't have a wife though, only myself these days. Naturally the same principles will apply I guess. Again, thanks

slowlyfading

Spreadsheet updated

lantanna

#25 reporting £2766.05 for April.

Jami74

My savings are based on my cash balance, hence it was always going to be a minus in March as we were supposed to be on holiday which I'd been saving nearly 2 years for, to celebrate two very special birthdays. The birthday peeps were well treated, hence the minus, but probably a smaller minus than it would otherwise have been.

And now my job is changing again (thanks to zero hour contracts). Money is still going into savers and ISA at the moment but a cash balance increase is dependent on what work I can get in May.

Sandyra

#32 As promised I’m back to round up my March payment to £1000. Form updated. I’ll be back next week for end of the month savings.

Coolhand2

#96 reporting £1787.90 for April and form updated. Looking forward to saving more next month for our emergency fund.