Saving small amounts in 2012 thread.

cleggie

Hi all.
I do not have a big income, but neither do i have any savings- literally £0.
So, this means that if my washing machine/car/TV etc broke down, i would have to go without, because i have no funds to pay for new ones.

I dont like not having any savings. but on my small budget i cant really set aside massive chunks of money.

So my plan is to just set aside small amounts of money every week/month.
Whether its the change from my shopping budget every month, or an odd £10 that i have and dont desperately need (on the VERY rare occasion that hapens!!), or birthday and Christmas gift money.

I know i wont be saving a huge amount a year, but like a very well known advert says 'every little helps'!

Anyone fancy joining me?

atush

Well, I already am lol. And will continue to do so.

In your case, you want a good easy access acct. that pays good rate of interest, hopefully with Faster Payments so the money can be transferred same day (even hour) online if something happens and you need it.

This emergency fund is your first step on the road to a more secure future. Then we are talking specific savings (car replacments, holidays) pensions ISAs etc.

Good Luck!!

MarilynMonroe_2

I'll join you! I was just thinking I could put £5 a day away in a tin for emergencys but hopefully not need to touch it and its a nice little sum by the end of the year. xx

adamc260

MarilynMonroe wrote: »

I'll join you! I was just thinking I could put £5 a day away in a tin for emergencys but hopefully not need to touch it and its a nice little sum by the end of the year. xx

£1825 to be exact

cleggie

Hi MM, thanks for joining me! i was starting to worry that i was the only person in the position of not being abe to afford to put a lot of money away each month, but still wanting to put something back for savings, no matter how small.
I currently aim save all of my CB throughout the year, so that is Birthdays, Xmas and Car MOT sorted.
My main concern is that i dont have any back-up emergency money.
So, thats my aim!

MarilynMonroe_2

It's nice to have a bit security, you sleep better at night! A couple of hundred pound makes a world of difference.

I see some people are aiming for thousands of pounds a year on other threads but thats just out of my league... £5 a day is really alot for me but it's an 'aim'.

If I just dont spend on the chocolate and rubbish I have done this year I could save £2 to £3 a day and if I cut down on dd's magazines thats a few fivers a month saved there!

MarilynMonroe_2

adamc260 wrote: »

£1825 to be exact

I could get the 50 inch telly I am hankering after with plenty to spare :j:j:j

Eco_Miser

cleggie wrote: »

Hi all.
I do not have a big income, but neither do i have any savings- literally £0.

I dont like not having any savings. but on my small budget i cant really set aside massive chunks of money.

So my plan is to just set aside small amounts of money every week/month.

I know i wont be saving a huge amount a year, but like a very well known advert says 'every little helps'!

Anyone fancy joining me?

I won't be joining you, because my circumstances are completely different, and I won't be putting money away, just minimising taking it out. However, I completely support you in your endeavour, and look forward to reading of your successes over the coming year.

As atush said, get a good easy access savings account. Make a budget so that you know when every bill has to be paid, and every cash spend you're likely to make. Then just after each payday, put all the money you won't need before next payday into the savings account.
In other words, you're not saving what you've got left over, you're saving whatever you have not budgeted to spend.
Occasionally, you'll need to take money out of the savings account to pay for a quarterly or annual bill, but that doesn't matter, because those saving are both your emergency fund AND the money put by for expected but less frequent costs.

You can keep track of how much of the total is for each purpose either in a computer spreadsheet, or in a simple notebook.
You'll be amazed how the money mounts up, and the nice feeling when you see interest being paid to you - however little it is at first.

atush

cleggie wrote: »

Hi MM, thanks for joining me! i was starting to worry that i was the only person in the position of not being abe to afford to put a lot of money away each month, but still wanting to put something back for savings, no matter how small.
I currently aim save all of my CB throughout the year, so that is Birthdays, Xmas and Car MOT sorted.
My main concern is that i dont have any back-up emergency money.
So, thats my aim!

Some of us are now putting away large sums per month. But we all started out small like you So, have fun saving

opinions4u

adamc260 wrote: »

£1825 to be exact

I make it £1,830.

atush

MarilynMonroe wrote: »

I could get the 50 inch telly I am hankering after with plenty to spare :j:j:j

No. Go for the 40 inch (or sare I say 37 lol) and save the rest:D