The "Save £12k in 2023" Thread!

Merlin's_Beard

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?

enthusiasticsaver

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. 

slowlyfading

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

tommyedinburgh

slowlyfading said:

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.

kev2009

Thanks for letting me keep the same number.

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

Thanks

Kev

enthusiasticsaver

slowlyfading said:

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. 

enthusiasticsaver

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. 

Gem-gem

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. 😀

MrFrugalFever

#32 reporting in - £715 so far for Jan

IntoTheForest

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!