Saving your money?

danielle1400

Im trying to save for two holidays this year and finding it hard,i always say when i get paid i will put a certain amount of money away but end up spending it any tips? thanks

noh

Yes don't spend it!

theexplorer

Hi, you could set up a standing order so that the day you get paid, the money goes out into a savings account. Other than that .. will power

Stochasticity

theexplorer wrote: »

Hi, you could set up a standing order so that the day you get paid, the money goes out into a savings account. Other than that .. will power

On top of this suggestion...

Typically people target a certain level of savings per month.

Instead, try targeting a certain level of spending per month.

Then put the difference between your income and targeted level of spending straight into savings when you get paid.

If you overspend you then have to consciously dip into money that's already been saved and classed as 'savings'.

Arthurian

http://www.moneysavingexpert.com/family/stop-spending-budgeting-tool
:money:

bendix

danielle1400 wrote: »

Im trying to save for two holidays this year and finding it hard,i always say when i get paid i will put a certain amount of money away but end up spending it any tips? thanks

Grow up? Be responsible for your actions? Don't spend it?

I dunno . . those are just basic ideas. You might have others.

DermotFlanigan

Buy a savings tin and put money in every week One of the ones you can only open with a tin opener...

May work better if you throw away the tin opener

dtsazza

Are you spending it because your budgeted expenses are unrealistically low (being honest about what's required)? For instance, if you budget £20/month for food, or you don't include things like MOTs/TV license/insurance renewals/etc. then you'll always be over budget.

If you don't have a budget then that's a potential problem right there, though it needn't be fatal if you put the savings aside at the start of the month and leave them.

And if you're simply withdrawing your savings to spend on discretionary things, then I agree 100% with Bendix:

bendix wrote: »

Grow up? Be responsible for your actions? Don't spend it?

I dunno . . those are just basic ideas. You might have others.

The only way not to spend it is not to spend it. If you do nothing, you've succeeded. You can only fail by sabotaging yourself, by making a conscious decision to backtrack on your earlier commitment to saving.

So if you don't want to backtrack, don't backtrack. If deep down you do want to backtrack and always will, don't make the shallow commitment to saving at the start of the month that you don't really believe in.