The "Save 12k in 2017" Thread!

SpekySquarehead · 20 January 2017 at 9:52AM

Good morning,

I got paid yesterday so pleased to say I've put away 50% of my salary, so £750 in total.

£200 straight into the HTB and the £550 into my FD Saver. That's my new monthly target so I'll smash my yearly target.

missy83_2 · 20 January 2017 at 11:27AM

Hi there can you please put me down for saving £1300 this month #128 Missy83.

Feeling a bit bad about how much I actually have saved as I realised I hammered into my house deposit savings last year by nearly 50%. Not a great year and I sort of went of the rails a bit with lots of holidays and things but head is definitely down in 2017 to try and make up for lost ground.

Happy saving folks!

lisa110rry · 20 January 2017 at 5:20PM

Slowly, a couple of us (myself included) omitted their December updates until January. Do you mind just doing one more update for 2016?

CrabbitDutchie · 21 January 2017 at 10:52AM

I've been thinking (a dangerous thing perhaps) about my self imposed rules for this challenge and think I'm going to change them and not my target.

I've been a bit slow at getting properly started on pensions savings(only started aged 27), but have finally got that under control and currently 20% of my wages (14% me, 6% employer) are going straight into a pension. I felt pretty good about this until this month when suddenly it feels like I'm 'missing out' on that £210 extra I'd otherwise be gettting home. It would of course only go into a savings account and be counted towards the challenge and isn't actually needed. On top of that missing out on £210 take home pay gets me £375 added to the pension pot. I know what the better deal is, but I've still been feeling a little negative about the pension contribution.

As my overall goal is long term financial stability - and not something short/medium term like a house, new kitchen or car - I'm going to count my pension contributions towards my savings target so that I can feel good about them and can avoid the temptation to pay in less just to cheat myself in the long term.

Wentthedaywell? · 21 January 2017 at 11:25AM

CrabbitDutchie wrote: »

I've been thinking (a dangerous thing perhaps) about my self imposed rules for this challenge and think I'm going to change them and not my target.

I've been a bit slow at getting properly started on pensions savings(only started aged 27), but have finally got that under control and currently 20% of my wages (14% me, 6% employer) are going straight into a pension. I felt pretty good about this until this month when suddenly it feels like I'm 'missing out' on that £210 extra I'd otherwise be gettting home. It would of course only go into a savings account and be counted towards the challenge and isn't actually needed. On top of that missing out on £210 take home pay gets me £375 added to the pension pot. I know what the better deal is, but I've still been feeling a little negative about the pension contribution.

As my overall goal is long term financial stability - and not something short/medium term like a house, new kitchen or car - I'm going to count my pension contributions towards my savings target so that I can feel good about them and can avoid the temptation to pay in less just to cheat myself in the long term.

You are very wise to get cracking on the pensions, Crabbit. I'm hoping to retire early this year, and can only do so by having started paying in a similar amount to you since I was in my early 20s. The thought of having to work till 70 is horrific! When you're 20-odd retirement seems an eternity away, something that happens to others, but it comes round with startling speed.

I know what you mean about pension saving not feeling like "real", visible savings - it disappears into a black hole and isn't seen again for 40 years. For the last couple of years I've been maxing out an AVC and I compromise by declaring the net sum I pay, but not the gross tax saving or any investment rise. When I get it back as a lump sum later this year I'll declare this extra, which unless something catastrophic happens to shares, should a nice little bonus for that month.

Wentthedaywell? · 21 January 2017 at 12:28PM

Only £300 for me this month. I've bought a new DAB radio and a sofa in the sales. The latter was reduced from £2500 to £920, so a very good deal.

Only 7 more pay days till retirement - or FIRE as geoffers calls it!

I feel like a little child counting down how many sleeps till Father Christmas comes!

StarShapedPeg · 21 January 2017 at 3:28PM

Shocking start to the year! I did have an eye watering credit card bill though which is now back at zero.

Westie983 · 21 January 2017 at 9:40PM

StarShapedPeg wrote: »

Shocking start to the year! I did have an eye watering credit card bill though which is now back at zero.

As our :money: would say pay of debts before saving, you have done the right thing, and tomorrow is another day :-)

Jo_Blogs · 21 January 2017 at 10:12PM

CrabbitDutchie wrote: »

As my overall goal is long term financial stability - and not something short/medium term like a house, new kitchen or car - I'm going to count my pension contributions towards my savings target so that I can feel good about them and can avoid the temptation to pay in less just to cheat myself in the long term.

You saved the money and invested it, so count it as a part of your yearly savings goal

Suffolk_lass · 22 January 2017 at 9:34AM

Wentthedaywell? wrote: »

Only £300 for me this month. I've bought a new DAB radio and a sofa in the sales. The latter was reduced from £2500 to £920, so a very good deal.

Only 7 more pay days till retirement - or FIRE as geoffers calls it! I feel like a little child counting down how many sleeps till Father Christmas comes!

My DH has counted the "get ups" until he retires and has just dipped under 500, taking leave allowances, weekends and public holidays into account! It was last Wednesday in fact!

SL

The "Save 12k in 2017" Thread!

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