money saving ideas you wished you started earlier.

Nottoobadyet

My biggest tips are the usual "pay yourself first" method of taking your savings out on pay day rather than waiting for the end of the month to see what's left, and learning to cook which has been massively appreciated by my bank balance and my taste buds!

Jake'sGran

Wobblydeb wrote: »

For me opening regular savings account. They are the thing that got me into a good savings habit - take it straight out on payday, don't touch it for a year. The high interest rate is nice too

Don't mean to be a damp sqib, just wanted to say "have you worked out the amount of interest you will get at the end of one year?"

Wobblydeb

Jake'sGran wrote: »

Don't mean to be a damp sqib, just wanted to say "have you worked out the amount of interest you will get at the end of one year?"

Nothing damp squib about the question, and yes, I do work out what amount of interest I will get at the end of one year.

2008 = 8%/6.4% gross/net (HSBC) £96 interest
2009 = 10%/8% gross/net (HSBC) £120 interest
2010 = 5%/4% gross/net (FD) £72 interest due next month
Next year = 8% gross (FD) £115.20 paid in another year's time

This year wasn't a great rate, but it actually beat what the rest of my money was earning, as my ISA was 3.4% and the best instant access 3.2% net.

guitarman001

amcluesent wrote: »

I wish I'd emmigrated when I was 21.

Why - do tell!? Where did you go to and what do you do?

guitarman001

I wish I hadn't lost a lot of money investing shares... Now I have even more money in on fairly speculative shares which could either give me a return equal to current yearly salary or lose the lot (take a year to make it back up).

I guess it makes sense to put savings away first but as mine are in Lloyds Vantage that's my current account anyway... I don't spend too much, pretty frugal, so don't monitor it too closely to be honest.

I'm not too keen on credit cards - always been scared of them... but you guys get good money back?

What is it with these cashback websites? Just what can you buy that makes you such savings???

I look at some of the returns (e.g. couple hundred quid a year on savings of £10, 20k+) and just laugh - it's nothing!

anna42hmr

guitarman001 wrote: »

What is it with these cashback websites? Just what can you buy that makes you such savings???

!

you would be surprised on the cash back sites, for instance we used my quidco account to order my dad a mobile phone, he only wanted and needed a £15 a month contract from orange, and for that we got £150 cash back, so basically got 10 months free for something he was getting any way.

Same with some credit cards, ie I opened the AA credit card a couple years back and got £28 cash back for doing so. (I am also waiting for £45 to be paid for an MBNA credit card I opened the end of last year)

Plus, if you have home insurance, car insurance, travel insurance etc if the company you were going to go with are on there, you may as well get the cash back, often can get any where between £20-50 cash back.

I took out a one year travel insurance policy including the US and winter sports for £62, however have got paid £38 cash back on it from the company, so have paid £24 in all for a travel insurance policy i would have needed to have bought anyway.

anna42hmr

any one else got any more ideas??

edinburgher

Making sure to increase my pension/saving/investment contributions when I get a payrise (not that that'll be happening any time soon!) I guess this goes back to my earlier point in the same thread about realising savings - if you earn more, but don't save more, you're not really any better off in the long run