The "Save £12k in 2023" Thread!

kev2009

Suffolk_lass said:

kev2009 said:

MrsCautious said:

kev2009 said:

I myself only include money I save from my income, as I've always viewed the challenge to be money I can actually save, not money I've gained from interest etc.  Unfortunately income hasn't really being going up that much hence my saving figure is pretty much the same each year but so far I've managed to meet the target I've set but I know i couldn't save any more.

Kev

Ah thank you for taking the time to answer so thoughtfully and this makes perfect sense. I think the way I’m looking at it is that my savings/pension on-going total are a combination of what I’m able to save to put in and the interest/growth that brings. And getting what we consider the best interest can be a challenge as well. If someone is working hard to save say £300 a month, I’d definitely count the 7% interest it can get in First Direct say. 

Good to know we can do what makes sense to each of us here, good luck Kev sounds like you’re doing brilliantly.

Thanks, doing ok so far, shame can't increase what I'm saving.  Good luck to you and welcome to the challenge.

Kev

I include things actually added like dividend payments and interest, loyalty payments and the Tilly Tidying I do from my accounts but I don't include the capital growth (or shrinking) to the actual shares. Also PB wins and RS payments I do include.

Thanks, I don't include dividends or interest.  I used to save each month into a regular saver so I included that as that was from my income but I never included the interest as it was so small, it wasn't worth including.

I don't have any PB.

now the interest rates have increased, I may include them going forward but when they were so low, the interest was minimal so wasn't worth including.

Kev

MrsCautious

Merlin's_Beard said:

MrsCautious said:

Can anyone answer me a quick question please? I’m new to this thread, not assigned a number.

Can pension pot growth be included in the total? Not just the actual money paid in?

I understand bank interest and growing S&S ISA funds can be included - does this also apply to how a pension grows? (Or updated to recognise it has gone down?)

I feel this will be useful information for me anyway but not sure it’s ‘allowed’ in this challenge. 

Thanks very much for any words of wisdom. 

As others have said, include what you want to - growth is an important part of saving! And pensions and ISAs are only different in the tax wrapper they're in, the underlying mechanism is the same, really.

I don't include it in mine as an emotional decision, because marking negative totals in bad months would make me sad, but that's me.

Thanks very much for this. I hear you, I’ve not been looking at my pension or S&S ISA for ages as it has made for dreadful reading. I know it’s all about the long term but I’m going to brace myself to sneak a look each month in the coming year. 

Lomcevak

#18 reporting in with £6896.94 for January, which makes for a solid start to the year. Struggling mightily with travel and work/life balance at the moment, I'm flying (very) long haul every weekend in January and February but I guess it's good for saving, and definitely concentrates the mind on FIRE and the not-too-distant days where I won't have to do it any more

TinaBallerina

Congratulations on your baby CreditCardJunkie. 

I'm #37 declaring £268 for January, I've had a better month than I thought I would have, no spends other than from my sinking funds (which I am not counting towards this challenge).  Now if I can only repeat this for the rest of the year!  I tend to lose focus around April/May, so I need to either find a way to stay on track or save as much as I can early in the year.

Breezer1970

 #19   I Managed to save £350 for January.Bit of a bad month i expected to save more but it's a start i suppose  

P/S.... Does anyone know how to get rid of the £6000 in 2013 underneath?
I dont know where that has come from??

Pinkdaisy88

I don’t know what number I am but I would like to declare £590 saved this month which I have shared between my saving accounts and help to buy ISA. 

I may not do as well next month as it is my sons birthday and we are off on a short break in half term. 

ForestBluebells

#12 reporting £1671.48 for January, I can’t find the form to update? Going to have an expensive month next month as I have my mot and service. 

enthusiasticsaver

Breezer1970 said:

 #19   I Managed to save £350 for January.Bit of a bad month i expected to save more but it's a start i suppose  

P/S.... Does anyone know how to get rid of the £6000 in 2013 underneath?
I dont know where that has come from??

You go to profile and edit signature as that appears to be in the signature line. 

Sandyra

#31 here. First savings of the year. I had hoped to save £1000 but £500 of it, is going on our wedding venue deposit. Congratulations on the baby creditcard junkie! So £500 for Jan. Couldn’t see the Google forms so I’ll just keep recording it on my signature. 

Breezer1970

enthusiasticsaver said:

Breezer1970 said:

 #19   I Managed to save £350 for January.Bit of a bad month i expected to save more but it's a start i suppose  

P/S.... Does anyone know how to get rid of the £6000 in 2013 underneath?
I dont know where that has come from??

You go to profile and edit signature as that appears to be in the signature line. 

Ahhhh tyvm enthusiasticsaver