Keep me on track to save!

moongarden

*Vikki* wrote: »

£140 AA breakdown cover due end of this month

Currently through Quidco this is £100.17 pence with £50.00 cashback - making the total cost £50.17.

*Vikki* wrote: »

What are savings actually for anyway? Incase you loose your job?

My goal for this year is to have two months salary saved. My OH has:
One months salary in his online saver instant access
One months salary in a high interest 30 day notice account
A good mortgage deposit saved

These are in separate accounts as they represent different things - the instant access can be dipped into to buy a large item but then is filled up again before buying anything else, that and the month of salary in the 30 day notice represents not having to panic if made redundant or unable to work. It creates a breathing space and time to get a new plan together.

*Vikki*

kathfisch wrote: »

Wanting to change is a good first step

There are many reasons people spend in similar ways to you. For me the reasons were emotional. A mixture of low self-esteem, boredom, feeling that I wasn't 'good enough', not having many friends to spend time with and things to do to keep me busy, being unhappy with my body, feeling as though I 'deserved' it because of things I was going through. Any of that sound familiar?

Also, don't be fooled by all the things other people have and how 'well' they appear to be doing financially. Chances are, their new and shiny things are bought on credit and their behaviour is not sustainable.

Yes they are, I have got in to my head the last few months that I have 'gone without' for the last few years looking like a frump spending all my money on my car. So I now deserve to spend this money on me and other things not on the car. I think that once I have that out of my system my spending will go back to normal and I would of ran out of things I want. I do believe that, but I don't want to kid myself?

No I don't have any friends really, a few I see when I go on MINI events but none that I do other non MINI things with like go out shopping etc or places with. Suppose I am bored when at work most days too lol Yes there are some people I know and I think they are so lucky (first time I ever experienced real jealousy because of what they have) I am over that now though.

kathfisch

*Vikki* wrote: »

Yea I think I have done that before that 'want' and actually 'need' thing but my devil inside me says do we actually really 'need' anything in life? apart from food, shelter, basic clothing. Which makes me think why bother going to work? As for those needs I could just claim benefits.

I'm not suggesting that you only ever buy things that you truly need for survival because, as you say, you wouldn't buy a lot! But becoming aware of when things are a *want* rather than a *need* has helped me to stop spending on impulse. If you have money to spare (as you're not deeply in debt) then you should spend some of it on things you want, getting the best deal at all times of course! But don't forget those things you might want in the future like a house, a family, comfortable retirement etc... they seem far away but when they arrive you'll wish you had a pot of money for them! That's why we bother going to work.

DawnW

*Vikki* wrote: »

Yea I have thought that too, that perhaps instead of spending my money on gadgets I should spend it on holidays and days out and things. Which I also do but not so much on gadgets.

Its very bad, I do want to change, I don't know why I am so materialistic.

You are young, and at least you are THINKING about this stuff, so well done! Think of savings as empowering, something that gives YOU a choice in life. You can choose (within the limits of the savings / money that you have) where you live, where you go on holiday and for how long, what job you do, whether to go travelling while you are still young, and when the time comes, how you bring up your child, anything. If you have no money / savings, you get very little choice. OK, you can get credit, but then it has to be paid back, and this limits what you have left to live on (back to choices again).

*Vikki*

moongarden wrote: »

Currently through Quidco this is £100.17 pence with £50.00 cashback - making the total cost £50.17.



My goal for this year is to have two months salary saved. My OH has:
One months salary in his online saver instant access
One months salary in a high interest 30 day notice account
A good mortgage deposit saved

These are in separate accounts as they represent different things - the instant access can be dipped into to buy a large item but then is filled up again before buying anything else, that and the month of salary in the 30 day notice represents not having to panic if made redundant or unable to work. It creates a breathing space and time to get a new plan together.

Thats a good idea for a goal two months wages saved. Trouble is with me I want to save too much when I set goals and if its anything less I get disheartened and sort of give up. I wanted to save 3k this year but started thinking I won't have much of a life trying to keep that up, so that sort of goes out the window. I am far too much 'want it now' ghrr

I wanted to do something similar like what you have set up.

I wanted something like 'long term' savings so for the future or really desperate times only, say house buying or loss of job.

Another account for savings short term for things I may want like holidays etc

And another account for bills.

Dunno where to open them up though, safe places that I won't get taxed on and that are easily managed, I really like internet style banking.

Blimey thats cheap is that for the FULL cover? I'll have a look at that never heard of thats site..

finallydebtfree!!

I was exactly the same as you 3 years ago!! although I was 25!! :rotfl:

when I finally paid of my debts (a car loan, credit cards, overdraft and a holiday of a lifetime!!:rolleyes:) I decided enough was enough! I started to save the money I was spending on debt repayments, moving it from my current account to my savings account the day after pay day, so in my mind it wasnt there! then I lived on the remainder.

Then as my saving grew I realised I wasted money on a lot of stuff, so cancelled the gym membership, dvd rental etc, and saved that too!! I started saving £200 a months 3 years ago, and it has gradually increased. Now I also save whatever is left in my account the day before pay day too!

I used to love shopping, hence why I never had any money, now I hate it, I would rather watch my savings grow than waste it on stuff that I will have forgotten about 2 months from now!!

Join some of the challenges on here, helps motivate you, I managed to make over £500 which I used as spending money (for another holiday of a lifetime, this one wasnt paid for with a bank loan or on a credit card though!)

3 years down the line I have a vast amount of savings (wont say how much as I know my brother is on here :rotfl:) which one day will use for a house deposit/travelling/wedding/kids, who knows but the fact is whatever its for the money is there and I wont have to borrow it!!

oh and mentioning my brother, he says I have expensive tastes but I am too tight to buy it!! :rotfl: I now ask for the expensive (well £8 jar of sanctuary body scrub and £7.50 body shop face mask for birthdays and christmas!!!)

Realised Im probably waffling a bit now sorry! Good luck with the saving!!

kathfisch

*Vikki* wrote: »

No I don't have any friends really, a few I see when I go on MINI events but none that I do other non MINI things with like go out shopping etc or places with. Suppose I am bored when at work most days too lol

Hence why the mini is a major source of spending, it makes sense. Do you have any other interests or hobbies you could pursue? Perhaps joining a local club or some other way to meet new people and broaden your horizons a bit. You could volunteer for a charity you care about, that can be a good way to meet like minded people and do something worthwhile at the same time.

*Vikki* wrote: »

Yes there are some people I know and I think they are so lucky (first time I ever experienced real jealousy because of what they have) I am over that now though.

Glad to hear that you are over it, that feeling is destructive if not checked. If you can save money up and have it available to buy something big, such as a house, and not get into so much debt, you will be the lucky one.

*Vikki*

kathfisch wrote: »

I'm not suggesting that you only ever buy things that you truly need for survival because, as you say, you wouldn't buy a lot! But becoming aware of when things are a *want* rather than a *need* has helped me to stop spending on impulse. If you have money to spare (as you're not deeply in debt) then you should spend some of it on things you want, getting the best deal at all times of course! But don't forget those things you might want in the future like a house, a family, comfortable retirement etc... they seem far away but when they arrive you'll wish you had a pot of money for them! That's why we bother going to work.

Yea thats a good points. Thanks so far everyone for your help, Ive wanted to talk like this for a llooonngg time to sort out my mental issues with money and become better with it. I want to change and I will. I am determined and this sites REALLY helping with all you guys:)

*Vikki*

DawnW wrote: »

You are young, and at least you are THINKING about this stuff, so well done! Think of savings as empowering, something that gives YOU a choice in life. You can choose (within the limits of the savings / money that you have) where you live, where you go on holiday and for how long, what job you do, whether to go travelling while you are still young, and when the time comes, how you bring up your child, anything. If you have no money / savings, you get very little choice. OK, you can get credit, but then it has to be paid back, and this limits what you have left to live on (back to choices again).

Thats such a good way to look at it, and I like that kind of thinking. Thats great thank you. There is loads of great info on here thank you all, I will read and read this over the next coming weeks/months and put some of it in to practice.

kathfisch

*Vikki* wrote: »

Dunno where to open them up though, safe places that I won't get taxed on and that are easily managed, I really like internet style banking.

Do you have an ISA? That is tax free, up to £3600 a year. Savings in British banks are guaranteed up to £50,000 so choosing a reputable bank based in the uk is the way to go... see Martin's advice about savings safety: http://www.moneysavingexpert.com/savings/safe-savings

Edit to add: I see you do have an ISA. Check if its still a decent rate though, if you took it out a while ago.