Anyone fancy a 2024 savings thread?

[bingoringo4]

After January was the most skint I've ever been in my life, it's kickstarted me to be better with money and save. I'm a rubbish saver so I've bought these challenges to help me. I'm also going to be using cash instead of cards, so when I'm paid on the 23rd I will leave in my bank all the money for direct debits and a buffer for online payments. I will then take the rest out in cash divide it into 4 to use each week and what's left at the end of the week I will put into my challenges.
My goals are to save for Xmas and a holiday next January and have an emergency fund.

While I'm waiting to be paid I've sorted all my little change pots from around the house and bagged up £37 ready to take to the post office. I've also made a start on my penny saver from the change that was left and bits I keep finding around the house.

Im also having a massive clear out and listing on vinted and fb. We are a family of 6 so as you can imagine we accumulate a lot of "stuff" which is something im also working on this year.

I can't wait to see how well I do at the end of the year! Im actually buzzing 🤞🏼

Forgot to say. I actually had £20 more this morning and I was so excited to make it to the end of week one with £27.52. And then my electric went on my metre 🤦🏻‍♀️ so had to use it to top it up. Dammit

Great First week op! A saving is a saving 😁 hopefully now the days are drawing out it’s the time of year where electricity goes a bit further week by week!

Thank you 😊

This week my solar panels had a service and unbeknown to me they have not been working. The trip switch is broken (god knows for how long) so I'm waiting for someone to come sort it out. Hopefully that will help a lot with the cost. Also with the warmer weather coming I won't use as much gas. I'll still top it up weekly for next winter but it won't be as much as I'm paying now 🤦🏻‍♀️

I love a side income, have previously sold on eBay and market place, but I find it hard. Once I have had a clear out I like the stuff to be gone. I’d rather do a car boot sale & mass sell and make £250 and be done.

added to which selling on apps is now being reported to HMRC, so if you sell on these apps and make ( I think more than £1000) you need to do self assessment. Otherwise you could end up with fines and penalties

I have a weekend job in a hotel doing housekeeping Saturday and Sunday, it’s only 5 hours per day but that 10 hour soon adds up, it’s not every weekend or sometimes one day or as it’s zero hours I can say no if I’m busy. On average I work 4 shifts a month so bring in an extra £220 per month.

my dp is a swimming teacher, trained and works 2 evenings a week earning £17 per hour 7 hours a week term time only. There is a dire shortage of swimming teachers, and he’s been offered more work but can’t take as we want to have some off time

tween these two extra incomes it makes £550 a month, which covers the majority of our household utilities, freeing op money for doing holidays etc

@MikeRafone selling your own second hand stuff will not be subject to self assessment as you’re not buying and selling for profit.

yeah, trying telling HMRC that, if you go over £1000 worth of sales they will be alerted. The cynic in me thinks the little man on the street is easy picking for HMRC and you'll going to have to provide evidence that the items you sold cost you more - so keep your receipts etc

They’re getting data of anyone over that threshold to analyse. Accounts which are trading will be fairly easy to spot. Be as cynical as you like but it doesn’t mean anyone making a few £££ selling their old stuff needs to be afraid.

I agree with @Hollyhead, HMRC don't have time to worry about normal people trying to recoup some costs, nor is that what the new check is for.

Week 2 update.

From my £240 budget this week I've managed to save £44.49 I'm so happy 😀 from my budget I had to buy two birthdays presents as well! Admittedly I didn't have to put in a lot of diesel this week which probably helped, but I've found myself not wanting to spend money and excited to see what I have left at the end of the week. I would never have saved that amount normally so I am ecstatic!

Next week I've got my car service which is going to set me back but it's something that is due so can't help that. Luckily I have the money set aside so it's not going to affect my budget.

That's great OP - it can be addictive once you get the bug for saving.

We're doing well here as well - I've been doing some overtime, and we're chipping away at our mortgage. DH ordered some prescription sunglasses today though.

Thank you 😊 I've definitely got the bug.

@bingoringo4 this is great news! Well done you! I was wondering in the car today how you were getting on. I think once you’re in the saving mindset it becomes really addictive very quickly.

I had an average month but have managed to save some money, but probably not as much as I should have! Onwards to March 😁

@Hollyhead thank you I'm so very proud of myself 😀
I'm so ready for March and not just for saving, but some warmth and possible a bit of sun ☀️ saw my first daffodils this week which made me so happy!

Ooh can I join 🙂 I've always saved bits and bobs and just put my 2nd free council tax money away and my 1st free water bill money away. I always skim my accounts daily too 👍

Welcome @Soccermumamir I don't pay council tax but for those that do and pay in 10 months it must be such a relief to put that money away.

Hi, Thank you 😊 Aww yeah it is a total life saver. I put it away and it usually pays for the MOT and service 👍 Would rather it go on something better than that, but needs must lol

Well I definitely need to save now, because for the 1st time I have OH on board to sell up and move house. We have a few more jobs to do - it's been practically a renovation project 🤦‍♀️ But he said today, let's it get it all sorted this year and get it valued and moved. Could of cried with happiness lol 😆

Week 3 update.

So from my budget this week there's £27.20 left over. I've also made £30 from vinted and just waiting for it to hit my bank. £57 is huge to me and means I've got that to put in my challenges this week.

Tomorrow/ next week I've got £220 instead of £240 because I've had a couple of payments online for my children's school to do, but I'm confident I can still make a saving because I've still got quite a bit in the freezer so won't have to buy as much this week.

Also I don't know about anyone else but I've been shopping at Aldi and noticed they are much cheaper than tesco? so tomorrow I'm going to try there for a change because I get bored with shopping at the same shops and find myself picking up the same things each week.

Hope you are all making great savings x

Wow @bingoringo4 is that £100 in 2 weeks then? That’s great 😊. I’ve had a win this week, my one credit card which I put my small spends on, which I pay off monthly so I don’t pay interest, has just issued my latest statement and it’s £97 this month, down from £308 the month before, so my attempts to cut spending are definitely working!

@Hollyhead yes and I'm so pleased 😃 I never would have put that away before, it would have just been squandered on rubbish that I clearly don't need.

Ah well done that's excellent 🎉 Just goes to show that when you watch what your spending it pays off!

Also @bingoringo4 I read something about standing charges for prepaid electricity reducing in April, will this benefit you? The estimate was that it would save users about £20 a month I think.

@Hollyhead yes it will help loads. My solar panels have been off for a while and I didn't know 🤦🏻‍♀️ councils coming next with to sort it, so that will help me too

i'm trying to save money as soon s i get paid. so i pay myself first. the money that goes into the account is on high interest so i can't touch it for a year. it's between £50 and £100 a month that goes in depending on the month ahead, but it all helps.

i like the idea of the saving challenges, but i very rarely use cash. so it'd take me ages to complete one.

@ememem84 good luck with your saving journey!

Is there anything in particular that your saving for?

Nothing really right now - i just want to build up the emergency fund - we've had a spendy year so far - new car and solar panels on the house. and i've booked a trip for my (big) birthday in October to Disney Paris.

I want to hopefully end the year with at least 2 months salary in savings. just in case.