The "Save 12k in 2021" Thread!

Wentthedaywell?

£3500 for July; I'm still not up to pre-Covid levels of spending. WFH I don't spend on office clothes, make-up, lunches with colleagues etc 

Suffolk_lass

Just submitted my August form. A modest £656.90 and £1500 raided from savings (£1000 of which went into premium bonds, with the rest covering a credit card bill and a cushion in the current account). I know I expected to reduce our savings in the gap between stopping work and being eligible for our state pensions but I still don't feel happy about it (skinflint tendencies!)

cathybird

hi all, no. 10 here reporting £1,366.98 for August, bringing my yearly total so far to £6,420.07.

Wentthedaywell?

Suffolk_lass said:

 I know I expected to reduce our savings in the gap between stopping work and being eligible for our state pensions but I still don't feel happy about it (skinflint tendencies!)

I plan to (fully) retire early next year and I know it will be really difficult to switch from accumulation to decumulation. But you can't take it with you! 

I've ringfenced £600pm 'spends' from my savings for the period between retiring and getting the state pension, so it will reduce the financial shock when I do finish work.

slowlyfading

SOAPaddict12 said:

hi slowlyfading

being self-employed, covid last couple years decimated my savings

could I join thread

business is now returning & I feel I can save £400 a month

target £1600

2021

thx

Have added you to the challenge!

slowlyfading

Spreadsheet updated

george4064

george4064 said:

#27 reporting -£250.00 for July

Following on from last month, have now been incurring some of the house selling/buying (mainly buying) costs which is reflected in my monthly figure. Given that's the reason why, as opposed to some silly spending on immaterial things, I'm not too disheartened by the negative figure!

Overall household finances will change quite significantly once we're in the new house because it will be in our joint names with joint mortgage, and being majority interest only (IO) we have more things to manage with how we invest the money that isn't going into the mortgage (due to the IO proportion).

There will no doubt be higher bills as we move from a small 2 bed flat to a Grade II listed 4 bed terraced house, furthermore;

• the new house is 100% powered by electricity including Econ 7 electricity radiators. Anyone here familiar with this type of electricity/heating arrangement and have any top tips/advice?
• we currently have a really good fibre-to-the-home (FTTH) internet connection here in London, at only £25pm. The new place is serviced with FTTH via Virgin Media who are significantly more expensive than what we get here!

I expect this negative figure to be balanced out by an unusually larger amount saved in one the next few months as ultimately split the costs 50/50 with OH.

Finally, S&S ISA returned +0.4% for July which is marginally better than the FTSE Global All Cap which was flat over the month.

Keep up the good work everyone! 

#27 reporting £861 for August

Everything's a bit on hold at the moment as we are inbetween homes right now, hopefully won't be much longer but must try balancing continuing to save/invest and keeping a reasonable amount of savings in accessible cash ready for the onward purchase.

ISA had a bumper month returning 6.6% over August, largely down to two ITs held in the portfolio (representing 10% of portfolio) that performed strongly over the month after announcing their respective half year/quarterly results which went down very well for both.

Sandyra

#32 here, slightly better than the other summer months. £820 for August, form submitted. Hopefully be back to £1000 for September. Thanks slowlyfading for managing. 

Westie983

£500 for this month. 

I had some credit card balance transfers expiring last ones to go.

form submitted 

Westie983 

Westertonbilly

Wentthedaywell? said:

£4,000 saved (including shares increase) in June, bringing my total to £17,000. I had a target just till June of £12,000 as I thought I might fully retire then. I'm still plodding on and I think I'll still be working till the end of the year, so I'll unofficially increase my target for all of 2021 to £24,000.

It's more of a subject for the pensions thread really, but I do need to seriously consider when to let go of work. I don't even enjoy it now, but the irreversibility is scary and lockdown and WFH have further muddied the waters.

Took the plunge in May and have not regretted it for a moment. Life is short, if you are not enjoying work do you really need to do it? You are obviously saving at quite a rate. Plenty of (happy) things available to fill your day when retired.