The "Save 12k in 2021" Thread!

becky_rtw

No. 48 reporting £2,125 for the month, off to do my form.

If next month goes as planned I'll save a lot more and should hit just over 50% of target. Fingers crossed. 

Lomcevak

#45 reporting in with £3,328.43 for April, making it £21,001.56 for the year so far. Work has been very hard for the last couple of months - good for saving, I guess, as lots of overtime and no time to spend it - but managed to book the whole of May off as vacation, so looking forward to a break and various long-overdue "projects" around the house. 

Jellybaby

#9 reporting in with £1,812 for April.  Very pleased with this as it was a spendy month and hoping I can do the same for May as it's birthday season in my family.  Even though most are budgeted for, with us moving out of lockdown, probably a few lunches and outdoor events will creep in.  I'll submit form now before I forget too.

geoffers4

Declaring £3136.88 for April. Supplemented this month by a few ISAs that credit annual interest. I don't know about you but I'm really not sure what to do as each of my 3-yr, 4-yr, 5-yr fixed ISAs come to an end - as there's no obvious option to me for these savings given current interest rates. Currently all I can think of is maximising my Premium Bonds up to the max 50k - if you can see any better options please let me know!

Happy savings everyone

Gem-gem

geoffers4 said:

Declaring £3136.88 for April. Supplemented this month by a few ISAs that credit annual interest. I don't know about you but I'm really not sure what to do as each of my 3-yr, 4-yr, 5-yr fixed ISAs come to an end - as there's no obvious option to me for these savings given current interest rates. Currently all I can think of is maximising my Premium Bonds up to the max 50k - if you can see any better options please let me know!

Happy savings everyone

If you transfer it into PB and remove it from the tax free wrapper, will you be at risk of having to pay tax on it later on???

I wonder if Rishi will remove the £500/£1000 interest allowance. It would be an easy way for him to bring some extra revenue in. Food for thought. 

I know several people who have the maximum £50k in PB and they have commented how they are not winning as much this year as last year. Too popular???

Wentthedaywell?

geoffers4 said:

Declaring £3136.88 for April. Supplemented this month by a few ISAs that credit annual interest. I don't know about you but I'm really not sure what to do as each of my 3-yr, 4-yr, 5-yr fixed ISAs come to an end - as there's no obvious option to me for these savings given current interest rates. Currently all I can think of is maximising my Premium Bonds up to the max 50k - if you can see any better options please let me know!

Happy savings everyone

I’m in the same position. I’ve also given up on regular saver accounts; the hassle of having an extra current account needing monthly feeding then repaying, setting up direct debits etc, all for 30 quid a year. I’ll just cut out buying one coffee a  month for the same result, far easier!

Reporting £3,500 savings this month.

becky_rtw

PB prize fund got cut Dec last year didn't it?

So yes their feeling is correct, although with full holdings and average luck you should still win every month I think. I haven't run the maths on that though. 

Billycock

premium-bonds-calculator
Expected £25 per month with average luck

geoffers4

Gem-gem said:

geoffers4 said:

Currently all I can think of is maximising my Premium Bonds up to the max 50k - if you can see any better options please let me know!

If you transfer it into PB and remove it from the tax free wrapper, will you be at risk of having to pay tax on it later on???

PB wins are not taxed and at least it's a safe port in a storm. 

Gem-gem

geoffers4 said:

Gem-gem said:

geoffers4 said:

Currently all I can think of is maximising my Premium Bonds up to the max 50k - if you can see any better options please let me know!

If you transfer it into PB and remove it from the tax free wrapper, will you be at risk of having to pay tax on it later on???

PB wins are not taxed and at least it's a safe port in a storm. 

I have PB, I don't do the lottery or scratch cards so it is a way that I can dream for a few moments each month. DH won't touch them prefers a guaranteed Interest rate. I was just putting some food for thought out there. 😀