Saving Help

Exstra

I am currently trying to save a bit more as I think I should be able to. I will be honest, I don't have the best track record of spending my funds sensibly.

I realistically have just over £1,000 after my bills (travel, breakfast and dinners, phone bill, rent - living at home).

I have a slight problem I'd rather not go into, but this I tend to spend £300 on a month and am trying to sort this out. It is a real struggle for me.

Extras I have to pay for:

-Lunch's (work in Zone 1, London - live in Zone 3)

That is realistically what I "need" to have.

I wanted peoples opinion on what would be a reasonable amount to save while still having a decent social life.

atush

Breakfast lunch dinners and phone- are you spending more than you need to (ie takeouts every day/night rather than making somehting fresh and cheaper? This would help you save more, or pay off the 300 a month faster. Lunch for Zone 1 can be made in Zone 3 and brought with you.

Hard to say what to do as I suspect that 300/m is a debt and we always say to pay off all debt befoe you start saving.

does your work have a pension? Have you joined it? If not, do it today.

As for saving, take out a small amt of 'treat money' each payday. Only you can decide how much is enough but I would think 200 is more than enough. Put the rest away, use a regular saver as you can't get to it and a Cash ISA. Add the reg saver maoney to next years ISA once full, and put ISAs once full on a 1 year fixed rate so you can't touch it.

qpop

Without being completely honest with people (and yourself) it's hard to expect accurate suggestions.

£300pm could be anything, and amounts to 30% of your NDI (net disposable income).

The nice thing about internet forums is that you're relatively anonymous, so don't worry too much!

Exstra

The £300 pound a month is a disposable item, in theory it is not a need, but can just be stopped... but I have an addiction to it... which is why I was currently looking at what else could help me save..

I will stop this when I can and I understand this will be the main contributing factor to me saving a lot more.

Reducing money on lunches is definitely something I do have to do. The comment made me laugh but also think a bit more about the situation:

atush wrote: »

Lunch for Zone 1 can be made in Zone 3 and brought with you.

atush

Well I hope you are spending that 300 quid on something fun and not gambling- if so join a support group. Much rather hear about your addiction to something better than that lol. Fast women maybe ;-)

But whatever it is, you won't be in control of your situation until you can stop it.

Starbrite

Herion!!

That's my guess but then if you was you wouldn't be able to hold down a job, so that theory has gone...

I find having an account I can't get to my money with out giving notice etc helps me save, as to much bother to take money out and pay day is never far away. Cash machines and debit cards are the invention of the devil just like the alarm clock and Credit cards. I don't have a credit card I wouldn't trust myself!!

Also putting x ammount away on Pay day is fun, it's like spending but isn't at same time, at the moment I'm addicted to buying premium bonds