The "Save £12k in 2023" Thread! 30 December 2022 at 11:21PM edited 18 February at 3:58PM in Savings & investments 195 replies 14.3K views

enthusiasticsaver

Kirsten1985 said:

Hiya
I'd love to join if that's OK? With a £12k target. 
I have read through but not sure if I add in once I have actually received the money and it's in the savings account or whether (like for overtime for example) I do it when I work the hours? Is it personal preference or is there a fixed/best way?
I think I'll join a few of the other challenges to help me on my way too! 

I update monthly once the money is actually in my savings account but I assume as long as you are consistent it is up to you.  @slowlyfading asks for monthly updates. 

Suffolk_lass

Please include me with a £5000 target for 2023. I was #14 last year, but I don't mind what number. I am very late responding as our visitors stayed until yesterday(!!)

steves_uk

I'd love to get involved again this year. Can I sign up for a target of £15k please 🙏

I failed to keep up last year - the saving continued but I lost my way with sharing updates as I made a large purchase using savings and it felt wrong to keep incrementing my reported savings total when I was really just paying back what savings I'd spent.

No planned big purchases this year, so should be a more consistent one for me!

Thanks for keeping this going @slowlyfading - if I can help with the administration of all this, do ask!

Gem-gem

steves_uk said:

I'd love to get involved again this year. Can I sign up for a target of £15k please 🙏

I failed to keep up last year - the saving continued but I lost my way with sharing updates as I made a large purchase using savings and it felt wrong to keep incrementing my reported savings total when I was really just paying back what savings I'd spent.

No planned big purchases this year, so should be a more consistent one for me!

Thanks for keeping this going @slowlyfading - if I can help with the administration of all this, do ask!

@steves_uk I had a similar situation. I paid for half of the cost towards the kitchen to be fitted, so for a few months I declared zero pounds and filled the form and posted. 

Some people posted a minus figure. 

enthusiasticsaver

Not reporting yet for January but after the monthly money shuffle today I transferred £3k to our joint savings and £100 to my personal savings account.  Hoping to transfer some more later on in the month. Credit card bills for December used for buying some Christmas presents all paid off today as well. .  The extra income we are getting from my sipp from this month  is going to come in useful. 

Coolhand2

Please sign me up SF, my target is £12,000

atti

Last yr I found my biggest problem was the mindset "I'll make up the difference next month/later".  To overcome this, I'm going to have mini targets in year (in addition to the passive d/d in the background), for example, Jan-Mar max out LISA, Apr-Aug put money away to max supermarket Xmas schemes just before they close (unless of course savings match the bonuses, which I'll swap out in next yrs budget), Sept-Dec focus on LISA again. 

What do other do to help keep on track/motivated to increase their savings to hit target?

Gem-gem

For myself, I am saving for early retirement. Which is getting very close now. This is my main drive /motivation. 

I know that for every £12k saved that is another year early I can retire. 

From a day to day motivation. I always pay my future self first, Then I have a small 'spending' budget. I look at what I have saved and add small amounts to get to the next £1, £10, £25, £50, £75 and £100. These are my mini targets.

I am trying a 'no' non-essential spend month to kick start the year. During Covid lockdowns I saved much more than normal. So, I am being mindful of small amounts of money dripping out of the account. 

Pinkdaisy88

Could you sign me up for £4000 please. This is my first year doing it but I am a long term lurker. I am saving for a deposit to buy our first home. 

James240

Pinkdaisy88 said:

Could you sign me up for £4000 please. This is my first year doing it but I am a long term lurker. I am saving for a deposit to buy our first home. 

Exactly the same here! Currently have just under £10k saved and looking to have approx £30k by end of 2024!