"The Save £12k in 2024" challenge

enthusiasticsaver

penny_less said:

Hello

Could I also join this challenge?
I intend to include all excess income from any source PBs etc), and would like to aim for 12k.
I will report at the end of the month.
Thank you to Doris17, whose diary alerted me to this challenge.

Thank you

I have allocated you #60

Welcome to the challenge. 

enthusiasticsaver

MrsCautious said:

Hello, it’s good to read on here what people do and don’t count towards this challenge.

I’ve taken the approach that my aim is to increase my savings so when interest is added and stays in the account I’m counting it, I have a figure in mind that I’m aiming for in savings over the next year and for following years so for me, including interest in that growing total feels the right thing to do as it’s adding to it, I’m not planning to take it out. 

I’m also counting pension contributions. 

To add to my total so far I’d like to add for January:

#56 Mrs Cautious £1636 to add to amounts previously posted. My monthly total through the rest of the year will be nowhere near that.

*Thank you and please let me know if this is outside what the challenge should be! 

You are doing well.  Over 60% and we aren't out of January yet.

It is totally up to you what you  include in your figures.  Some people include investments etc and pensions.  I don't as the value of them changes from day to day and I like even numbers but I have no problem if others want to include them. 

Caeraugirl

Pretty much all of my savings activity takes place at the beginning of each month, so I'll likely be quiet for the rest of the time. 

I'm not counting interest or any other savings outside this challenge. I have a savings pot for annual expenses such as insurances, MOT, vet fees, but this gets dipped into as needed so I don'tcl count this in my totals. Like you, @enthusiasticsaver, I like even numbers.

Merlin's_Beard

Van_Girl said:

I count all payments into investments, fixed and regular savings, mortgage overpayments, pension, and interest payments on cash accounts, and work out the increase (or decrease!) across all accounts compared to the previous month. I don't count investment fluctuations or dividends, or mortgage repayments.

I think we all do slightly different things, but it's up to us how we work it out. I use this challenge for my long term savings goal (5 year plan) and so they are savings I am aiming not to spend. 

I do also have separate savings in a virtual sealed pot, for a different challenge (£2024 in 2024), which I don't include as I want to spend it at the end of the challenge 

That sounds very similar to me.

I think in my head the line is anything I'm doing voluntarily and deliberately (mortgage OPs, SIPP contributions, putting money into an account that yields interest) is fair game, and anything that isn't in my control or happens automatically (work minimum pension contributions, ups and downs of pension amount, obligatory mortgage payment) is not counted.

KrsyW

Thank you for adding me to the challenge,  and having had time to move money around today it is time for my first update!

#59 KrsyW £1,500

I am saving toward overpaying our mortgage at the end of the fixed term (4 years left) as the saving rate is higher than our mortgage rate.  I'm planning on starting a MFW diary soon to keep a track of what is going on.

Expecting the savings to be lower next month - having blinds installed in Feb which is going to eat away a bit of money.

Gavin83

Is it too late to join? Only just spotted this thread! If it’s not then stick me down for £12k. I’d already set myself this challenge on my personal “aims of the year” anyway so makes sense to record it here!

MrsCautious

Van_Girl said:

I count all payments into investments, fixed and regular savings, mortgage overpayments, pension, and interest payments on cash accounts, and work out the increase (or decrease!) across all accounts compared to the previous month. I don't count investment fluctuations or dividends, or mortgage repayments.

I think we all do slightly different things, but it's up to us how we work it out. I use this challenge for my long term savings goal (5 year plan) and so they are savings I am aiming not to spend. 

I do also have separate savings in a virtual sealed pot, for a different challenge (£2024 in 2024), which I don't include as I want to spend it at the end of the challenge 

Thank you for this! For the first time in my life I’ve been able to plan for years ahead, savings-wise, so I am trying to work out realistic targets. I hope your five-year plan is going well 🤩

MrsCautious

enthusiasticsaver said:

MrsCautious said:

Hello, it’s good to read on here what people do and don’t count towards this challenge.

I’ve taken the approach that my aim is to increase my savings so when interest is added and stays in the account I’m counting it, I have a figure in mind that I’m aiming for in savings over the next year and for following years so for me, including interest in that growing total feels the right thing to do as it’s adding to it, I’m not planning to take it out. 

I’m also counting pension contributions. 

To add to my total so far I’d like to add for January:

#56 Mrs Cautious £1636 to add to amounts previously posted. My monthly total through the rest of the year will be nowhere near that.

*Thank you and please let me know if this is outside what the challenge should be! 

You are doing well.  Over 60% and we aren't out of January yet.

It is totally up to you what you  include in your figures.  Some people include investments etc and pensions.  I don't as the value of them changes from day to day and I like even numbers but I have no problem if others want to include them. 

Ah thank you, these amounts are the result of accounts maturing and interest being added at maturity, a complete one off until this time next year  It’s not been my experience at any time to be able to do this either in planning or building savings, so it is a strange feeling having the peace of mind this brings. Thank you @enthusiasticsaver for running this challenge. I have another update as I closed a one year fixed bond today, I added the initial interest already in what I’ve posted so far, but interest that has now also come after it matured, when it automatically switched to a lower interest rate, is £61. 

jools1985

I'd love to join in with this if it's not too late please. After many years of being in debt, I'm debt free and mortgage free. I'm saving up for  retirement now. I'm aiming to save £12000 and posting on here will help me to focus

Suffolk_lass

Gavin83 said:

Is it too late to join? Only just spotted this thread! If it’s not then stick me down for £12k. I’d already set myself this challenge on my personal “aims of the year” anyway so makes sense to record it here!

Welcome @Gavin83 you are number 61

jools1985 said:

I'd love to join in with this if it's not too late please. After many years of being in debt, I'm debt free and mortgage free. I'm saving up for  retirement now. I'm aiming to save £12000 and posting on here will help me to focus

And also @jools1985 - you are number 62

Good luck to both of you