How much can you save?

TimBear

RyanEzio wrote: »

Hi all.
I'm new here. I'm currently 21 years old. I've promised myself this year that i'm going to save more money! Not really saving towards anything really. I just want to have some money behind me.
I looked at my bank statement for the past two months and i've spent money on things that well, have been a waste of money. I would like to cut all that out. Things that I could of lived without.
I've started a new job at a Graphic Design company and my plan is to save around £30-£40 a week into a savings account. It's not that much really, but If I can do that maybe I could increase that amount in a few months or so.
Does anyone have any tips on how to save? Without the temptation of wasting money on things I don't need! haha

Thanks for reading

Ryan

What has worked for me so far (I'm new to this too!) and having read these forums I see works for a lot of other people, is to 'pay yourself first'. So set up a standing order into a separate savings account for when you get paid. As you say this you hope will be £30-£40 a week. Then because you don't 'see' it, you don't miss it. And over time you should find that you can increase the amount you transfer over.

When making purchases, ask yourself do you really need it? I used to waste so much money on clothes (that I probably have never worn!) when I have probably enough clothes to wear a different outfit every day for months!

If you don't already, take a nice packed lunch to work, or leftovers from the night before. Buying lunch each day might be only £2 or £3 but over the weeks and months this all adds up.

For me, at least, it's this type of little changes that are easier to work with that really helped get the ball rolling. And once I saw how much money I throw away, essentially, on things like this it really helped me get into a different mindset about savings.

Having a goal may also help. Mine for 2011 is to save £5000, for example. That way each time I deposit into my savings I will see the total rise and be closer to my target each time which spurs me on.

RyanEzio

TimBear wrote: »

What has worked for me so far (I'm new to this too!) and having read these forums I see works for a lot of other people, is to 'pay yourself first'. So set up a standing order into a separate savings account for when you get paid. As you say this you hope will be £30-£40 a week. Then because you don't 'see' it, you don't miss it. And over time you should find that you can increase the amount you transfer over.

When making purchases, ask yourself do you really need it? I used to waste so much money on clothes (that I probably have never worn!) when I have probably enough clothes to wear a different outfit every day for months!

If you don't already, take a nice packed lunch to work, or leftovers from the night before. Buying lunch each day might be only £2 or £3 but over the weeks and months this all adds up.

For me, at least, it's this type of little changes that are easier to work with that really helped get the ball rolling. And once I saw how much money I throw away, essentially, on things like this it really helped me get into a different mindset about savings.

Having a goal may also help. Mine for 2011 is to save £5000, for example. That way each time I deposit into my savings I will see the total rise and be closer to my target each time which spurs me on.

Hi Thanks for all the replies. Yeah you're right about the clothes part. I used to waste so much on clothes that I didn't need. I have shirts, etc I only wore once and yet i brought more because it was in the "sale".
The worst part about it is that I got sucked into the emails they send you. For example; "20% off all items", "Free P&P this weekend", "Half price sale now on". I get these emails all the time from different companies. Yeah I may be getting a bargain, but i've still had to pay £5 to save £10.
It's not just clothes. I buy a lot of Blu Rays which i only watch once. But last month i started a movie membership, got a free trial and it's only £10 a month for unlimited movies. That's saved loads to be honest.

I don't want to save every last penny from my wages. Just want to save on the things that I can live without. Most of it is common sense though thinking about it. Even things like going to the cinema before 6pm can save a little bit. Over months it's loads!

TimBear

Exactly Ryan, it's these little things that can really make a difference!

Even sharing DVD/Blu-Rays with your friends so you're not buying new ones or paying for a membership but still get to see a different film etc. would save money.

But like you say, it's not about saving every penny you can, you still need to have fun. By saving money on non-essential things or items you could live without you will have more for your future and for the things you enjoy now.

Good luck!

LucyTheDwarf

butschwa wrote: »

I found that writing the things i bought, down on paper helps alot. For example i look at the takeaways and think why did i bother when i already had food in.

But i find it also helps to say to yourself im going to stop buying ...... but i am allowed to .......

So for example with me it is: I am going to stop buying takeaways but i am allowed a couple of pints at the weekend.

or: I am stop going to buy clothes that i dont really need but i can still go to the cinema now and again.

I only say this because if you literally try and save everything you earn apart from your outgoings then you will be miserable. Just dont go mad.

John

This is really good advice and has pretty much become my approach to saving over the last few years. I can deprive myself entirely for a short period of time, but then I just get the temptation to blow the lot and end up spending more than I would've.

Little treats often help saving feel less like deprivation

tara747

TimBear wrote: »

Oh I am glad you are ok. Don't be disillusioned. Of course, saving is sensible but there is more to life than money; your health is so much more important!

Very nice work with your winnings!

I agree. Good to see you back LucyTheDwarf

originl

My best tip for saving is to create an excel document to manage your money for you.

Mine has a slot at the top with my monthly wage in it with a box next to it for additional money such as bonuses, a box next to it to put in how many weekends until next payday (I spend most of my un-saved money on alcohol at the weekend).

Underneath I have the outgoings that I must pay each month, eg Keep, Phone Bill, Car Insurance, Petrol, Charity contributions and my savings accounts To the right of the excel I have what I call 'exceptions' which are outgoings that will only affect me that said month (Car tax or someone's birthday present are examples, but could also be clothes that I will buy for myself).

The excel then shows me how much I can spend weekend to weekend which, if I can stick to, will make sure I only spend what I can.

This is useful because it uses the 'pay yourself first' idea, but as I work it out a month in advance I can see that buying some things will push my weekly allowance lower and lower which helps me to consider if it's really worth it. "Buying clothes for £40 will give me £10 each week this month, is that what I want?"

If anyone would like a blank copy of this, let me know

skaps

originl wrote: »

My best tip for saving is to create an excel document to manage your money for you.

Mine has a slot at the top with my monthly wage in it with a box next to it for additional money such as bonuses, a box next to it to put in how many weekends until next payday (I spend most of my un-saved money on alcohol at the weekend).

Underneath I have the outgoings that I must pay each month, eg Keep, Phone Bill, Car Insurance, Petrol, Charity contributions and my savings accounts To the right of the excel I have what I call 'exceptions' which are outgoings that will only affect me that said month (Car tax or someone's birthday present are examples, but could also be clothes that I will buy for myself).

The excel then shows me how much I can spend weekend to weekend which, if I can stick to, will make sure I only spend what I can.

This is useful because it uses the 'pay yourself first' idea, but as I work it out a month in advance I can see that buying some things will push my weekly allowance lower and lower which helps me to consider if it's really worth it. "Buying clothes for £40 will give me £10 each week this month, is that what I want?"

If anyone would like a blank copy of this, let me know

Please could you pm me one

Credit_Jake

And me please :j

tara747

Me too! Thanks xo

xx_Law_Grad_xx

I think since graduating and beginning full time employment I have managed to save 75% of my wages. I would estimate I would be closer to 85-90% were it not for expensive nights out clubbing, a mistake I will not be repeating.