Money Saving Idea

zarazara

:jWIsh I'd thought of this ages ago, fortunately,at the end of this month I will have some money,a small amount,left in the bank account. This is after all expenses for the month have been paid,including an amont into a savings pot. Hurray, but, in the past, I have jsut been thankfull I've ended the month in the black and not the red, and rolled what ever it is onto the next month. Now I have decided not to do this,whatever is left at the end of every month will be drawn out,be it 50p or £50 and I will use it for next months fun/enjoyment money. So,it could pay for a coffee in a cafe,or a day out,or a book or DVD, a bar of chocolate,depending on how much or how little it is. Whatever it is, it will appreciated,give me joy and be an incentive not to impusle buy during the next month:T. It also means that the monthly wages have to last the month without inputs from the previous times. Just thought I would share these thoughts.

DonnaP

Or you could add it to your savings for an emergency fund. That's what we do.

Donna

BitterAndTwisted

I can see one flaw in that plan: if, for instance, you really do have £50 left over at the end of the month wouldn't there be a strong temptation to spend all of it rather than spending some and hoarding the rest with your other rainy-day savings? It's a lovely feeling to have paid all of your bills and survived and still have a little something left over but I live in dread of some unforeseen spendy situation crop up. In my house appliances often curl up and die in threes.

Wee_Pilsbury

zarazara wrote: »

:jWIsh I'd thought of this ages ago, fortunately,at the end of this month I will have some money,a small amount,left in the bank account. This is after all expenses for the month have been paid,including an amont into a savings pot. Hurray, but, in the past, I have jsut been thankfull I've ended the month in the black and not the red, and rolled what ever it is onto the next month. Now I have decided not to do this,whatever is left at the end of every month will be drawn out,be it 50p or £50 and I will use it for next months fun/enjoyment money. So,it could pay for a coffee in a cafe,or a day out,or a book or DVD, a bar of chocolate,depending on how much or how little it is. Whatever it is, it will appreciated,give me joy and be an incentive not to impusle buy during the next month:T. It also means that the monthly wages have to last the month without inputs from the previous times. Just thought I would share these thoughts.

I think that's a great idea. I usually have my spreadsheets so tight (:D) that all I'm left with at the end of a month is £5 or £6 and I usually roll them over. I'm going to try your idea - I have been impulsive a wee bit in the past :rotfl::rotfl::rotfl::rotfl: or perhaps bigger than a wee bit - and I think this could help.

Thanks for that!

savingqueen

Good idea. You could compromise and say if its a small amount eg. £5 or £10 (whatever you consider small) you get to keep it all. If its more than that, save half, spend half so £50: £25 spends, £25 rainy day fund.

Its got me thinking about our rainy day fund, which its pathetically small. I am going to try and save a small amount immediately on pay day and then try and save another amount depending on what (if any) is left over at the end of the month, reserving a yet undecided percentage of it for fun spending.

zarazara

Yes, thanks all for the rainy day fund additions idea. I already save something each month for this,so the left over money,although always small,is truely left over and I feel using it for some luxury ,pleasure eg a book or day out or a new t-shirt is good as it gives me and mine a reward. I will consider capping it though,am thinking along the lines of,if ,by some slight chance the amount is over £30 then the extra will go into the rainy day fund too.

zippychick

as this has dropped down the OS board, ive moved it to the how much have you saved board, as your suggestion may help others

Zip
Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="forumteam@moneysavingexpert.com"]forumteam@moneysavingexpert.com[/EMAIL].

MarlinD

I am also saving little amount of my salary each month. The total saved amount is not much but it is sufficient for me if I need more money in future. I reduce my some unnecessary expenses and start to save money.

daniellebel

I like the sound of the split - less than £10 is all yours, any more than that half goes to emergency / savings fund.

Poppycat

Post 10 :spam: post count bumper (web site)

Jugers

I would personaly save the money you have at the end of the month. All you are doing is not spending throughout the month by "impulse buying" so that you can have the same money at the end of the month, to um, impulse buy. Save it, and have some satisfaction in doing so.