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  • FIRST POST
    • slowlyfading
    • By slowlyfading 5th Dec 17, 9:10 PM
    • 12,967Posts
    • 74,525Thanks
    slowlyfading
    The "Save 12k in 2018" Thread!
    • #1
    • 5th Dec 17, 9:10 PM
    The "Save 12k in 2018" Thread! 5th Dec 17 at 9:10 PM
    So, the title is pretty self explanatory, but this is the place to be in 2018 it's that time of year, again!

    In 2018, the aim is to save 12k (or, any other amount if you like) from 1st January 2018 til 31st December 2018. I know it's early, but it gives you the time to plan for how you are going to do it.


    2012 thread:http://forums.moneysavingexpert.com/showthread.php?t=3547675
    2013 thread: http://forums.moneysavingexpert.com/showthread.php?t=4315923
    2014 thread: http://forums.moneysavingexpert.com/showthread.php?t=4844519
    2015 thread: http://forums.moneysavingexpert.com/showthread.php?t=5122817
    2016 thread: http://forums.moneysavingexpert.com/showthread.php?t=5369493
    2017 thread: http://forums.moneysavingexpert.com/showthread.php?t=5568097


    RULES:

    - This challenge starts on 1st January 2018 00:00 and finishes on 31st December 2018 23:59.
    - Everything saved MUST be done between these two dates.
    - Any interest gained during this challenge on your savings can be counted!


    Feel free to sign up but, please only sign up if you intend to go the distance - the thread tends to start off great and then people disappear

    Challenger List:
    001. slowlyfading - 10,000
    002. geoffers4 - 24,000
    003. Clare43 - 12,000
    004. george4064 - 12,000
    005. Dolly Rocker - 12,000
    006. ryath - 6,000
    007. Puddylove - 12,000
    008. bobobski - 14,000
    009. ToiletLicker - 20,000
    010. Westie983 - 12,000
    011. Lomcevak - 30,000
    012. Wanna Bee Free - 12,000
    013. tara747 - 12,000
    014. BBH123 - 10,000
    015. cathybird - 12,000
    016. fiisch - 6,000
    017. pearl123 - 1,600
    018. thewildrabbit - 12,000
    019. StarShapedPeg - 8,000
    020. CrabbitDutchie - 18,000
    021. itslulu - 12,000
    022. jessy-eve - 3,000
    023. try harder - 12,000
    024. Lolly88 - 12,000
    025. laurenturner - 7,000
    026. List Maker - 12,000
    027. letiss7 - 12,000
    028. fllsion - 12,000
    029. kindanice - 12,000
    030. _Amaryllis_ - 20,000
    031. darkidoe - 15,000
    032. vintagebrighton - 6,000


    CLICK HERE for the easy update form:
    https://docs.google.com/forms/d/e/1FAIpQLScO6GEcckTv1UKWIRgeRHXGddzp5OLED1jugdxOLZSq PMay0g/viewform
    CLICK HERE to see the total amounts so far:
    https://docs.google.com/spreadsheets/d/1HQ1v_cB_jreLxknL0KT-OyIM_PpmoUyI1Ucu_q565Dc/edit?usp=sharing
    Last edited by Westie983; 31-01-2018 at 9:15 PM.
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind - Dr Seuss
    Personal Finance Blogger / Nov NSD - 4 / In pursuit of FIRE
Page 39
    • tara747
    • By tara747 4th Sep 18, 11:23 AM
    • 10,219 Posts
    • 26,854 Thanks
    tara747
    August payday update!

    I saved 914 in August, which makes 8,119 so far in 2018 and 129,852 overall.

    Can't wait to hit the next milestone at the end of this month!

    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • bioboybill
    • By bioboybill 4th Sep 18, 12:30 PM
    • 3,031 Posts
    • 1,427 Thanks
    bioboybill
    Only 556.87 for August, as had a couple of weekends away to pay for. I don't think I'll get anywhere near the 8K target now. Then again my wife suggested we try for 8K when I thought 6K would be a push, so if we get near to that I'll be happy.
    • Sassysaver7
    • By Sassysaver7 5th Sep 18, 6:25 AM
    • 5 Posts
    • 15 Thanks
    Sassysaver7
    #147

    Managed 1,350 for August. Hopefully I can match/exceed that this month !
    • kev2009
    • By kev2009 6th Sep 18, 8:33 PM
    • 264 Posts
    • 375 Thanks
    kev2009
    Hi,

    Apologies, looks like I forgot to update this thread so here goes:-

    #65 declaring:-

    July - 500
    August - 500
    September 500

    Thanks

    Kev
    • Clare43
    • By Clare43 8th Sep 18, 4:50 PM
    • 83 Posts
    • 164 Thanks
    Clare43
    Hello, Number 3 reporting 4491.56 for August
    Save 12K in 2018. Number 3
    • bobobski
    • By bobobski 9th Sep 18, 1:19 PM
    • 720 Posts
    • 1,678 Thanks
    bobobski
    I'm reporting 35.08 for August over here. A pathetic number at first glance, but given that I had thought I'd have to dip into savings, I'm just pleased it's positive.


    Holiday is now done sadly (which of course was more expensive than intended when we found two excursions we wanted to do instead of the budgeted one), friend's expensive wedding is now done and fully paid for, and I'm almost done with my period of reduced pay due to the job move.


    This month we have one more wedding but thankfully that friend has asked not to receive gifts(!), and the medical-type bills are ongoing so I'm aiming again to break even this month. Hopefully come October (full) payday I can start to report better numbers again.


    In the meantime, the boyfriend and I have begun to talk more seriously about starting the house buying process in about six months' time. I've always been saving towards a house, but now that he's on board I really do have something to save for in the relative short term rather than "one day". We're both intending to live as cheaply as we can for the next few months to give ourselves the best chance to buy early-ish next year. Fingers crossed!
    #8: Save 12k in 2018: 6,826.66 / 10,000 (68.26%) | #18: Save 12k in 2017: 12,078.82 / 12,000 (100.65%) | #86: Save 12k in 2016: 8,476.09 / 10,000 (84.76%)
    House deposit by 31/12/2020: 27,167.90 / 60,000 (45.27%) | Emergency fund by 31/12/2020: 2,780 / 5,000 (55.60%) | "New" car fund: 700 / 6,000 (11.66%)
    • Suffolk lass
    • By Suffolk lass 9th Sep 18, 3:02 PM
    • 2,150 Posts
    • 22,338 Thanks
    Suffolk lass
    Hello, Number 3 reporting 4491.56 for August
    Originally posted by Clare43
    You can't just sneak that in without further explanations Clare43 ! Well you can, of course, entirely your business, but I'm sure I'm not the only one thinking "Blimey, how did she manage that?!"
    MFiT T4 #2 update 90.89% after Q11 against revised stretch target of 60k balance
    Save 12k in 2018 #53 83.33% 9,999.70/12,000 (after upping my target from 10k to 12k in October)
    OS Grocery Challenge 2018 spent 1,696.43/3,000 including stores 67.14% of my annual budget at the end of Oct.
    My DFD is here
    • tara747
    • By tara747 10th Sep 18, 11:17 AM
    • 10,219 Posts
    • 26,854 Thanks
    tara747
    Hello, Number 3 reporting 4491.56 for August
    Originally posted by Clare43
    You can't just sneak that in without further explanations Clare43 ! Well you can, of course, entirely your business, but I'm sure I'm not the only one thinking "Blimey, how did she manage that?!"
    Originally posted by Suffolk lass
    I was thinking the very same thing
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • luckofthe_irish
    • By luckofthe_irish 10th Sep 18, 11:19 AM
    • 184 Posts
    • 607 Thanks
    luckofthe_irish
    I just wanted to pop in and say that I have been reading this thread on and off for a few months and I think you are all amazing, stunningly dedicated individuals.

    I am desperate to save enough for a deposit on my own but it has taken me a long 5 years to save only 6000 towards a house which seems pitiful compared to the amazing work you are all doing month to month. I am trying so hard to increase how much I save as I really would like to buy next year but it seems like an impossible dream at the moment.

    So major congratulations to you all, and if you haven't already told yourself today: you are AWESOME!
    Last edited by luckofthe_irish; 11-09-2018 at 10:49 AM.
    Trying to make my way on my MSE adventure.. Debt free since June 2018

    November GC 92.38/135
    October GC 124.41/125 :: another month under budget!
    Emergency Fund 104.77/1000
    • tara747
    • By tara747 10th Sep 18, 2:51 PM
    • 10,219 Posts
    • 26,854 Thanks
    tara747
    I just wanted to pop in and say that I have been reading this thread on and off for a few months and I think you are all amazing, stunningly dedicated individuals.

    I am desperate to save enough for a deposit on my own but it has taken me a long 5 years to save only 6000 towards a house which seems pitiful compared to the amazing work you are all doing month to money. I am trying so hard to increase how much I save as I really would like to buy next year but it seems like an impossible dream at the moment.

    So major congratulations to you all, and if you haven't already told yourself today: you are AWESOME!
    Originally posted by luckofthe_irish
    Thank you! And congrats to you too - I see you've managed to become debt-free AND save 6k Focus on that. That's amazing. You have achieved a lot!

    Everyone here is doing well, whether we're saving 5 a month or 5k. Just keep going, you'll get there
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • Cottage Economy
    • By Cottage Economy 11th Sep 18, 11:36 AM
    • 984 Posts
    • 4,070 Thanks
    Cottage Economy
    Private 102, reporting for savings duty.

    Declaring 500 for September.

    I've now realised the best way for me to save is to put money away at the beginning of the month and, come hell or high water, not touch it again.

    This does mean that I have to do some jiggery-pokery during the month to make sure I meet payments for everything (especially as I've just had a new outdoor boiler fitted) but checking things every couple of days puts me more in tune with our finances.
    'Save 12k in 2018' 4500/6,000 (75%)


    "...success in personal finance isn't about mastering the technicalities. It is about mastering yourself."
    • luckofthe_irish
    • By luckofthe_irish 11th Sep 18, 1:59 PM
    • 184 Posts
    • 607 Thanks
    luckofthe_irish
    Thank you! And congrats to you too - I see you've managed to become debt-free AND save 6k Focus on that. That's amazing. You have achieved a lot!

    Everyone here is doing well, whether we're saving 5 a month or 5k. Just keep going, you'll get there
    Originally posted by tara747
    Thank you so much for this lovely response. So true, whatever amount is being saved is a fab achievement.

    I have spent my lunch today researching ways to supplement my income whilst at home. Going to try and prioritise that coming up to the new year! Maybe I could join a thread like this next year to try and increase my savings... I can't face waiting another 5 years to double my deposit.

    I was thinking as well, what do people thing of saving for only one thing? At the moment I am saving for a house deposit but have no emergency fund as I simply cannot afford to save for both. Do people think this strategy is detrimental?

    Thanks!
    Trying to make my way on my MSE adventure.. Debt free since June 2018

    November GC 92.38/135
    October GC 124.41/125 :: another month under budget!
    Emergency Fund 104.77/1000
    • Merlin's Beard
    • By Merlin's Beard 11th Sep 18, 8:08 PM
    • 229 Posts
    • 1,909 Thanks
    Merlin's Beard
    Thank you so much for this lovely response. So true, whatever amount is being saved is a fab achievement.

    I have spent my lunch today researching ways to supplement my income whilst at home. Going to try and prioritise that coming up to the new year! Maybe I could join a thread like this next year to try and increase my savings... I can't face waiting another 5 years to double my deposit.

    I was thinking as well, what do people thing of saving for only one thing? At the moment I am saving for a house deposit but have no emergency fund as I simply cannot afford to save for both. Do people think this strategy is detrimental?

    Thanks!
    Originally posted by luckofthe_irish
    I would say, what happens when you move into your new house, having spent all your money on buying it, and the boiler breaks? And it's January? Or a window breaks, or the roof leaks, or...

    I don't think you can have a house without an emergency fund. As much as it sets you back now, it will set you back more and send you into debt later if you don't!
    • Lomcevak
    • By Lomcevak 11th Sep 18, 8:15 PM
    • 743 Posts
    • 4,362 Thanks
    Lomcevak
    At the moment I am saving for a house deposit but have no emergency fund as I simply cannot afford to save for both. Do people think this strategy is detrimental?
    It depends. The point of an emergency fund is to avoid being in a situation where you get an unexpected expense that you just can't pay, so you borrow the money (e.g. on a credit card), then can't pay that either. That's the start of a downward spiral.

    Generally the less free cash you have each month, the more urgent the emergency fund is - someone with plenty of free cash arguably doesn't need an emergency fund at all, as there are few expenses that they couldn't put on a credit card and then repay in full the next month (or within a few months, with minimal interest), whereas someone who has to count the pennies to get through every month could be sunk by an unexpected bill of a few hundred pounds, or less.

    As long as your house deposit could double as an emergency fund if it had to (i.e. it's not all locked away in long-term, no-access accounts, and you could get at some of it if the need arose) then you're probably ok. It would be frustrating to have to dig in to those hard-earned savings - none of us want to touch our emergency funds really - it's much better than the alternative.
    MFiT-T4#126, 135k to 60k: 70,651/75,000 (94.22%), 2018 MFW#11 14,607.55/15,000 (97.38%)
    30k-in-18#11 42,830.91/30,000 (142.77%)
    • Suffolk lass
    • By Suffolk lass 12th Sep 18, 8:05 AM
    • 2,150 Posts
    • 22,338 Thanks
    Suffolk lass

    I was thinking as well, what do people thing of saving for only one thing? At the moment I am saving for a house deposit but have no emergency fund as I simply cannot afford to save for both. Do people think this strategy is detrimental?

    Thanks!
    Originally posted by luckofthe_irish
    I use my Tilly-Tidies for my emergency fund while scheduling a regular savings amount that goes into actual savings in the ISA and/or over-paying the mortgage. When my emergency fund got to 10k, I let it top up so that I am budgeting ahead for one or two big bills I get in March and December, and then that money is ready and waiting, when the bills come in.

    The EF may also be deployed when a car or household appliance fails, or (as this month) I forget something (heating oil delivery today).
    MFiT T4 #2 update 90.89% after Q11 against revised stretch target of 60k balance
    Save 12k in 2018 #53 83.33% 9,999.70/12,000 (after upping my target from 10k to 12k in October)
    OS Grocery Challenge 2018 spent 1,696.43/3,000 including stores 67.14% of my annual budget at the end of Oct.
    My DFD is here
    • luckofthe_irish
    • By luckofthe_irish 12th Sep 18, 12:14 PM
    • 184 Posts
    • 607 Thanks
    luckofthe_irish
    I would say, what happens when you move into your new house, having spent all your money on buying it, and the boiler breaks? And it's January? Or a window breaks, or the roof leaks, or...

    I don't think you can have a house without an emergency fund. As much as it sets you back now, it will set you back more and send you into debt later if you don't!
    Originally posted by Merlin's Beard
    It depends. The point of an emergency fund is to avoid being in a situation where you get an unexpected expense that you just can't pay, so you borrow the money (e.g. on a credit card), then can't pay that either. That's the start of a downward spiral.

    Generally the less free cash you have each month, the more urgent the emergency fund is - someone with plenty of free cash arguably doesn't need an emergency fund at all, as there are few expenses that they couldn't put on a credit card and then repay in full the next month (or within a few months, with minimal interest), whereas someone who has to count the pennies to get through every month could be sunk by an unexpected bill of a few hundred pounds, or less.

    As long as your house deposit could double as an emergency fund if it had to (i.e. it's not all locked away in long-term, no-access accounts, and you could get at some of it if the need arose) then you're probably ok. It would be frustrating to have to dig in to those hard-earned savings - none of us want to touch our emergency funds really - it's much better than the alternative.
    Originally posted by Lomcevak
    I use my Tilly-Tidies for my emergency fund while scheduling a regular savings amount that goes into actual savings in the ISA and/or over-paying the mortgage. When my emergency fund got to 10k, I let it top up so that I am budgeting ahead for one or two big bills I get in March and December, and then that money is ready and waiting, when the bills come in.

    The EF may also be deployed when a car or household appliance fails, or (as this month) I forget something (heating oil delivery today).
    Originally posted by Suffolk lass
    Thank you so much for all your kind responses - as a result you can see I have added a EF to my signature! Not a brilliant start but it is something!

    I do set aside money for use in a 'emergency' each month which is why I have that 15 already - this issue is I have to dip into it every month to cover additional costs like overspending on groceries, going out, unexpected costs etc.

    I am debt free but I am always living pay check to pay check with the risk of putting unexpected expenses on my credit card. For example, I have just found out I need to buy tickets to my upcoming graduation next week which adds up to 100.. which I don't have. So it looks like I will be debt free no more. I guess that is the use of an emergency fund!

    Thanks again for all your support, sorry to hijack the thread with my non-saving ways!
    Trying to make my way on my MSE adventure.. Debt free since June 2018

    November GC 92.38/135
    October GC 124.41/125 :: another month under budget!
    Emergency Fund 104.77/1000
    • tara747
    • By tara747 12th Sep 18, 5:08 PM
    • 10,219 Posts
    • 26,854 Thanks
    tara747
    Thank you so much for this lovely response. So true, whatever amount is being saved is a fab achievement.

    I have spent my lunch today researching ways to supplement my income whilst at home. Going to try and prioritise that coming up to the new year! Maybe I could join a thread like this next year to try and increase my savings... I can't face waiting another 5 years to double my deposit.

    I was thinking as well, what do people thing of saving for only one thing? At the moment I am saving for a house deposit but have no emergency fund as I simply cannot afford to save for both. Do people think this strategy is detrimental?

    Thanks!
    Originally posted by luckofthe_irish
    Thank you so much for all your kind responses - as a result you can see I have added a EF to my signature! Not a brilliant start but it is something!

    I do set aside money for use in a 'emergency' each month which is why I have that 15 already - this issue is I have to dip into it every month to cover additional costs like overspending on groceries, going out, unexpected costs etc.

    I am debt free but I am always living pay check to pay check with the risk of putting unexpected expenses on my credit card. For example, I have just found out I need to buy tickets to my upcoming graduation next week which adds up to 100.. which I don't have. So it looks like I will be debt free no more. I guess that is the use of an emergency fund!

    Thanks again for all your support, sorry to hijack the thread with my non-saving ways!
    Originally posted by luckofthe_irish
    I see you've replied already, but I just thought I'd chip in anyway! Dave Ramsey says that you should have an EF before anything else. And keep it topped up. If you dip into it, you should replace the money you 'borrowed'.

    Well done on starting your EF

    If you haven't heard of DR, check him out. Here's a link to get you started. Happy reading

    https://www.daveramsey.com/baby-steps
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save 132,000 by 31 Dec 2018! 2011: 54,342 * 2012: 62,200 * 2013: 74,127 * 2014: 84,839 * 2015: 95,207 * 2016: 109,122 * 2017: 121,733
    eBay sales - 4,559.89 Cashback - 2,309.73
    • luckofthe_irish
    • By luckofthe_irish 13th Sep 18, 8:55 AM
    • 184 Posts
    • 607 Thanks
    luckofthe_irish
    I see you've replied already, but I just thought I'd chip in anyway! Dave Ramsey says that you should have an EF before anything else. And keep it topped up. If you dip into it, you should replace the money you 'borrowed'.

    Well done on starting your EF

    If you haven't heard of DR, check him out. Here's a link to get you started. Happy reading

    https://www.daveramsey.com/baby-steps
    Originally posted by tara747
    Thank you - I've heard of his name in passing when listening to some finance podcasts but never looked into him more! I will check this out today. Yes, stop dipping into emergency fund will be my new goal for next year - not having enough money to eat out is NOT an emergency!!
    Trying to make my way on my MSE adventure.. Debt free since June 2018

    November GC 92.38/135
    October GC 124.41/125 :: another month under budget!
    Emergency Fund 104.77/1000
    • Cottage Economy
    • By Cottage Economy 13th Sep 18, 11:07 AM
    • 984 Posts
    • 4,070 Thanks
    Cottage Economy
    Definitely prioritise an emergency fund first.

    We had a few hiccups when buying our current home with delays causing additional costs of over 600 in total. The emergency fund paid for it.

    Just as well because our lender unexpectedly requested print outs showing zero balances for our credit cards and no overdrafts the day before it wired the mortgage money to our solicitor for completion. If we had stuck the money on a credit card we would have had to run around like headless chickens at the 11th hour trying to borrow money from friends or family to pay them off.

    As we've gone along we've added to this account and it would now pay our mortgage for four months if I was made redundant.
    Last edited by Cottage Economy; 13-09-2018 at 11:13 AM.
    'Save 12k in 2018' 4500/6,000 (75%)


    "...success in personal finance isn't about mastering the technicalities. It is about mastering yourself."
    • slowlyfading
    • By slowlyfading 14th Sep 18, 9:12 PM
    • 12,967 Posts
    • 74,525 Thanks
    slowlyfading
    Can you sign me up please?
    Originally posted by Dura
    Your challenger number is 148 what do you want your target to be?
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind - Dr Seuss
    Personal Finance Blogger / Nov NSD - 4 / In pursuit of FIRE
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