MoneySaving - Not your average bear

fsrandom

Hey guys!

My name is Matthew, I live in the Staffordshire area in the UK and I'm currently getting into serious money saving mode. I realise this may not been the appropriate forum, but I didn't want to post in the diary forum, as I'm more looking for on going advice rather than blogging. Also, I have a dirty secret :x, I don't have any debt apart from contractural agreements for services that I buy (Internet, Mobile Phone, etc.). My aim is anti-debt (i.e. saving cash), I have a limit I need to save within a set time period, however I'm terrible at such a thing and need lotsa help!

I'm 21 years old and I still live at home with my parents, and will be untill September 2010, when I will be emigrating to Ontario, Canada. I need atleast $10,000 in savings (roughly about £6,500) however I've set myself a goal of £8,000.

I earn roughly about £1,050 per month and as it currently stands I have no "spare" cash in my bank.

Outgoings:
£30 PW Rent - £1560 PA
£30 PCM Mobile - £360 PA
£22 PCM Broadband - £264 PA
£4 PW Smoking - £208 PA
£57 PCM Travel - £684
£34 PW Driving Lessons - Est 2 month period - £272
£700 - 1 Way First Class Ticket to Canada
Presents?
Gifts?
Personal Gifts?
Hidden Expenses?

Yearly After Tax: £12,600 (Eng of August Pay>End of July Pay)
August/September 2010 Pay: £2100
Overall Income: £14,700
Current Expenses: £4048
Overall: £10,652

I currently work an average 36 hour a week shift, but I cannot take on more hours unfortunately. I work between 8AM-8PM shifts Mon-Saturday, with a one hour travel time there and back, so this removes all possibility of standard part time work.

I'll do anything to be more efficient with my spending or increase my budget so that I can save even more money.

I'll keep posting any updates in my situation and if you guys can give me feedback and help I'd really, really appreciate it. Thank you.

Horace

How about getting an economy ticket to Canada instead of a first class one?

Up your income by mystery shopping, cut down on the mobile phone usage and switch to PAYG, quit smoking, keep a spending diary so you know where you are frittering money away. It all helps.

fsrandom

I will need the extra weight allowance that the First Class ticket provides, I think I'm over estimating the cost heavily at £700, but I thought it better be safe than sorry!

Mobile phone will still be in an agreement untill July 2010, which I will just move it over to a very cheap pay as you go agreement to suit my usage :]

dancingfairy

You could try setting yourself a weekly budget for hobbies, treats, spends etc and then whatever's left at the end of the week transfer to a savings account.
You might find it easier if you had all your budget per month as well - for weekly things you times them by 4.3 to get a monthly average.
Check out the thread for new posters as it has a full budget planner (SOA) on there and will show you all the things you have forgotten to include above.
df

Hippychick

£700 for a first class ticket to ontario actually seems very cheap to me!

I just ran a quick quote on expedia, flying first class with BA to Toronto, on a Wednesday in September is £4814.00 :eek: admittedly thats for this year but even so, it ain't cheap.

You may be better off looking at buying an economy ticket then shipping your stuff over separately. Alternatively sell everything you don't need and buy new/second hand when you get there.

fsrandom

£4814.00:XXXXXXXXXXXXXXXXXXXXXXXX omg thats shocking

Fire_Fox

I know you aren't in debt, but it's helpful to complete one of these which has all your outgoings listed:
http://www.makesenseofcards.com/soacalc.html

If you have a specific savings goal and deadline I'd be tempted to work backwards from that - your income minus the amount you need to save each month minus surviving = what you have left for non-essential spending. The things that initially jumps out is for you to quit smoking and consider learning to drive once you arrive in Canada (do they even drive on the same side of the road??).

Hippychick

fsrandom wrote: »

£4814.00:XXXXXXXXXXXXXXXXXXXXXXXX omg thats shocking

yup, but most people who travel first class probably don't pay for the tickets, their employers will do for business.

Definitely have a look at shipping your stuff abroad if you have lots that you need to take over. It will be much cheaper!

fsrandom

Fire_Fox wrote: »

I know you aren't in debt, but it's helpful to complete one of these which has all your outgoings listed:
http://www.makesenseofcards.com/soacalc.html

If you have a specific savings goal and deadline I'd be tempted to work backwards from that - your income minus the amount you need to save each month minus surviving = what you have left for non-essential spending. The things that initially jumps out is for you to quit smoking and consider learning to drive once you arrive in Canada (do they even drive on the same side of the road??).

My original plan was learning how to drive in Canada, however the process over there is a lot longer (3 years or something) and the UK licence is valid and transferrable into a Canadian licence.

I don't perticulary enjoy smoking, so it certainly isn't something thats "essential" however I just have absoluetely no willpower :-(

I'll take a look at that URL and post the findings later! :j

theoretica

Do you have a separate bank account for your savings? If not opening one would be sensible. Then I would suggest you transfer at the start of the month the minimum savings you need to make £6500/12 months = £540 and then aim to add to this for the economy (sorry!) ticket + extra baggage/shipping and the extra savings you want to make. That way you can clearly see each month if you are in danger of not meeting your target, and how much extra you are saving.

Some countries insist you can demonstrate that you have had the savings for a certain amount of time. Have you checked this?

Fire_Fox

fsrandom wrote: »

My original plan was learning how to drive in Canada, however the process over there is a lot longer (3 years or something) and the UK licence is valid and transferrable into a Canadian licence.

I don't perticulary enjoy smoking, so it certainly isn't something thats "essential" however I just have absoluetely no willpower :-(

I'll take a look at that URL and post the findings later! :j

You don't need 'willpower' you need the desire to stop smoking and a visit to your family doctor. The NHS offers one-to-one or group advice, free nicotine replacement (patches, inhalator, microtabs, gum), various tablets to take away the 'urge' (cost of a prescription £7.40ish) ... you are more than twice as likely to quit if you take up the this sort of help and support. :beer: