How much can you save?

LucyTheDwarf

About £20. I don't spend it though. It's an exercise in resisting temptation. Then one week in the month I might spend a few weeks worth. It works for me.

emmasaint

I have a bit of a problem. I have got so used to saving like a woman possessed that I can not part with any money!

I am having a break from work - i do contract work and knew that i needed a break - I accounted for my break and have enough money to last until my next contract. However, I promised myself a holiday and everytime i go to book it. I can't as i can't hand over the money....stupid as i want to go and i know that saving all the time is silly as i'm well travelled and know it costs....

help me.....i have got used to all saving instead of spending.....and need to book my holiday

LucyTheDwarf

You need to treat yourself!!!

Pretend it's someone else's money?

alohahawaii

emmasaint wrote: »

I have a bit of a problem. I have got so used to saving like a woman possessed that I can not part with any money!

I am having a break from work - i do contract work and knew that i needed a break - I accounted for my break and have enough money to last until my next contract. However, I promised myself a holiday and everytime i go to book it. I can't as i can't hand over the money....stupid as i want to go and i know that saving all the time is silly as i'm well travelled and know it costs....

help me.....i have got used to all saving instead of spending.....and need to book my holiday

Are you going alone? if not get the other person to book it.
Maybe you need to make saving more exciting..
for example set up an account to save for your holiday then when it comes to spend it, it should be easier as thats what its for.

Just go for it, then when you come back you can start saving to cover the cost of the holiday?

Lokolo

alohahawaii wrote: »

For the last two months I think i've done ok with saving.

I have a direct debit going into my ISA for £50 each month.

usually I wait till the end of the month to move my savings but have found i'm not saving that much.

So this month I am saving:

- 10% of my wages
- matching what my boyfriend pays in rent (he pays more than me - we don't live together so I am putting the remainder of what he is paying where he rents into my savings - to get used to paying that amount)

Hopefully I will be able to carry on with the £50 into my isa too but have to wait and see.

it's not as much as everyone else on here is saving but i think its a good start.

how much do you all give yourself to cover each week after all your bills and and savings have gone out?

What you want to do is work out what you're going to spend each month.

Bills, Food, Savings for Car, Savings for Xmas, Petrol, Rent

How much do you earn each month? Say £1000.

You want £400 rent, £50 petrol, £150 food, Savings x2, £50 each. Luxury £30 Total: £730

Then as soon as you get paid, put £270 straight in savings. That way you then limit your spending to what you need to spend instead of what you want to spend

zag2me

emmasaint wrote: »

I have a bit of a problem. I have got so used to saving like a woman possessed that I can not part with any money!

I am having a break from work - i do contract work and knew that i needed a break - I accounted for my break and have enough money to last until my next contract. However, I promised myself a holiday and everytime i go to book it. I can't as i can't hand over the money....stupid as i want to go and i know that saving all the time is silly as i'm well travelled and know it costs....

help me.....i have got used to all saving instead of spending.....and need to book my holiday

That's an easy one, open up a separate account for holidays. Put the money in there and use it to pay for any trips for the rest of your life. Treat it as a yearly bill. That's what I do and it never feels like its coming from my savings, just another cost.

Wantosave

Hi All,

I like the idea of setting up a separate account for holidays. I have trouble with parting with my money too, having been an avid saver now for at least a year. I now have nearly 6,000 pounds saved. I know I should treat myself to a holiday at some point and a break away (really fancy the idea of catching the rays on a nice beach in Greece or Cyprus). I think I may set up a separate account just for putting holiday money into - I think us savers deserve it to ourselves.

I also noted the point that someone mentioned about paying yourself first. I have a small paperback book somewhere in my archives about aspiring to be a millionaire (mmmmmmmm that might be nice!! :rolleyes: ). Well one of the things this book says is to look at your monthly or weekly wage/salary as a means of paying yourself first. Rather than look at all the bills you have to pay, first think of the amount that you will be paying to yourself (minus any bills, of course) and do that first. A bit of reversed psychology, not rocket science but makes you feel so good and generally that you are getting something back for your efforts (assuming you are, of course! :rotfl: ).

Well hope that money tonic helped.

Your thoughtful Money Angel

:A

LucyTheDwarf

I thought I'd post to say I was a little bit worried at the moment. I pay £500 per month into the Halifax regular saver (opened when the rate was 10% - wahey!). I pay £50 by standing order, and I manually make a payment from my HSBC current account for the remaining £450. With faster payments, this £450 normally arrives within seconds. Normally I just need to refresh the page logged onto Halifax, and there it is.

This month, the payment was sent on 1st October, and for the first time ever I didn't immediately check Halifax. However, I've just checked today, and it's not there! I've sent an email to HSBC asking where my money is, but I'm really worried about it! I'm confident I'll get it back, just concerned about why it's happened in the first place. I sent it to the right bank details, I've checked!

Masomnia

Sorry to hear that Lucy! I'm sure it'll turn up.

I'm the same about my Kaupthing account. I sent in my initial deposit on wednesday evening, and it (quite rightly) hasn't been added yet, but I'll still feel uneasy until I know it's there.

LucyTheDwarf

I always get nervous when I'm transferring to/from KE. The wait isn't good for my nerves. It's amazing how quickly we've been spoilt by faster payments... not long ago this was the norm for all accounts. I didn't worry about it then, funnily enough.