Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Jlawson118
    • By Jlawson118 17th Oct 16, 11:51 AM
    • 385Posts
    • 23Thanks
    Jlawson118
    I need to start saving money again?
    • #1
    • 17th Oct 16, 11:51 AM
    I need to start saving money again? 17th Oct 16 at 11:51 AM
    I'm 20 and I've been brought up to save money, and I used to be really good at it. I opened my first bank account when I'd just turned 17 and saved £200 there, that build up to nearly £1500 within just short of two years.

    Then after that, I split half of the money into an account my grandma saves for me that I don't touch, and I spent the rest on a trip away with some friends for my 19th.

    Since then, I've tried again but I've been rubbish at saving. I got a £2000 Scholarship from university (two half payments, one in November, the other in February) that I managed to save until this summer. I also earn a few pounds on YouTube that I put into a separate savings account to watch build, and I could use this money on my channel too (I play games every now and then so it could have bought new games) and even with Lloyds Bank last year, I was using their Save The Change feature quite a lot and I liked saving that. But that scholarship got spent over the summer, I travelled quite a bit through the summer, then got a car.

    But right now, I'm spending money like there's no tomorrow. I have credit cards and I haven't gone over the limit and don't intend to, but using these means I don't really save the change like I'd like to, and I don't even use Lloyds anymore, just First Direct and Barclays. They're reward cards so I'm rounding money up to the nearest pound to get the points, when before, I used to go cheaper to save more change.

    I start a little part time job in a few weeks, earning approximately £144 a week, I've just been thinking that I could put the £44 in savings each week, and use the £100 for my weekly essentials like fuel, lunch, and other essentials. And I spend my YouTube earnings these days instead of saving them, I'd like to start saving them again. Right now, seeing my bank so empty is making me want to save again, but right now my car is costing me a lot to run and fill up. I thought filling it up would be cheaper than the buses last year but it's actually costing me double..I got a £1000 maintenance loan from student finance, I'm down to £200 in just a month. I've had to get my car repaired, fill it up. Traffic is a nightmare where I go to university so that's putting a strain on my fuel tank..

    Anyway, rambling over. I'm just curious what save the change methods I could do? And other saving methods out there?
Page 1
    • atush
    • By atush 17th Oct 16, 2:40 PM
    • 15,334 Posts
    • 9,210 Thanks
    atush
    • #2
    • 17th Oct 16, 2:40 PM
    • #2
    • 17th Oct 16, 2:40 PM
    Any thoughts about getting rid of the car? Or joining some sort of shared ride scheme (to save on costs?)

    Save into a regular saver each month on payday. If the money is gone you c ant spend it.

    Every time you want something, make yiourself wait. And evaluate if it is a Want or a Need. If it s a Need, then try and find somewhere you can get it cheaper.

    For instance, a game. You can buy it full price on day of release, or you can order it online and get it cheaper under a preorder price guarantee.
    • teddysmum
    • By teddysmum 17th Oct 16, 3:04 PM
    • 5,870 Posts
    • 3,461 Thanks
    teddysmum
    • #3
    • 17th Oct 16, 3:04 PM
    • #3
    • 17th Oct 16, 3:04 PM
    Learn self control.
    • coyrls
    • By coyrls 17th Oct 16, 5:14 PM
    • 599 Posts
    • 553 Thanks
    coyrls
    • #4
    • 17th Oct 16, 5:14 PM
    • #4
    • 17th Oct 16, 5:14 PM
    I think it's pretty clear that you can't afford to run a car. Trying to run a car at 20 while at University is ambitious.
    • Jlawson118
    • By Jlawson118 17th Oct 16, 6:01 PM
    • 385 Posts
    • 23 Thanks
    Jlawson118
    • #5
    • 17th Oct 16, 6:01 PM
    • #5
    • 17th Oct 16, 6:01 PM
    Any thoughts about getting rid of the car? Or joining some sort of shared ride scheme (to save on costs?)

    Save into a regular saver each month on payday. If the money is gone you c ant spend it.

    Every time you want something, make yiourself wait. And evaluate if it is a Want or a Need. If it s a Need, then try and find somewhere you can get it cheaper.

    For instance, a game. You can buy it full price on day of release, or you can order it online and get it cheaper under a preorder price guarantee.
    Originally posted by atush
    I think it's pretty clear that you can't afford to run a car. Trying to run a car at 20 while at University is ambitious.
    Originally posted by coyrls
    Generally the car is a must have, because I live in a small village and the buses are very unreliable. I was late to important classes and nearly late to exams last year. But buses would cost me about £86 a month, driving costs me around £120. Although this is why I've got myself a job on the side, to help out with these kind of costs
    • bobobski
    • By bobobski 17th Oct 16, 6:46 PM
    • 398 Posts
    • 1,024 Thanks
    bobobski
    • #6
    • 17th Oct 16, 6:46 PM
    • #6
    • 17th Oct 16, 6:46 PM
    Have you tried not driving in rush hour? For example, leaving an hour earlier, spending time in the library before lectures etc.

    For me, having money "disappear" (into savings accounts) is a big reason to stop spending. Budgeting also helps, but remember that doesn't mean that you should be setting a target!

    Can you pick up extra hours at work? Especially over the holidays?

    Why do you have credit cards? Leave them at home hidden in a drawer.

    Do you bulk-buy your shopping? Could try going with a friend and making the most of 2-for-1s.

    The "learn self-control" comment above was harsh but true - personally, those kinds of comments didn't really help me when I had no self-control, but using "past" me to control "future" me did help, e.g. don't take cards out with you, use a shopping list etc.
    #86: Save £12k in 2016: £7,792.18 / £10,000 (77.92%) | #[ ]: Save 12k in 2017: £0 / £12,000 (0%)
    House deposit by 31/12/2020: £10,763.60 / £60,000 (17.93%) | Emergency fund by 31/12/2020: £294.91 / £5,000 (5.89%)
    • Jlawson118
    • By Jlawson118 17th Oct 16, 9:20 PM
    • 385 Posts
    • 23 Thanks
    Jlawson118
    • #7
    • 17th Oct 16, 9:20 PM
    • #7
    • 17th Oct 16, 9:20 PM
    Have you tried not driving in rush hour? For example, leaving an hour earlier, spending time in the library before lectures etc.

    For me, having money "disappear" (into savings accounts) is a big reason to stop spending. Budgeting also helps, but remember that doesn't mean that you should be setting a target!

    Can you pick up extra hours at work? Especially over the holidays?

    Why do you have credit cards? Leave them at home hidden in a drawer.

    Do you bulk-buy your shopping? Could try going with a friend and making the most of 2-for-1s.

    The "learn self-control" comment above was harsh but true - personally, those kinds of comments didn't really help me when I had no self-control, but using "past" me to control "future" me did help, e.g. don't take cards out with you, use a shopping list etc.
    Originally posted by bobobski
    Driving in rush hour isn't particularly all that avoidable. Now my Sat Nav has given me a route for rush hour mornings which works out really well, but this doesn't work for the way back as getting out of the city centre is very difficult for most of the afternoon/evening.

    I use my credit cards for the rewards really. I was using the Lloyds Avios to use abroad when I was away over the summer, but I realised that after their promotional period, the points I'm earning just weren't working out, and I've moved over to Barclaycard in which I use a lot of their Freedom Reward partners so I earn quite a lot of points. A fine example of me spending money stupidly, is I can be known to spend a fortune on iTunes, but I've been like this for years, even when saving my money still. I do set myself limits with iTunes now though, but earning freedom rewards allows me to earn vouchers to use on there. After meeting to criteria for their incentive, and my general spending, I've already earned a £25 voucher with them, but I'm going to build it up to £50 before I redeem. Although, earlier this year, I was setting myself a £5 a week limit, I don't really spend as much on there now anymore, though as a student I can get access to Spotify Premium for £4.99 a month, so I feel like I'd save money from that.

    I've recently had a clear up of bank accounts and credit cards so I have ditched the Lloyds Avios now. And well I've decided to pay my credit card bill every week, and round the money that's left into savings. Like for example, tonight I've started with £4.42, and by Friday I'll add some more. I'm thinking every Friday.

    I don't really do the shopping, I'm still living with my parents so I don't do the weekly shop, all I really do is buy lunch but even then I've started trying to avoid doing that..

    I am going to sit down and figure out where money is going, and I do plan to start saving up again
    • Startup1985
    • By Startup1985 17th Oct 16, 11:42 PM
    • 83 Posts
    • 50 Thanks
    Startup1985
    • #8
    • 17th Oct 16, 11:42 PM
    • #8
    • 17th Oct 16, 11:42 PM
    Hi, I would be interested in seeing your channel. I'm a fellow content creator
    • atush
    • By atush 18th Oct 16, 11:33 AM
    • 15,334 Posts
    • 9,210 Thanks
    atush
    • #9
    • 18th Oct 16, 11:33 AM
    • #9
    • 18th Oct 16, 11:33 AM
    Generally the car is a must have, because I live in a small village and the buses are very unreliable. I was late to important classes and nearly late to exams last year. But buses would cost me about £86 a month, driving costs me around £120. Although this is why I've got myself a job on the side, to help out with these kind of costs
    Originally posted by Jlawson118
    So what about the rest of what I wrote? Finding someone to pick up along the way- they give you the bus fare?

    And the savings tips?

    Dont be selective in your reading.
    • Mr Costcutter
    • By Mr Costcutter 18th Oct 16, 1:48 PM
    • 211 Posts
    • 468 Thanks
    Mr Costcutter
    And evaluate if it is a Want or a Need.
    Originally posted by atush
    So agree with this. It is so important upon making a purchase to consider whether you really 'want' or actually 'need' it. Additionally, many people waste a lot of money on impulse buys - are you one of those people lol
    • atush
    • By atush 18th Oct 16, 1:59 PM
    • 15,334 Posts
    • 9,210 Thanks
    atush
    There is nothing wring with setting a small fun money/leisure pot and spending that on a whim.

    But overall you should have a budget? And not go over your budget for that type of spend?
    • Jlawson118
    • By Jlawson118 18th Oct 16, 7:49 PM
    • 385 Posts
    • 23 Thanks
    Jlawson118
    Hi, I would be interested in seeing your channel. I'm a fellow content creator
    Originally posted by Startup1985
    Sure thing, it's youtube.com/jlawson118 I haven't done much content on there for a while, my capture card broke and my computer isn't powerful enough to play many PC games these days. I also don't talk on my videos but my stats are going up and up so I must be doing something right
    • Jlawson118
    • By Jlawson118 18th Oct 16, 7:51 PM
    • 385 Posts
    • 23 Thanks
    Jlawson118
    So what about the rest of what I wrote? Finding someone to pick up along the way- they give you the bus fare?

    And the savings tips?

    Dont be selective in your reading.
    Originally posted by atush
    The only suggestion and question I didn't respond to is the one about working extra hours, and I do plan to get extra hours if I can, but the job is only a Christmas temp job anyway, and just before Christmas I'll probably be up to my eyes in university work anyway so I'll have to see at the time
    • steampowered
    • By steampowered 18th Oct 16, 8:08 PM
    • 550 Posts
    • 477 Thanks
    steampowered
    To be honest I don't think you should worry about saving while you are university. There is no need to be saving a third of your income as a student. Worry about saving and pension contributions once you have a full time job.

    The key is to make sure that you are not lumping yourself with expensive credit card debt. It will be very difficult to get yourself out of a vicious debt circle if you over spend on cards. In your position I would lose the credit cards.

    If you do want to instil savings discipline, set up a separate savings account. Create a direct debit which moves a fixed sum from your current account to your savings account every payday. That way you won't have access to the money in your current account, so you are much less likely to spend it.

    They're reward cards so I'm rounding money up to the nearest pound to get the points, when before, I used to go cheaper to save more change.
    This is a really bad idea. Don't let the fact you have a reward card affect your spending patterns. The return on rewards credit cards is usually something like 0.5%. So even if you spend just 1p extra because you are using a reward card, you are losing out.

    Needless to say, if you don't pay your card at the end of the month and you end up paying interest, that will cost way more than any rewards you get.
    • Jlawson118
    • By Jlawson118 18th Oct 16, 11:10 PM
    • 385 Posts
    • 23 Thanks
    Jlawson118
    To be honest I don't think you should worry about saving while you are university. There is no need to be saving a third of your income as a student. Worry about saving and pension contributions once you have a full time job.

    The key is to make sure that you are not lumping yourself with expensive credit card debt. It will be very difficult to get yourself out of a vicious debt circle if you over spend on cards. In your position I would lose the credit cards.

    If you do want to instil savings discipline, set up a separate savings account. Create a direct debit which moves a fixed sum from your current account to your savings account every payday. That way you won't have access to the money in your current account, so you are much less likely to spend it.


    This is a really bad idea. Don't let the fact you have a reward card affect your spending patterns. The return on rewards credit cards is usually something like 0.5%. So even if you spend just 1p extra because you are using a reward card, you are losing out.

    Needless to say, if you don't pay your card at the end of the month and you end up paying interest, that will cost way more than any rewards you get.
    Originally posted by steampowered
    I've seen a lot about regular savers a lot lately, so I think I might consider it. The only thing that puts me off about them though is the fact that it's stuck there for a year, and I like to feel that I have a backup somewhere if I need to borrow money from my savings. But if I get a stable income shortly, then I'll certainly set that up like you said
    • steampowered
    • By steampowered 19th Oct 16, 9:51 AM
    • 550 Posts
    • 477 Thanks
    steampowered
    I've seen a lot about regular savers a lot lately, so I think I might consider it. The only thing that puts me off about them though is the fact that it's stuck there for a year, and I like to feel that I have a backup somewhere if I need to borrow money from my savings. But if I get a stable income shortly, then I'll certainly set that up like you said
    Originally posted by Jlawson118
    It doesn't have to be a regular savings account, you could direct debt into an ordinary instant access savings account (although the interest rate will be pretty dire).
    • edinburgher
    • By edinburgher 19th Oct 16, 10:40 AM
    • 10,093 Posts
    • 52,665 Thanks
    edinburgher
    By my reckoning, your job and grant is worth just shy of £800 a month.

    You can't really afford to be running a car on this little money, atush made an excellent suggestion along the lines of running a lift share arrangement with someone to help subsidise the cost, worth exploring this.

    Get rid of the credit cards, too, they're poison for students (I wasn't very good at self control at that age, took me 8 years to undo the damage!) If you have minimal expenses, a job and a grant, you shouldn't need to pay for things on the never never.
    • Eco Miser
    • By Eco Miser 19th Oct 16, 2:59 PM
    • 2,446 Posts
    • 2,267 Thanks
    Eco Miser
    I've seen a lot about regular savers a lot lately, so I think I might consider it. The only thing that puts me off about them though is the fact that it's stuck there for a year,
    Originally posted by Jlawson118
    At least two Regular Savers (TSB & Nationwide) allow unlimited withdrawals, Some of the Building Society offerings allow one penalty-free withdrawal. Always check the exact T&Cs for the account.
    Eco Miser
    Saving money for well over half a century
    • Westie983
    • By Westie983 19th Oct 16, 3:11 PM
    • 3,220 Posts
    • 12,606 Thanks
    Westie983
    At least two Regular Savers (TSB & Nationwide) allow unlimited withdrawals, Some of the Building Society offerings allow one penalty-free withdrawal. Always check the exact T&Cs for the account.
    Originally posted by Eco Miser
    and Lloyds, either the club regular saver or the standard one.
    Save 12k in 2016 #16 Total £14650/£12000 = 122.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£13/£300 = 88.33% ( x 10)
    Xmas 2017 £1 a Day #6 Total £34.00/£365 = 9.31%
    Virtual Sealed Pot #1 Total £800/£800 = 100.00%
    £2 Savers Club 2016 #104 Total (£1060)+£386/£2000 = 72.30%

    Total £17195.78/£15465 = 111.18%
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,364Posts Today

6,013Users online

Martin's Twitter
  • Going to a very exciting premier right now... with Mrs and mini MSE, to the screening of "we're going on a bear hunt"

  • No. Not a huge fan. Never claimed to be.Just a fan. And one who choose to prioritise family time with his little gi? https://t.co/lZ9uUylk2U

  • I've just checked the score. You're right. What happened? https://t.co/5E7y52r47o

  • Follow Martin