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"The Save £12k in 2024" challenge

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  • 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. 
    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 forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    The 365 Day 1p Challenge 2025 #1 £667.95/£162.90
    Save £12k in 2025 #1 £12000/£7000
  • 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. 
    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 forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    The 365 Day 1p Challenge 2025 #1 £667.95/£162.90
    Save £12k in 2025 #1 £12000/£7000
  • Caeraugirl
    Caeraugirl Posts: 584 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    edited 17 January 2024 at 4:01PM
    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.
    #21 Save £12k in 2025 £10477.35/£20000

    June NSD Challenge 0/10
  • 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.
    Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
    Current mortgage amount: £226,957.97
    Start student loan 2012: £29,750; current student loan: CLEARED July 2025
  • KrsyW
    KrsyW Posts: 28 Forumite
    Ninth Anniversary 10 Posts
    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.
    Emergency Fund: £15,000/£15,000     Mortgage Overpayment Fund: £36,000/£72,000

    Mortgage:     
    Current End: Nov 47      Target End: Apr 34     Current End Inc Overpayment Fund: Sept 43
  • Gavin83
    Gavin83 Posts: 8,757 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    MrsCautious Posts: 1,621 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 18 January 2024 at 2:12AM
    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
    MrsCautious Posts: 1,621 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 17 January 2024 at 10:47PM
    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
  • Suffolk_lass
    Suffolk_lass Posts: 10,229 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    Save £12k in 2025 #2 I am at £4863.32 out of £6000 after May (81.05%)
    OS Grocery Challenge in 2025 I am at £1286.68/£3000 or 42.89% of my annual spend so far
    I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
    My new diary is here
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