The "Save 12k in 2022" Thread!

Van_Girl

Huge congrats Madhatter! And lots of luck with your mortgage paydown 

And huge well done Queen_of_the_Hive (not sure how best to shorten your name?!) on your final debt payment. I know how amazing that feels 

dingling68

I have today transferred the money to purchase my first new (to me anyway) car in 12 years!

I felt sad that my June savings would be a minus  even though that was the purpose of that particular savings account it still smarts a bit!

@madhatter83 congratulations on your purchase 

KeepOnKnitting

madhatter83 said:

June update, Going to ask to be withdrawn from this challenge please. Have just taken ownership of our first home and for now would like to focus on overpayments on mortgage instead of savings. 

Good luck to everyone on your savings challenges going forwards:)

Why not keep going with the challenge, but count your overpayments as savings? It's all money that you didn't spend on cheese and chocolate, so it's effectively saving for the future.

madhatter83

KeepOnKnitting said:

madhatter83 said:

June update, Going to ask to be withdrawn from this challenge please. Have just taken ownership of our first home and for now would like to focus on overpayments on mortgage instead of savings. 

Good luck to everyone on your savings challenges going forwards:)

Why not keep going with the challenge, but count your overpayments as savings? It's all money that you didn't spend on cheese and chocolate, so it's effectively saving for the future.

If that can count I would be happy to do that! would be a nice way of tracking the overpayments really. 

Merlin's_Beard

madhatter83 said:

KeepOnKnitting said:

madhatter83 said:

June update, Going to ask to be withdrawn from this challenge please. Have just taken ownership of our first home and for now would like to focus on overpayments on mortgage instead of savings. 

Good luck to everyone on your savings challenges going forwards:)

Why not keep going with the challenge, but count your overpayments as savings? It's all money that you didn't spend on cheese and chocolate, so it's effectively saving for the future.

If that can count I would be happy to do that! would be a nice way of tracking the overpayments really. 

I plan on using overpayments as part of my calculation - same as @K@KeepOnKnitting said - it's invested in my long term future - a guaranteed 2.5% saving is the same as 2.5% interest when all's said or done!

enthusiasticsaver

Suffolk_lass said:

Number 14 reporting in with £700.09 thanks to two bumper (for us) dividend-paying ISAs this month (on very meagre holdings), plus one RS and lots of Tilly Tidying. The capital may have reduced thanks to market fluctuations but the dividends were good.

Just to echo @geoffers4 it is sad to see @Wentthedaywell? hanging up savings boots. There are several of us unwaged folk on here who continue to squirrel money away (in my case, if we feel in any way well off, we overspend, so feeling "poor" (it is all relative) keeps my savings and economising habits true to what were hard-learned lessons here.

I wonder if sharing how we approach our savings might be of interest to others as we go. I know we have done it before, in previous years but in the interests of others, looking to squirrel away a bit for the first time. So here goes:

• I Tilly Tidy both C/A, almost every day (except the dead-zone last 10 days of the month)
• RS - Just one, £250 a month
• Dividends in our ISAs (I ignore capital shrinkage or growth, treating it as sunk money that has gone in terms of budgets)
• PB wins and other interest if I remember (the RS premium when it matures for example

I have finished work and so has my husband. We have both taken our non state pensions as our principal income. Funding the gap before SPA with savings

We are in the same situation. Not yet in receipt of state pension so living off occupational and private pension but do mostly manage to save each month although some of this is allocated to future spends like holidays or Christmas, car costs etc. I am ignoring investment income and drops and increases in value of investments. We use a mix of RS and internet saver accounts. 

tommyedinburgh

#16 reporting £250 for June. 

Considerably under what we would have liked however our credit card 0% deal was ending so we paid off £2000 to completely clear it. 

We are selling a property in July so will have a really good month then. 

Suffolk_lass

madhatter83 said:

KeepOnKnitting said:

madhatter83 said:

June update, Going to ask to be withdrawn from this challenge please. Have just taken ownership of our first home and for now would like to focus on overpayments on mortgage instead of savings. 

Good luck to everyone on your savings challenges going forwards:)

Why not keep going with the challenge, but count your overpayments as savings? It's all money that you didn't spend on cheese and chocolate, so it's effectively saving for the future.

If that can count I would be happy to do that! would be a nice way of tracking the overpayments really. 

@madhatter83 It's a really good way of keeping track - you could also join the mortgage free wannabees forum with your own diary (mine started on the debt-free wannabees board and stayed there) and there are good annual and tri-annual challenges there too. Now you are starting to overpay your mortgage you could get your spreadsheet to track how much interest you are saving - not just the headline interest, but the compound impact, should you want to incentivise yourself. I wish I had been savvy enough to overpay earlier

ispookie666

@Suffolk_lass good idea on the compound interest. 
I was paying more into saving as the returns were better than paying off mortgage, with the rate rises and impending hard recession, I have reverted to paying off the mortgage but still doing the saving. 

Thanks to @Suffolk_lass @slowlyfading I have saved more this year, than the whole of the last decade! 

Painful few months ahead! 

becky_rtw

I've realised I've been failing to track my additional Student Loan repayments in the way of savings...one of the reasons I've been saving less than planned is because of the 12% interest in September so I'm accelerating plans to pay it off so I dont get hit by that too much/at all. 

Probably should at least be tracking the interest I'm saving by doing this but too late now. Need to remind myself of this when I'm behind target in December