The "Save 12k in 2020" Thread!

Jami74 · 20 December 2019 at 9:52PM

I'm not saying that I want Christmas and 2019 to hurry up and be over, but I'm so excited to start!

I'm not quite sure what to count and what not to count as I'm very new to having more than I comfortably need. I'm saving £100 a month for a holiday which I'll pay for beginning of next December so guess I won't count that.

The £200 in the Help-to-buy will be counted. Sadly I can't see myself being in a position to buy a family home any time soon but when the time comes that I need a smaller home maybe I'll have a decent sized deposit.

I might need to open another savings account to squirrel away my new savings. :j

MrSaver96 · 20 December 2019 at 11:26PM

Hello!

First time for doing this. Have just bought my first house with my partner (I’m 23 (just!) and my partner is 22 - we have a 2 year old daughter. So saving for an emergency fund is the next key thing for us.

£10,000 for me please!

Thanks!

Suffolk_lass · 21 December 2019 at 8:39AM

As there are so many newbies on the thread, I just wanted to suggest you subscribe to the thread. That way when you go to your UserCP page, the updates will show in bold (and if you can't see it there, you can list all your subscriptions and see it).

Subscribe to thread is under thread tools within the thread. I found thanking posts as I read is a good way of keeping up with the chat (as I can go back and see where I got to) as there are sometimes some good little tips I have picked up on here over the years.

I know there are a number of display versions but for me, User CP is under the stick men images near the top of the "page", and thread tools is in the bar immediately above the first post I can see.

saving_jo · 21 December 2019 at 8:59PM

Please can I join in. Just turned 50 and have a 10 year plan. For this year I'll go low but a still ambitious target of £8000. Thanks

EC12345 · 22 December 2019 at 8:51AM

Hello. Please may I join. I did this challenge a few years ago. Haven't actually logged in for 2 years...... Great to see it is still going.

Please put me down for £5,000.

Good luck everyone. I'll be starting on 1 January. Planning my savings later today.

Gandhi · 22 December 2019 at 1:16PM

Excellent thread, SF. First time joining in, but I monitored this thread through 2019 and it was great for focussing the mind. Thank you for your efforts.

Please throw me in the fire with an ambitious (but achievable) £70,000.

I’m paid in Hong Kong dollars, so I’m exposed to currency movements, but if it stays loosely where it is, it will entail me saving an average of HK$65k a month comprising retirement contributions, savings and a December bonus amortised over the year..

My motivation is more to do with ensuring my outgoings don’t continue to grow wastefully, which they have in the last couple of years. It’s been hard to pin down a figure, because we purchased a property 2.5 years ago, and various other commitments cropped up along the way. As such, I’ve based these numbers on a level of outgoings that ought to provide a nice lifestyle, but if a big expenditure month comes up (family holidays, etc), I know I need to compensate with a small one after. I think that’s where the slippage has happened, but as a fairly high earner, I’ve been inclined to shrug my shoulders and carry on as usual.

Wish me luck, and best of luck to the savers of 2020!

katsu · 22 December 2019 at 3:53PM

I'm getting excited about my savings plans. I think I needed a way of tracking the small savings, to keep me motivated to make them.

We don't really drink so I have re gifted some alcohol presents. I've saved myself some money there and even talked myself into the cheaper gift bags as I couldn't imagine the recipients being that bothered about the designs

so I'm £2 up on the gift bags.

I might start to save all the small amounts somewhere so I can see how they add up. That was quite motivating for me before.

I've had since nice cashback become payable so I've banked that and I'm trying to motivate myself to get back into surveys. I'm just doing swagbucks occasionally. Anyone recommend any better survey sites?

Mnd · 22 December 2019 at 8:24PM

Hi, I've been thinking about this for a while, and I would like to join in please.

Thought processes.
1) What are we saving for? I'm retired working part time. Saving for the "bridge" so my wife can retire when she wants. (She is 6 years younger than me).Total required £100000.

2) Total saved end of 2019..£74000. Short 26000

3) Can we save 26k in a year. Possibly but ambitious! I doubt if she will want to stop working then, but it gives her the option.
That's 2k per month plus 2k outstanding PPI

My wife is 60 next year, and although we have a lot planned, it's all budgeted for (except spending money, that's her department!)

So, if we don't try, we definitely won't get there, so please put us down for £26000

Wentthedaywell? · 23 December 2019 at 8:45AM

katsu wrote: »

I've saved myself some money there and even talked myself into the cheaper gift bags as I couldn't imagine the recipients being that bothered about the designs so I'm £2 up on the gift bags.

I totally go along with that Katsu, as I nearly spent a ludicrous £3.50 each on gift bags in John Lewis before seeing almost identical in The Range for 75p (and they came with free gold tissue paper too). Multiply that out and it's nearly 30 quid saved. Mentally, that went straight in the "Save £12k in 2020" pot!

I'm sure the big, hairy, rugby-playing recipients won't worry about the finer details of paper quality

(though to be fair, there's very little difference).

Coffeeandcanary · 23 December 2019 at 10:17AM

Could I join with a target of £13.4k please? I aim to put £5k of this towards an emergency fund, £2.4k into a S&S ISA and £6k towards a house deposit.

It's an ambitious figure so will involve some hard work. Confident that with a few lifestyle adjustments I can achieve it though.

The "Save 12k in 2020" Thread!

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