The "Save £12k in 2023" Thread!

confusedsaving · 27 January at 3:27PM

Hi Slowlyfading, Please can you add me with a £17k target? Thanks!

ispookie666 · 28 January at 9:55AM

@slowlyfading Thank you once again for running this.

To make your life easier, I think google forms can automatically populate data into google sheets. Maybe this might save you a lot of time?

Starting this year with the small step of £300, not much left after paying the 5K tax bill. Maybe its time to enter politics

Suffolk_lass · 28 January at 11:43AM

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.

@MrsCautious it can be included if you want it to. We all do it our own way and include what we want to.

kev2009 · 28 January at 1:24PM

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

Jellybaby · 28 January at 4:43PM

#11 reporting £1,325 for January. Happy with this and as it may be my last full year of work before early retirement, I want to squirrel as much as I can away in the months ahead.

kev2009 · 28 January at 4:57PM

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

Hellesbelles · 28 January at 6:44PM

#25. £300 this month as I decided to pay off the remainder of my very old student loan, (interest rates they have been charging have been more than my savings are accruing!)

CreditCardJunkie Congratulations on the baby!

H

Merlin's_Beard · 29 January at 10:54AM

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.

Suffolk_lass · 29 January at 11:55AM

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.