The "Save £12k in 2023" Thread!

edited 18 February at 3:58PM in Savings & investments
195 replies 14.3K views
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  • Merlin's_BeardMerlin's_Beard Forumite
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    atti said:
    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?
    I use YNAB so every time I want to spend on something extra, I have to manually allocate it away from my savings target. It also means it automatically changes what I need to save in the next months until my target date.

    Both of those ask me questions - do I really want this more than I want [whatever I'm saving for]? And if I take this out of savings can I realistically save [new amount] every single month? Really?
    Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
    Current mortgage amount: £238,317.76; OP offset fund: £1250
  • enthusiasticsaverenthusiasticsaver Forumite, Ambassador
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    atti said:
    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?
    My savings target is worked out according to our budget which keeps me on track.  I pay the money over to savings as soon as we get paid so that avoids the mentality of "making up the difference later".  In other words I guess it takes priority over spending. 
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.
    Save £12k in 2023 Challenge #8 £12,000/£6500
    The 365 day 1p Challenge 2023 #1 £670.00/£100.00
    The 365 £1 a day Challenge for Christmas 2023 #43 £1000/£400
  • tommyedinburghtommyedinburgh Forumite
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    Spreadsheet added with everyone up to here - welcome to the challenge!

    If you think you have found the previous challenges helpful, feel free to buy me a virtual coffee :)
    Thanks for granting my request to keep the same number. It was so financially lucky for me last year I would have been gutted to lose it.


  • kev2009kev2009 Forumite
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    Thanks for letting me keep the same number.

    #003 declaring £500 for January.  I'll fill in the form when its available :)

    Thanks

    Kev
  • enthusiasticsaverenthusiasticsaver Forumite, Ambassador
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    Spreadsheet added with everyone up to here - welcome to the challenge!

    If you think you have found the previous challenges helpful, feel free to buy me a virtual coffee :)
    Thanks @slowlyfading:)
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.
    Save £12k in 2023 Challenge #8 £12,000/£6500
    The 365 day 1p Challenge 2023 #1 £670.00/£100.00
    The 365 £1 a day Challenge for Christmas 2023 #43 £1000/£400
  • enthusiasticsaverenthusiasticsaver Forumite, Ambassador
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    We are edging slowly towards the end of January.  So far we have put £3100 into savings courtesy partly due to a 25% TFLS pension paying out so I suppose it is really just transferring from investments to  savings but I am counting it anyway.  There is still around £1300 left in our  current accounts and about £100 spending forecasted for next week so I am optimistic I may find a few more hundred before I close the accounts spending down on 30 January. I am not counting our pots or challenge savings though. 
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.
    Save £12k in 2023 Challenge #8 £12,000/£6500
    The 365 day 1p Challenge 2023 #1 £670.00/£100.00
    The 365 £1 a day Challenge for Christmas 2023 #43 £1000/£400
  • edited 20 January at 11:04PM
    Gem-gemGem-gem Forumite
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    edited 20 January at 11:04PM
    No. 5 declaring £2312 for January. 
    Made up from salary, interest and dividends.
    Only five spends so far this month: 
    prescription, hairdressers, cheap meal out with family, two tins of biscuits and the payment for shutters, which are being fitted next week. 😀
    ⭐️Save 12K in 2023 ⭐️Fashion on a ration 18/66 coupons
  • MrFrugalFeverMrFrugalFever Forumite
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    #32 reporting in - £715 so far for Jan
    Save £12k in 2023 challenge

    Jan = £715 / £1,000 Feb = £1,275 Mar = £400  (fallen behind will make up in April)
    Apr = £ May = £ Jun = £
    Jul = £ Aug = £ Sept = £
    Oct = £ Nov = £ Dec = £

    Saved Total = £1,990 / £12,000
  • IntoTheForestIntoTheForest Forumite
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    I'm number 46 and I'm saving £799.87 this month. It's a bit of an odd amount as I moved some old savings into my Coventry FHS account (haven't counted that amount) and had the remaining £1k allowance to use up. 

    Hopefully next month will be a little better! 
    SPC  #046 2021- £293.26
    Make £2022 in 2022 #35 £10/£2022
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