Saving money

vixx

I've been saving all my £1 and £2 coins in one of those tins you have to open with a tin opener. Basically, every time I get one of these coins then I stick it in and I'm not missing them at all.

I find that if I have couple of quid in my purse I just find some crap to spend it on so if it's not there then I can't spend it.
It's going well and feels heavy!

I'm on a DMP and plan to squirrel some away every month to save and hopefully throw some more to get the time down to become debt free sooner.
But first I wasnt to build up an emergency buffer of about £1000 in case anything goes wrong.
But for some reason, if I know the money's there, I seem to almost think of ways to spend it and so far I haven't really saved much proper money.

Does anyone have any tips on how to save larger amounts of money?

I was thinking of buying another money tin and feeding notes in to it so I can't get to it as this works for the coins I put away, but not sure how much I can realistically get in one before it fills up.
If I leave it in the bank then the temptation to spend it will be too high...

How do you guys do it?

SOT2011

Hi vixx,

My suggestion, and what I have already done, if you already bank online would be to open a savings account with a different bank to the one your main banking is with, and then you can transfer money to it from your current account, but because it doesn't show when you log into your normal banking you (almost) forget it is there.

I picked the ones I did cos they still have a branch in our town, so it is convenient for me to pop down & pay in any cheques or cash etc. The interest is not great, but for me that is balanced out by them being convenient, but not so convenient that I end up spending what I put in there.

I use it as my Virtual Spending Pot and transfer to it regularly, but try not to check the balance too often so that it isn't at the front of my mind too much.

Good luck with your saving

lightattheend_2

Hi there Vixx and welcome

I've got an account with a building society. It is the type of account where you can only get to your money by going to the building society with your passbook. It isn't in walking distance from where I live which means if I want to get any money out I have to make a special journey. The combination of both these things means I'm less likely to dip into it, unless things get really tight.

I can transfer money into it from my current account over the internet. If I just did that I wouldn't put any money in, so I have set up a standing order for £15 a month.

hello2007

I am counting the days until payday so that I am can get saving again so 19 days to go.

vixx

Thanks guys. Can you let me know which savings accounts have paying in books? I'm on a DMP so a lot of banks are out for me but Co-op, Santander and Nationwide are ok, do any of these have accounts with books?