Going to start saving

fkelanne

Hiya all, i have never been good with money.. but i have decided to try and sort my money out and try and save!
i have just sat down and worked out all my incomings and all my out goings.
My income is £2920 per month.
My outgoings are £2052 per month.
And im not saving any of what is left over, dont ask where it goes because i dont really no my self!!! i no thats bad.
HAS ANYONE GOT ANY TIPS THAT I CAN USE TO TRY AND SAVE?
I want to start straight away.
I dont have anythink to save for at the mo but would like to just think ive got that much money sat there incase i ever need it. thanks

Mini_Bear

First things first i would keep a spending diary to see where your spare money goes. The odd $3 coffee here and magazine there can quickly add up. Also regarding your expenses have you looked at ways to reduce these ie weekly meal planning etc? if you only go to the supermarket once a week you are far less likely to spend on extras.
Good luck with your saving. Perhaps set yourself targets to keep motivated ie 3k by xmas and anything extra you can go on a spending spree?!

fkelanne

thanks i will try that. I was wanting to save £100 a week. i have no savings at the mo, where is best to save? but i want to be able to take money out if i need it.
I have started leaving my bank card at home when i go to work, so i cant just pop down to the shops to buy somethink. that i dont really need. lol

CLAPTON

a good format for budgetting...
http://www.makesenseofcards.com/soacalc.html

have you included all the annual and one-off spending? i.e. holidays, xmas, clothes (work out the year total and divide by 12)

and as mini bear says, start keeping a record of absolutely everything you spend and see where all the money goes

fkelanne

thanks ill try this, no i havent added xmas or bdays in it because i dont put anythink away for them now. i aways keep a few weeks pay for things like that a few weeks before they happen. is this wrong? just ive found that easy to do so far.

hostie1985

What I have been doing recently is to set up a standing order at the beginning of each month to go into a savings account - I dont even miss that money. Hope the savings goes well

Hostie

xx

fkelanne

hostie1985 wrote: »

What I have been doing recently is to set up a standing order at the beginning of each month to go into a savings account - I dont even miss that money. Hope the savings goes well

Hostie

xx

going to dothis but what savings account should i use?
And well done for saving 92% of 20k. :A

fkelanne

Also would you do online shopping rather than going to the supermarket? so i cant be tempted by all the nice foods.lol

LucyTheDwarf

fkelanne wrote: »

Also would you do online shopping rather than going to the supermarket? so i cant be tempted by all the nice foods.lol

Well, take a shopping list and don't look at anything else. You can't save without discipline, so work on yours.

What account to use depends on a variety of things. You want instant access, which narrows it down. Do you want monthly or annual interest? Branch access, postal, online, telephone? A comparison site can help you get the basics on the accounts, and then you'll have to do your own research for more specific terms and conditions. Try moneyfacts - http://moneyfacts.co.uk/compare/savings/variable-rate/instant-access/

I'd advise moving the money you want to save out of your current account into your savings account the day you are paid. That way you never get a chance to spend it.

gmgmgm

Do you have a savings account? If not, open one. MSE recommends various accounts. Then just sweep money into it.

fkelanne

I have set a standing order up, and ive started putting £150 into my barclays online savings account each week. i will start at that amount and see how it goes.
Also i went shopping this morning i went with a full belly.lol I did say to my self im only getting what i need. and i stuck to it, was so pleased with myself.
i also have done meal planners so i no what we having all week and made sure i get everythink that i needed for the meals. i spent £69.43 on my shopping, so im going to try and spend less next week.
im already working out what to have for tea next week.lol
thanks all, any more tips would be great tho.