saving for someone with no self control ,, lol

wayne99

Hi all,

I would really like to start saving some money each month, iam useless at saving (easily withdraw the funds again in a month or two) - hence no self control !! lol
So what iam looking for is a savings account that doesn't allow withdrawals for a fixed term, for say 6, 9 or 12 months, but one that is not limited to a large starting deposit.

what i mean by that is i have found a couple of fixed term bonds that you have to pay 2k in to start, i simply don't have that as iam at the start of the saving ladder, so what iam looking for essentially is a savings account, that i cannot withdraw from for a fixed term, that i can start the process of with as little as say, 50 quid.

is there such a thing ?

thanks in advance

wayne.

Reaper

How about a notice account where you have to give 30/60/90 days notice to withdraw? Should stop impulse spending. Have a look at the best buy tables
e.g. http://www.moneysupermarket.com/savings/notice-accounts/

Bravepants

Hi,

Well I'm no expert, as you can tell by the number of posts I've made hehe, and I don't know whether such an account exisits. But I was pretty much like you, always seemed to spend more than save. I guess the first thing is to decide what you are saving for. Are you saving for a car, your retirement, a rainy day fund? I decided to save more for my retirement so I applied to join my company's pension AVC scheme. The money comes straight out of my salary so I never see it, I can't get at it before I'm 55 and I get 40% tax relief and I feel better knowing that I put that aside each month - I seem able to enjoy life a bit more! I also have a rainy day fund which is a cash ISA - just knowing that I'm not paying tax on the interest is enough to keep me topping it up regularly and stop me spending it! Mind you saying that, I withdrew 10k a while back, but that paid a bit off my mortgage and got me on to a lower interest rate, thus saving more money.

If it's short term you could try opening the best branch only savings account you can get, and giving the acount book to someone you trust, like a family member or good friend, to hang onto on pain of death and not let you have it back for a year! You can usually make payments to the account from your current account without needing the savings book. That might be a simpler solution for the short term. That would work for 3, 6 12 or whatever period you want.

P

wayne99

the notice account is a great idea, there is one on that list that i can open with £1.00 with Market Harborough so thats ideal i will have a shop about and see what else is in the market, thanks Reaper.

Bravepants, thanks for the reply, iam basically saving for a rainy day, car for the wife, all sorts of things really, i have just opened a Lloyds vantage account, so i can get great interest on my salary, but i simply dont have the savings or the free cash to get upto there top tier of interest 5k+

Iam already a member of my companies pension scheme, i have a deduction of 6% each month from my salary, and they pay 4% on top, when i hit year 5, i pay 5%, they pay 5%, year 10 i pay 3% they pay 7% so its a cracking scheme, i also have an army pension also so i will be sorted once i hit retirement age (what ever that will be) lol.

thanks for the replies chaps.

wayne

getmore4less

You have to develop a reason to save that is bigger than the one to spend.

Untill you find that you will always spend.


Try working out how you are going to retire and when and work back.

opinions4u

Total debt 7k and getting smaller each month

I think you need to focus on getting rid of this.

wayne99

opinions4u wrote: »

I think you need to focus on getting rid of this.

thanks for that, the debt is reducing month by month, i overpay on my debts hence why i have little i can put in savings, in around 12 months i will be completely debt free.. but thanks for the obvious comment..

anyway, back on to the topic of the post.

I have decided to go for one of the 90 day notice accounts, thanks for the replies.

wayne.