"The Save £12k in 2024" challenge

enthusiasticsaver

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. 

MrFrugalFever

enthusiasticsaver said:

MrFrugalFever said:

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

brucefan_2

Thankyou for offering to do this.

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

Happy to take whichever number is allocated.

Macsidia

One small question: Does the £1,000 bonus from the Lifetime ISA count as saved money?

Suffolk_lass

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

angelicious

Can I join please? Aim is for £25,000!! Big total but should be achievable she says  🤞 

Caeraugirl

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.

MrFrugalFever

Caeraugirl said:

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.

Caeraugirl

MrFrugalFever said:

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.

t2rry

Could I please join in - target of £20,000 please!

also wish I’d found this in previous years!!