The "Save 12k in 2018" Thread!

Happy New Year to you all :beer:

My first £35 went over and I’ll be transferring at the start and end of each week (I work by weekly budgets). Exciting!

Think we will be skipping a holiday this year in favour of savings. Will anyone else be having a living room summer holiday this year?

Happy New Year one and all.

My own personal saving rules for this challenge.

Current Account and all other saving values are taken at the end of the last day of each month.
I am using my current account , savings account, AVC and gold.
Credit card is not counted as cleared every month from current account.
AVC value taken from RPS website at closest date.
Gold value is taken as buy price on Royal mint website at the time.
Initial values recorded on 31st Dec 2017

I am including my AVC as it is voluntary and can amend payments at any time.
I am not including my main pension contributions in this challenge.

I will update progress on 1st February 2018.

All the best on this challenge, and thank you Slowlyfading for organising this.

Having stated my goal, a bit of background:

I currently stooze into regular savers and high-interest current accounts, so my CC debt is currently £25892 @ 0% interest and I have £44076 in the savings/current accounts.

In 2017 I started a SIPP for OH and myself, now jointly valued at £25224.

I am going to count additions to these, as it will be more motivating, and they aren't our only pension provision.

We may get a small windfall from an inheritance in 2018, but I'm not going to count that in my challenge.

We have 4 boys from age 3-8 so the savings are in part for their future.

AWPTheo wrote: »

Related side note; one person has mentioned it, but what do you all think of saving at the start of the month vs saving at the end of it? Does saving on payday help? Or do you find yourselves withdrawing from your savings? Opinions?

I tend to do a mixture.
I load up my HTB ISA and regular saver at the start of the month and move around the minimum pay ins for my current accounts. Then about halfway through the month my S&S ISA direct debit comes out (to do with when I set it up) but I put that aside at the start of the month.

Then the rest is my 'float' at the end of the month anything left over becomes 'savings' and I declare at the end of the month. That is an oversimplified version. Really I have a big spreadsheet with all account balances and only if the total dips lower than it was the previous month and I've spent more than my income do I count it as 'dipping into savings'

Thanks very much for running this again SF. I know I'm a bit late but can I join in again? Target of 10k. Last year I bought a house and saved very little, this year I want to get back on track and build a safety net. This thread is the reason I managed to save such a good deposit, it has helped me so much over the years.