How to fall in love with saving money

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  • Ken68
    Ken68 Posts: 6,825 Forumite
    First Anniversary First Post Energy Saving Champion Home Insurance Hacker!
    As said,keep a money spending diary, and realise that any unnecessary expense is dead money, never to earn interest forever and forever.
  • dreaming
    dreaming Posts: 1,139 Forumite
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    When it was announced that my department was relocating I decided to take the redundancy package offered and retire early (in August 2013 at 58). I realised that I needed to make sure I would be able to manage on my reduced income even though I did not consider myself a spendthrift at al but found it difficult to keep track of my "small" spending so I took out a cash back card and used that for just about everything (paying it back in full as advised by Martin Lewis) and through tracking my expenditure I realised just where my money was going. I found this to be a bit of an eye-opener - as you say it is easy to just fritter cash on small items such as magazines/coffee/books etc. and I didn't realise just how often I "visited" the Amazon Kindle store (albeit for their free or very cheap downloads) or W H Smiths. This helped me a lot, although I know I could have done it by being more organised with a diary, but the bonus is of course that I got cash back as well. Now I have retired I am still doing this - I have a 0% credit card which I have used for some large purchases for the house (and will be paid off from savings when the 0% period finishes) and the cash-back card which I use for grocery shopping and planned expenditure such as birthday lunches which gets paid off in full on pension day.
    The other thing I do is keep reading posts on this website (and other similar ones) which has some excellent information. Even if I disagree with the posts I like to get as much information (both for and against) as possible before I make my decisions. So far MSE forums have helped me buy solar panels with confidence, find the best deals on the credit cards mentioned above, get a good deal on my utilities, given me some good Old Style saving tips for cooking/groceries etc. and I have just opened the Santander 123 account and upgraded to Nationwide FlexDirect to get better rates on my savings as well.
    Thank you MSE site and all forum posters.
  • latecomer
    latecomer Posts: 4,321 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    I'm fortunate to have a very understanding OH who despite regularly poking fun at me does appreciate my hoarding of money. I have always been a saver/hoarder - my mum says I struggled with spending as child even on sweeties ;)

    You can learn - but only if you want to. The way I look at it is that you can either have something you want now or you could have more later. But you should have a balance - after all there comes a point where you probably wont be able to enjoy the money you have spent your life squirrelling away.

    I make lunch nearly every day (for OH too as she wont make it) and dont regularly buy coffee when out and about. I dont miss these things and yet you can spend a lot on them without thinking. I'd rather have another £10 a week to spend on my wife/son than drinking takeaway coffee/lunches. These are the things to change and once you get into the habit then you can look at other areas to see where else you can save from

    Good luck
  • cathybird
    cathybird Posts: 13,277 Forumite
    First Post Name Dropper First Anniversary Photogenic
    Lawlie, we're in this learning process together :beer: Shall we back each other up? ... :)
    In April I am taking a break from buying: Books
  • cathybird
    cathybird Posts: 13,277 Forumite
    First Post Name Dropper First Anniversary Photogenic
    Thanks to all who replied. EcoMiser, I'm sure it's possible to eat for less than £30 a week, but I'm inclined to agree with the Skint Foodie, who puts his bottom line at about £30, and says £40 is better - if you like food and you want to eat well, that is. Food's a subjective thing and not everyone is all that fussed about it. I wouldn't keep up too spartan a regime for ever, that's for sure. The thing for me, I guess, is to find my own "bottom line" where I can save money but also enjoy how I live.
    In April I am taking a break from buying: Books
  • WantToBeSE
    WantToBeSE Posts: 7,729 Forumite
    I've been Money Tipped! Debt-free and Proud!
    Cathy, i feel your pain!

    I have no debt and find it really hard to save! I have a small income, but luckily i also have very small outgoings. I have no reason not to save, but i seem to fritter money away so easily! I am trying to save £5000 at the moment.
    I have noticed that i find it easier to save if i have smaller mini goals, so i am aiming for £1000 first, and then the next £1000 etc.
    £10k of Debt

    Debt Free Diary https://forums.moneysavingexpert.com/showthread.php?t=6026621
  • cathybird
    cathybird Posts: 13,277 Forumite
    First Post Name Dropper First Anniversary Photogenic
    Well, anyway, my goal for November is £1,000, but why wait till then, is my thought, when today is just as good a day to start. Task for today: 1) list the accounts I've got and 2) decide which one to start saving money into and 3) start off by banking the cheques I found last week in a drawer! Yes, I am that crap. ...
    In April I am taking a break from buying: Books
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
    cathybird wrote: »
    3) start off by banking the cheques I found last week in a drawer! Yes, I am that crap. ...
    Not really. If you were truly crap they'd have been bills :rotfl:.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • big_questions
    big_questions Posts: 22 Forumite
    Cathybird,
    I've had moneysaving periods of my life, and fritter-it-away periods (never too serious, but taken eye off the ball). The BIGGEST single thing that helped me get the habit of being fully money conscious and start saving was to move my current account, savings acct and credit card all to the same bank, so i could see them all online at a glance. Once i could see all the basics together it made it more real.

    For a month or so I remember every time I didn't buy a coffee/magazine/whatever, I'd transfer that small amount of money into my savings account. Just to see it build up over the month was as much of a 'treat' as the coffees, magazines etc themselves were.
  • mandatory
    mandatory Posts: 243 Forumite
    Combo Breaker First Anniversary
    Saving has become the norm for me and I love it! Set small savings goals and record everything you spend and save. Once you see your savings grow you will love it too.
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