What do you think of my moneysaving plan? opinions please.

edited 30 November -1 at 1:00AM in How much have you saved?
13 replies 2.4K views
BrettMorganxDBrettMorganxD
2K Posts
edited 30 November -1 at 1:00AM in How much have you saved?
I live at home with my dad and my only bill is the food shopping I do every week (this is my way of contributing).

So I plan to live as though I was on JSA. Only drawing out £200 a month to spend (this will just cover food and any odd treat I want) and pretend I don't have the rest and just chook it in a savings account.

This idea is because I really want to save for my own house, and that isn't going to happen without a lot of effort on my part.

Opinions then guys.

P.S After the third attempt, I have finally got this on the right board
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Replies

  • So far I havn't saved anything but hope to have £600 saved on first payday (just started a new job)
  • Also anything left out of the £200 one day before payday will get folded up and put into one of those pots you need to smash in order to get into.

    Planning to keep the pot from 1st january - 31st december then break it and cash in. Or until it gets full whichever comes first
  • Update from me.

    Will have to dip into a tiny amount of the money *sigh* my xbox 360 controller has broken
  • pop_gunpop_gun Forumite
    371 Posts
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    Saving is near impossible unless you have job security. I've been saving for years now but have always have had to use the money I've saved due to losing my job (more often than not, through no fault of my own).
    I'm now starting from scratch and for the first time ever I won't open a seperate saving account, but keep any savings in my current account. That way I won't be as upset as I have been when spending money I had saved.

    The fact you needed to spend some of the money you were saving means you are saving too much of your income. reduce the amount by £50 and see if that works.
  • Doom_and_GloomDoom_and_Gloom Forumite
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    Budgeting as if you are JSA is a really good idea.
    Only thing is that JSA for under 25's is £53.45/week which works out around £230/month and not £200.
    If over 25 it is £67.50/week or £292.50/month.

    If you have £230/month it would be easier for you. Also I wouldn't put the money you don't spend in a pot you have to break. Main reason is if you need to replace something you have to go into your savings instead of breaking the pot! If you just put it in a normal piggy bank kind of thing/envolope etc it is easier to get to if you really need it.
    I am a vegan woman. My OH is a lovely omni guy :D
  • MrsCDMrsCD Forumite
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    You could put some of your savings into an account that lets you draw out when you need it, but also gives you more interest if you don't touch it. This might give you the incentive to think before you spend. But we all have emergencies from time to time, so don't be too hard on yourself.

    Check out all the different types of savings accounts and see which one would work best for you.
    Well done for trying and keep up the good work.
    Every penny adds up. :T
    #8 Saving for Christmas 2021
    Fashion on the ration 2021 ... 66 coupons, used 14 for Coat ...52 left, 1 for 100g acrylic yarn..51 left, 10 for 2 x shorts and 5 for sandals....36 left.
  • Sounds like a great idea! Maybe you can get thrifty with your food shopping and cooking too and it will help! :) Also don't feel obliged to spend £50 a week - anything you save could then be the part that is for the treats. And remember to hold out for a bargain for things like your controller etc.

    If you do all your food shopping using a Nectar credit card and Nectar card your get double points :)
  • i got a buncha cheap cookbooks from the old days, from before there were such things as pre-packaged dinners & convenience foods....

    if only 'collecting cookbooks' actually made one a good cook :(

    cuz WOW!!!! i can feed us something gross & inedible for only pennies a serving!!!!
  • Great idea, but don't beat yourself up if you have to dip in for unexpected bills and make sure that you have the odd treat above and beyond your spending money.... it doesn't have to be big, just enjoyable, or it may be difficult to keep it up... and life IS for living!
  • If you are thinking of getting your own place you need to do some more maths.
    You're only bringing home £800 a month, try working out an annual budget for your mythical home, it may be a shock.
    Not trying to bring you down but the rent/mortgage is only one bill.
    Concerning your attempt to live on JSA money you should also factor in your work expenses (fares,clothing, etc), you seem to have a good attitude, it is hard to be moneywise when young and everyone else is having "fun"
    I can assure you that if you look after your money and have an average career it is possible to retire financially secure in your early fifties.
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