Would anyone like to join me in a 2014 savings thread?

(32 Posts)

By the end of 2014 I would like to have £1200 in my savings account, so I wondered if anyone else would like to set a target, big or small and then we can motivate each other to save.

For me, my main savings will come from not spending in Costa, getting the bus back rather than a taxi after getting the late train on Tuesdays and using coupons/vouchers etc.

Mum2Fergus Tue 31-Dec-13 18:28:56

Any other time Id be right there with you but 2014 is about debt repayment not savings for me...good luck with your goal though!

Shinyshoes1 Tue 31-Dec-13 18:37:22

I'm with you ... I'm going to save £150. A month I started a few months back and am up to £450.

I shall continue to save :-)

fuzzpig Thu 02-Jan-14 09:34:54

Me!

Hello smile

We saved £100 a month last year which was a big step for us. I just set up a standing order for it to come out straight after my wages go in, so I never really missed it.

This year, my dad is giving us £5k over the next few months from an inheritance (my lovely nan died last summer sad) so £1k is going to get DH well out of the overdraft (our only debt) and the rest will be saved, which is a massive boost and we are now looking at saving for a house deposit!

We are also wanting to step up our monthly savings but haven't worked out an exact amount yet. We have set a monthly food budget and any surplus will go straight into the ISA but I'm not sure if we will increase the standing order as well. I'd certainly like to but need to do the maths first!

Does anyone know about savings bonds? Or other ways of saving apart from an ISA? I'm tempted to put some money completely out of access for a few years but am clueless about tax, interest and all that stuff.

Blu Thu 02-Jan-14 09:39:25

I have just changed my thinking around one thing: we often go out for a family meal the weekend after pay day. This year, we will do that on the weekend before pay day if we still have enough in the current account.

fuzzpig Thu 02-Jan-14 09:44:30

That's a great idea blu!

My new mantra when buying stuff is "what do I need more, this or a house?"

Slh122 Thu 02-Jan-14 14:10:20

I'll join smile
I'd like to save at least £100 a month. I'm going on maternity leave in 2 weeks so I won't have to pay my train tickets to work anymore, and won't be tempted to buy Costa/Starbucks or other unneeded stuff on my lunch hour/before or after work as we live out in the sticks.
Ideally would like to put away £250 a month but £100 is my minimum. I won't be going back to work either as am starting a full time university course in September, so will be relying on DP's wage but hopefully it's doable.

Slh122 Thu 02-Jan-14 14:11:12

fuzzpig great mantra! We're saving up for a mortgage and whenever we consider a takeaway/going out for tea etc I say to DP 'or we could just put that £25 in the mortgage fund'

loveliesbleeding1 Thu 02-Jan-14 15:41:39

I am putting at least 50 p a day into the xmas saving fund, wages always seem to fall on/around xmas eve, and I would love some cash in the week befor.I know it won't be a fortune but even if it pays for some extras it will be nice,bought a couple of saving tins in the sale for this reason.

prettymess Thu 02-Jan-14 16:17:24

I'm in!

I saved £400 in December after all the Christmas madness. I need to build our savings back up. I'm aiming for £500 this month.

dementedma Thu 02-Jan-14 18:41:28

we have an account with the Credit Union so can save even a few pounds at a time.
Are ISAs a good idea? which one would you recommend for a complete beginner?

BucketsnSpades Thu 02-Jan-14 19:19:49

I have a really ambitious savings goal this year, i think a thread like this would really motivate me.

Slh122 Thu 02-Jan-14 20:39:37

What's your goal Buckets? If you don't mind me asking smile

BucketsnSpades Fri 03-Jan-14 08:36:38

Slh122 i want a nice car, i am happy to save up for it but i will have to save really hard.

loveliesbleeding1 Fri 03-Jan-14 14:45:12

The shop gave me 85p overchange, didn't realize until I got home, that went straight in the tin.Sorry dementedma,I have no idea about isa's, saving tins are about as techy as I get!.

Sleepybunny Fri 03-Jan-14 16:22:45

Hi!

I'd like to join! I'm aiming to save as much as I can by the end of Feb. we're moving house and any extra pennies I can save can go towards the decorating.

I'm hoping to save £500, might be a little ambitious, but possible! I'm thinking of selling a few things to help get there.

Money raising tips welcome!

Moneysavingexpert.com is a good place to find the best ISAs and savings available, if that helps anyone.

Thatballwasin Sat 04-Jan-14 00:54:55

Me too! I think there is a good chance I will be made redundant sometime in the next few months. We have pretty good combined income at the moment but about 2/3 is from my job so redundancy would have a massive impact. I need to stop spending and save as much as possible. My big weakness is "spending to save" - ok occasionally but never ends in my case.
Four of us in the house, DH and 2 DCs. After essential bills have been paid would like to spend no more than £500/month but preferably much less.

dementedma Sat 04-Jan-14 22:03:11

Woo hop have opened my first ISA. I have a pound in it!

BucketsnSpades Sun 05-Jan-14 07:13:44

Well done dementedma, i have got the hubby on board, i think the prospect of car shopping won him over to the tight budget. I have also set up transfers to the children's savings accounts. They will be missing out on meals out and theme park days this year so it's only fair they pocket some of the profit.

AbbyLou Sun 05-Jan-14 09:17:25

I would like to join if I may. At the mo dh and I have no savings and lots of debt. We are tackling the debt head-on but it is a long-term goal and won't be paid off for around abother three years.
All advice we have read says don't start saving while you have debts because every spare penny should be going to the debts. However, dh's car is getting old and we know we have no way of getting credit should anything happen to that or any other household emergency. We can't start saving until March when dh finishes paying a debt to his dad. This will leave us £300 a month better off. £200 is going to the debt but our aim is to save £100 a month. We are going to open a new account somewhere and set up a standing order so it just comes out at source. I am hoping to use the spare Council tax money from February and March to open the account but have to run it past dh first. I would just feel so much more comfortable if we had access to some emergency money. We have both been stupid with money in the past and have well and truly learnt our lesson!

callamia Sun 05-Jan-14 09:24:40

Yes! We've been saving for a house deposit for two years, but in that time have managed to get narrow and have a baby - not entirely helpful to saving ;)

I'm on maternity leave now, so trying to be sensible and continue saving, bit would appreciate some tips on managing reduced salary and then childcare costs while trying to save.

I know I need to transfer my cash ISA, and I'm also thinking about what child account is best to set up. Any experience/recommendations gratefully received!

Grumblelion Sun 05-Jan-14 23:48:30

I'd like to join too - just about to go back to work PT after a year on mat leave. Finding the thought of reduced salary plus childcare costs quite daunting, plus there's stuff with our house that really needs doing (mainly new bathroom that can't be put off much longer)

Have about £600 on an interest free credit card (pay just over the minimum each month) and a couple of hundred on another for food shopping that we pay off monthly in full. Want to make sure that we can continue to have a bit leftover every month to either put into savings or overpay bits off our mortgage as and when. Planning to start by reducing takeaways to less than once a fortnight and try to reduce monthly shopping bills by meal planning more strictly & shopping online. Looking forward to hearing any other tips! smile

I'm up for this. I want to save £4000 this year, my wedding is in May 2015 and hopefully that'll cover it!

Rumbled45 Sat 11-Jan-14 14:04:21

I will save around £30 each month so £360 for the year. Not much but I am on maternity leave and my salary is slowly reducing. Generally I take dcs to school and stay home watching films until it is time to collect them <boring>.

I cannot justify spending £5-10 in coffee shops. Not in our current situation plus all my friends live in London so have no-one to meet with.

Rumbled45 Sat 11-Jan-14 14:17:51

Money saving tips; which may be extreme for some of you

I have not bought magazines for years- go online

I do not buy expensive individual snacks from shops- we buy multipack drinks/crisps/chocs and bringvthese wherever we go. No trips to the Newsagents.

I do not buy from coffee shops unless meeting a friend - perhaps 2 to 3 times a year.

When at work I bring in lunch.

No take aways

No eating out unless for a special occasion

I do not go to the hairdressers wash and colour my hair

I buy decent foundation (Mac) and spend less on mascara (£3 Rimmell) Lipstick (£5 Rimmel) etc

I shop in H & M for dc. Stylish and affordable.

I shop in H&M for myself. I go to other shops when they have sales.

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