Savings Screw Up

1 08 2013

Savings Screw Up

I have just spent the most devastating hour on the phone with NS&I talking about my savings account.

Five months ago I transferred to an account which offered telephone and internet banking to make it easier for me to manage my savings.

Unfortunately it would appear that everything changed except the monthly payments being made from my main bank account into said savings account. It would appear that although the money has left my account and paid a visit to cyber space each month – it has pinged back into my account a few days later. As a result the balance of my account which I believed was blossoming nicely has in fact not changed since February. I am not entirely sure how I failed to pick up on this but it has really knocked me.

Last month when I blogged about the progress made towards raising our deposit for our own home I believed we were getting close and that we had 77% of our target tucked away in savings. The reality today is that we actually have only 56%.

I am absolutely gutted.

However I cannot turn the clock back 5 months so moving forward – at least I have spotted this now. I have changed the standing order details so that my savings will once again start to build from the beginning of next month and I have resolved to monitor my savings account more closely to ensure that all transfers are successful. Need to have a real push forward between now and Christmas to try to make up for lost time.

PROGRESS TOWARDS RAISING A HOUSE DESPOSIT

DATE

% OF DEPOSIT SAVED

ESTIMATED MONTHS TILL PURCHASE

JULY 2012

28%

23 – June 2014

AUGUST 2012

31%

22 – June 2014

SEPTEMBER 2012

33%

21 – June 2014

OCTOBER 2012

36%

20 – June 2014

NOVEMBER 2012

42%

19 – June 2014

DECEMBER 2012

47%

17 – May 2014

JANUARY 2013

54%

15 – March 2014

FEBRUARY 2013

59%

14 – February 2014

MARCH 2013

62%

10 – January 2014

APRIL 2013

76%

                      6 – October 2013

MAY 2013

62%

10 – March 2014

JUNE 2013

73%

6 – December 2013

JULY 2013

77%

5 – November 2013

AUGUST 2013

56%

14 – October 2014

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