Keep me on track to save!

Buzzbox

A good tip would be to log onto MSE at least once a day (wow, I sound like an addict)... the people on this board will help you keep straight and you're spending will go down...

*Vikki*

finallydebtfree!! wrote: »

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!!

I probably sound a shopaholic but I didn't buy any clothes seriously for 4 years that why now its all a bit mad wanting things. It's odd once I start spending I want to do it again and again its like a drug almost!

What you have wrote there really sounds like me though. I really regret wasting money like I have. I wish I started better with it at 16. I can't let that part of regret go from me. I feel really motivated though from what you guys have said to start saving and being better with money. I have got a 'tight' lol side to me and can be very good with money. But I also have that devil on my shoulder that wants to spend as I get a high from it:rolleyes: I'll check out those money saving challenges, I do have a competitive side and like fun challenges like that

Thank you, you too!

postingalwaysposting

Hi Vikki, I am 23 and in a simaler positiuon to you and dont have much outgoings, no debt and save. Firstly I challenge you to read 'love is not enough' by merryn, this will 100% change you mentality to possession/need now culture.

You can save for whatever you feel you need to. You dont just need one 'pot' or one place to save. I would firstly save 6 months of your wages and keep them in a seperate account. Then heaven forbid if you lost your job you have the financial security till you find a new one. Then you can have 'short' saving ie for christmas/a holiday/a new car and then long term savings (moving onto investments) for houses/retirement. The big advice I would give you is read the main site about savings accounts and the waterfull effect for isa/different savings accounts. Also remember there is a limit to the amount the government would cover if a bank/building society goes bust. I think its £30k+ but this means you can still go for the better rates and still be covered.

I would also advise you to set up direct debits for the day after payday so you 'pay yourself first' ie you pay your savings before your bils and before your normal spending. Therfore a set ammount each month goes into savings weather thats 20% or £500 of your wages. You can also top this up throughout the month but it means you cant spend it before it goes into your account.

I personally have 5 different savings accounts with 3 different banks etc. However saying that I only use two that work well for me. I have a locked savings account that matures every year. Therefore anything I put in there I cant withdraw, this helps me to stop spending it after a few months. Also sometimes these are good interest rates. Do fill up your isa though, I dont fill mine up I prefer my locked saver (this is against martins main site advice) but I do use my isa for my smaller savings pots.

Good luck :j

*Vikki*

kathfisch wrote: »

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.

Hiya yea it was a good rate with HSBC at 5% but its dropped to 2% now which is rubbish I think.

finallydebtfree!!

that devil soon goes away when the savings grow though! :rotfl: I used to regret that too! but now realise that is what made me who I am today so its no point having regrets! the point is you want to do something about it!!

as my gran always said (and mentioned on here earlier) I know think, do I WANT it or do I NEED it!! I still buy things I want every now and then but not as often as I used to

*Vikki*

Buzzbox wrote: »

A good tip would be to log onto MSE at least once a day (wow, I sound like an addict)... the people on this board will help you keep straight and you're spending will go down...

Good idea, yea they have really helped me loads already. I decided to sell my old laptop and got £100 for it, and decided not to buy some UGGS at £130. So I am up already by £230:cool: Which is wicked:cool: Also looks like I could save loads on my AA break down cover too. I love this site:T wish I found it ages ago! I never normally discuss anything like this!

moongarden

*Vikki* wrote: »

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

Everything except home start. An AA man told me that "home" is classed as within half a mile of home but a few hundred yards round the corner onto the next road an you are usually covered. I've only 'broken down' at home twice in the past 5 years - once because I left the lights on and once because I locked the keys in the boot. Both got sorted easily without the AA.

I have also just bought my car insurance through Quidco in December and got £45 cashback off that.

I haven't stopped buying things but I am addicted to getting the best deal

*Vikki*

kathfisch wrote: »

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.



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.

Yea I was real bad for awhile with jealousy with what they have, but somehow thankfully with thoughts of how to deal with it, already posted on here I got over it. Yes it is, if I didn't have got that MINI I would be rich! Well you know what I mean. Worst thing in a way getting it, as it took over my life that car, it doesn't so much now though thank god. I am becoming a bit more 'normal';)

Yea I got to Weight Watchers class lol hardly going out I know but I get along with the people there. I get along with people quite well I think but nothing ever progress outside of work/WW like doing other activities going out places etc. As I never went to college or UNI I have gradually lost contact with people from school, changed interests too. I tend to get on with people older than me most of the time.

*Vikki*

moongarden wrote: »

Everything except home start. An AA man told me that "home" is classed as within half a mile of home but a few hundred yards round the corner onto the next road an you are usually covered. I've only 'broken down' at home twice in the past 5 years - once because I left the lights on and once because I locked the keys in the boot. Both got sorted easily without the AA.

I have also just bought my car insurance through Quidco in December and got £45 cashback off that.

I haven't stopped buying things but I am addicted to getting the best deal

Yea thats good, I still want home start though, but i'll have a good think about it though, not having it. I'll have a look on the site. No thats great getting a bargain, I also love to get a bargain and feel much better for getting one rather than paying full price. I don't always know where to look to get one though online.

Just had a thought then, what If i say I 'live' at my sisters house, but obviously I still live at my parents. That way I don't have to get home start. Then if I do breakdown at home it wont be 'home' to the AA. I wonder if that would work?

*Vikki*

postingalwaysposting wrote: »

Hi Vikki, I am 23 and in a simaler positiuon to you and dont have much outgoings, no debt and save. Firstly I challenge you to read 'love is not enough' by merryn, this will 100% change you mentality to possession/need now culture.

You can save for whatever you feel you need to. You dont just need one 'pot' or one place to save. I would firstly save 6 months of your wages and keep them in a seperate account. Then heaven forbid if you lost your job you have the financial security till you find a new one. Then you can have 'short' saving ie for christmas/a holiday/a new car and then long term savings (moving onto investments) for houses/retirement. The big advice I would give you is read the main site about savings accounts and the waterfull effect for isa/different savings accounts. Also remember there is a limit to the amount the government would cover if a bank/building society goes bust. I think its £30k+ but this means you can still go for the better rates and still be covered.

I would also advise you to set up direct debits for the day after payday so you 'pay yourself first' ie you pay your savings before your bils and before your normal spending. Therfore a set ammount each month goes into savings weather thats 20% or £500 of your wages. You can also top this up throughout the month but it means you cant spend it before it goes into your account.

I personally have 5 different savings accounts with 3 different banks etc. However saying that I only use two that work well for me. I have a locked savings account that matures every year. Therefore anything I put in there I cant withdraw, this helps me to stop spending it after a few months. Also sometimes these are good interest rates. Do fill up your isa though, I dont fill mine up I prefer my locked saver (this is against martins main site advice) but I do use my isa for my smaller savings pots.

Good luck :j

I'll have a read of that now thanks, I'll have to get a savings account that high interest that I can't touch too.