Savings Log of a 26yr old on low pay

MoneyWaster2007

Thanks rhowes2000 - some very kind words there - and I hope your own finacial situation improves which I'm sure it will if you take heed of the advice on this site

Been invited to a bbq at the weekend and then town after that so need to seriously take a look at the £38 I have and think how it can become bigger...:eek:

linz

You could always not drink, or drink water in between pints to save the cost a bit. Or be strong and go to the bbq then go home?

Nice to see such an impressive savings figure, as the other poster said; next stop £10k !

MoneyWaster2007

Thanks! £10k sounds nice and is, I'm guessing, achievable considering I banked £5k in 6 months - albeit with the aid of some unexpected income. The aim is to hit £6k by year end (that sounds like I'm running a business - haha!) so that would be a nice start to 2013.

As regards Sat night, I'm hoping to save on the weekly food shop which I usually do - by approx £15 - so then if I spend £40 on the night Id have about £10 left but then I've got eBay sales coming in on Tues - fingers crossed which should bump me up to approx £30...which I can survive on if I stay in for 2 w/e's in a row...

I'm just determined not to over spend and dip into my savings - it's the golden rule ahhh

MoneyWaster2007

What do you do when you want to buy something that's too expensive to buy out of your wage?

For example, I've been after a Berghaus jacket for a while but they are between £100-200 and that would mean spending some of my savings which goes against the golden rule of saving money - dont spend it!

An alternative would be a cheaper version but not as nice....

what's the answer???

the-mango

Sorry to jump in on your thread but about the question about the jacket, personally what I do is save up separately for the thing I want, by the time it's taken me to save for it I've decided whether I really really want it considering the time I've spent saving and what I might have had to forgo to save that money

linz

Agree with the mango. If you save for it you'll value it more. Maybe it'll have even come down in price in a month or two. Try looking online for promo or discount codes and cashback - you may find it cheaper that way than going on the high street. Or wait til Christmas and ask for vouchers towards one? I like Berghaus too though; if you did get a Berghaus jacket it'd be good quality and would last a long time if you looked after it so I suppose it'd save you having to replace a cheaper coat more often.

MoneyWaster2007

Thanks, so are you saying that instead of dipping into my savings I should instead stop adding to them and save from now until I have enough for the jacket, that way my savings remain untouched? Then go back to saving after that?

gallygirl

MoneyWaster2007 wrote: »

What do you do when you want to buy something that's too expensive to buy out of your wage?

For example, I've been after a Berghaus jacket for a while but they are between £100-200 and that would mean spending some of my savings which goes against the golden rule of saving money - dont spend it!

An alternative would be a cheaper version but not as nice....

what's the answer???

2nd hand one off ebay

Primrose

Moneywaster - I don't know what kind of charity shops you have in your area but they are always worth trawling through. I have found some surprisingly good clothing bargains in them. Often a matter of sheer luck though and being in the right place at the right time.

kate_pixie

How about you halve the amount you are putting towards your savings and save the other half towards your jacket. That way you are still increasing your savings so you won't have to feel too guilty!

I also love Berghaus and agree that they are a worthwhile investment. I ended up getting a Peter Storm jacket in Millets closing down sale as a compromise between what I wanted and what I could afford, lol.