Savings Log of a 26yr old on low pay

Primrose

I think it's what it suggests. You keep a sealed pot with a slot in it and every time you have spare change in your pocket, or have coins of a certain denomination such as 10p or 20p, you put them in the pot where you can't get at them. And then you open the pot at the end of the year and have a hopefully nice surprise, either to treat yourself, or to add to your savings.

snowqueen555

Hi I am a similar age and earning similar as well. Saving is hard, I find it astonishing you cleared that huge debt, well done!

I think the best way I could continue to save is to have friends who are simlar to you, but tbh most of my friends are big spenders, or studying so its often hard to maintain the saving lifestyle I wish to keep.

I think this is a good thread idea, if you keep updating I will definitely keep reading

kazire

well done for clearing your debt and thinking about saving money if only there were more ppl like you out there!

blinko

well done buiddy but start putting some in the stock market, you get 2% from a savings accounts basically nothing all you need to get from teh markets is 4% and you have saved a year of your life, and 4% isn't hard all the best

EC12345

Primrose wrote: »

I think it's what it suggests. You keep a sealed pot with a slot in it and every time you have spare change in your pocket, or have coins of a certain denomination such as 10p or 20p, you put them in the pot where you can't get at them. And then you open the pot at the end of the year and have a hopefully nice surprise, either to treat yourself, or to add to your savings.

I've got about £44 odd in my pot already. Am going to use in December for some train tickets!!!

edinburgher

well done buiddy but start putting some in the stock market, you get 2% from a savings accounts basically nothing all you need to get from teh markets is 4% and you have saved a year of your life, and 4% isn't hard all the best

I disagree - think the OP is much better focusing on cash savings until he can find ways to up his income. I know it's possible to invest relatively small sums of money, but until he has a decent emergency fund/cash reserves, it can surely wait

Primrose

I agree with edinburgher. Investing in the stock market is for those who have already built up sufficient cash savings for emergencies and perhaps some other longer term projects as well. Investing in the stock market needs to have a minimum five year term and probably much longer. I can imagine nothing more devastating than having very little in the form of savings and then seeing all your hard earned money reduced to ashes almost overnight if the stock market dives and you suddenly find you need access to it. Very few people have the luxury of waiting for a five or ten year turn round leaving their money invested so that they can recoup their losses, especially in these bumpy economic times.

MoneyWaster2007

Thanks again for the replies.

So..I think my best bet is to initially aim to build this emergency fund which may take some time and hard work. Then from there, hopefully I will aim to save a small deposit for a flat. And in between now and then, I will keep applying for new jobs/ try to get more money where I am now.

Saved £18.53 on Friday which took my pot to £770.62, so all I need to save this week is £30 to hit £800 and I think I can do it. Looking forward to my interest being paid on Wednesday! Should be about £1.00. Amazing!!!

It all seems very slow and can be frustrating at the best of times...just keep reminding myself how bad things were before and how I've turned it all around.

Last month I saved a total of £270.62, so if I look at it that way, it seems like I am getting somewhere.

This Saturday coming I have some work lined up - not my main job - a side job where I will earn £60 for the day. Then in the evening I'm going for a meal for my sisters 30th so that will be a cheap night out (parents are going).

I know what would make this easier...if I had a nice girlfriend for company

linz

That's great that you've managed to save £270 in a month, on a modest wage. It'll be such a psychological boost when you reach £800, then £900, then £1k. Take it £100 at a time.

Have you got anything lying around that you can sell on ebay to raise your total a bit more ??

Any old mobiles to recycle for cash ?

MoneyWaster2007

No unfortunately I don't have any old mobiles as I flogged them on eBay

Last month I sold my wireless adapter for my Xbox 360 on eBay for around £30 which contributed towards the £270 saved, so this month I may not be able to save as much. But we'll see.

On Saturday night I went out, but my mate was tired and went home early, so I did too...got home at 11.30 which saved me some cash

I like the idea of focusing on each £100, thanks.

Don't really have anything else to sell on eBay.. I have a 32 inch LCD TV which is my baby - got that when I lived with my parents and had more surplus income - only used to pay £30 per week. Can't make purchases like that any more.

I have a pay as you go mobile where I get 300 free texts each time I top up by £10. My internet costs me £15 per month on pay as you go...I'm all for a bit of money saving me!!:cool: