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"The Save £12k in 2024" challenge

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  • Just to confirm challenger numbers are not yet set in stone.  I will sort this out in January but  as many people last year signed up but did not complete we will be putting established savers near the top of the sheet  and newbies at the bottom to save time on editing. 
    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
  • Slowfading had a google sheets doc for this years, is there one for 2024?

    #32 - £5,000 for 2024 for me please, some big expense next year so £12k is going to be out of the question :(
    The link is on page 1.

    I have had a number of people requesting sharing rights to the sheet which I am refusing. People  can use the link on page one to view the sheet. The only editors will be myself and Suffolk Lass. 
    Thanks, too much locally sourced farm cider and enthusiasm to re-join caused me to miss it.

    Thanks for taking over the challenge :)
    If you believe you can, you will. If you believe you can't, you won't.

    Secured/Unsecured loans x 1 
    Credit Cards x 8 (total limit £55,050)
    Creation FS Retail Account x 1
    Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
    0% Overdraft x 1 (£0 / £250)
    Mortgage Outstanding - £137,707.00 (Payment 13/360)
    Total Debt = £7,400 (0%APR) @ £100pm - Stoozing

  • Thankyou for offering to do this.

    Could you please put me down for £9000 this year.

    Happy to take whichever number is allocated.
    £6000 in 2023
  • One small question: Does the £1,000 bonus from the Lifetime ISA count as saved money?
    Save £12,000 in 2024: £17,500 out of £12,000.
    Save £12,000 in 2025: £0 out of £12,000.
  • Suffolk_lass
    Suffolk_lass Posts: 10,224 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Macsidia said:
    One small question: Does the £1,000 bonus from the Lifetime ISA count as saved money?
    That is your choice - I include dividends that are cash additions (not reinvested) and interest but I know some only count the money they actively put there
    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
  • Can I join please? Aim is for £25,000!! Big total but should be achievable she says  🤞 
    Save £25,000 in 2025: #45-£524.15/25, 000

    PAD 2025: £609.19/6100
  • I've spent the morning setting up regular saver accounts for the maximum amount with three of the four banks I currently have accounts with, with 8% (Nationwide), 7% (First Direct) and 5.5% (Halifax) interest rates. That's taken care of £750 of my planned £1k a month, and will up my S&S ISA payment from £100 to £250 / month to take care of the rest. I'm sure there are more savvy ways of maxing interest, but as this is my first year with an ambitious target I thought I'd try and lock in the savings as much as possible.
    #21 Save £12k in 2025 £10477.35/£20000

    June NSD Challenge 0/10
  • I've spent the morning setting up regular saver accounts for the maximum amount with three of the four banks I currently have accounts with, with 8% (Nationwide), 7% (First Direct) and 5.5% (Halifax) interest rates. That's taken care of £750 of my planned £1k a month, and will up my S&S ISA payment from £100 to £250 / month to take care of the rest. I'm sure there are more savvy ways of maxing interest, but as this is my first year with an ambitious target I thought I'd try and lock in the savings as much as possible.
    The only downside I have found with the RS's is that they normally cannot be withdrawn without some form of penalty (such as a significant reduction in interest and account has to be closed in the case of FD). But, if this isn't a problem for you then the higher interest rates make for good returns.

    If you believe you can, you will. If you believe you can't, you won't.

    Secured/Unsecured loans x 1 
    Credit Cards x 8 (total limit £55,050)
    Creation FS Retail Account x 1
    Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
    0% Overdraft x 1 (£0 / £250)
    Mortgage Outstanding - £137,707.00 (Payment 13/360)
    Total Debt = £7,400 (0%APR) @ £100pm - Stoozing

  • The only downside I have found with the RS's is that they normally cannot be withdrawn without some form of penalty (such as a significant reduction in interest and account has to be closed in the case of FD). But, if this isn't a problem for you then the higher interest rates make for good returns.

    Fortunately I already have an emergency pot, so if the brown stuff hits the fan I should be able to cover most eventualities without having to access the regular saver accounts. The monthly payment commitment and locked in element is as appealing as the interest rates, as otherwise I might be tempted to save less / crack the accounts open as the months go on.
    #21 Save £12k in 2025 £10477.35/£20000

    June NSD Challenge 0/10
  • t2rry
    t2rry Posts: 1,074 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Could I please join in - target of £20,000 please!

    also wish I’d found this in previous years!! 
    Debt Free I FFEF I Building Savings I 2025 Plan:
    1. Regular Savings £6,350/£10,000
    2. Slush Fund £3,800/£10,000

    Save £12k in 2025 - #50 - £10,150/£20,000 (51%)
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