Saving small amounts in 2012 thread.

Eco_Miser

hallmark wrote: »

Separate savings pots (for Savings, for Xmas, for White Goods, for Holidays, etc) are a great idea IMO, trickle in whatever you can & it soon mounts up.

Personally, I disagree. White goods should be bought so infrequently that there will either be excess money in the pot, tempting you to buy unneccessarily, or the machine will die early, leaving you with a shortfall.

Just put all the money in one pot (split the pot among various accounts when it get big enough, to earn more interest), and remember that the pot has to cover all your non-routine spending.

But I suppose it depends on how easily you are tempted.

Derivative

Eco_Miser wrote: »

Personally, I disagree. White goods should be bought so infrequently that there will either be excess money in the pot, tempting you to buy unneccessarily, or the machine will die early, leaving you with a shortfall.

Just put all the money in one pot (split the pot among various accounts wen it get big enough, to earn more interest), and remember that the pot has to cover all your non-routine spending.

But I suppose it depends on how easily you are tempted.

I don't understand these seperate pots either. I just have short term, medium term, long term savings. Having five different savings accounts for emergency short term savings just adds complexity and makes tracking what you actually have a chore.

If you're tempted to spend money on stuff just because the money's there I'm not really sure splitting it up will stop you. And to me, seeing big numbers in your savings accounts works like an internal score card - when you reach your goal earlier than expected, it makes the scrimping worth it.

I have a long term savings goal for graduation in 2014. Every time I update the spreadsheet, my "allowed spending per week" column seems to go up - because I underspend every week, even if it's only by £1. If I have £30 in my wallet for a week, that's what I'm going to spend - no bank cards allowed.

rising_from_the_ashes

cleggie wrote: »

My main concern is that i dont have any back-up emergency money.

Hi Cleggie, can I join you too:D

Recently debt free - trying to budget for the 1st time in my adult life

rising_from_the_ashes

hallmark wrote: »

Separate savings pots (for Savings, for Xmas, for White Goods, for Holidays, etc) are a great idea IMO, trickle in whatever you can & it soon mounts up.

Eco_Miser wrote: »

Personally, I disagree. White goods should be bought so infrequently that there will either be excess money in the pot, tempting you to buy unneccessarily, or the machine will die early, leaving you with a shortfall.

Just put all the money in one pot (split the pot among various accounts wen it get big enough, to earn more interest), and remember that the pot has to cover all your non-routine spending.

EdgEy wrote: »

If you're tempted to spend money on stuff just because the money's there I'm not really sure splitting it up will stop you. And to me, seeing big numbers in your savings accounts works like an internal score card - when you reach your goal earlier than expected, it makes the scrimping worth it.

Sorry, going to disagree guys .... it may well depend on your personal history etc but I've tried putting money into one account and I raided whenever it got to a largeish amount and I needed money ....

I also totally lost track of what money belonged to each thing in the spreadsheet:o - again maybe a personal thing but I guess when you've spent a long time in debt and are trying to learn to budget, it's a steep learning curve!

Cleggie - I've not got several pots off my account (car, cats, dog, emergency savings, house insurance etc) and put set amounts away each month.

I really need to work harder on these (hopefully it'll be better later this year as I only stated these recently so will probably still have a shortfall when things are due).

I've had a couple of "disasters" in the past few weeks - I sadly lost my old dog, which incurred a huge vets bill, my house phone gave up life and then my fridge/freezer packed up ..... so it took just about every penny to pay them all without ending up in debt again.

My vets and emergency funds are both totally wiped out (not a nice feeling) and I really need to get on top of this. My boiler is ancient and it's on it's last year of maintenance cover so really need to get money put aside for that too!

Will be back with a goal later on .... need to play around with the budgets first!:)

Are you aiming for the £5k this year - that's seems a lot to me (very limited budget spare after everything is paid for) ..... you could certainly join the £12k in 2012 with that total.

atush

rising_from_the_ashes wrote: »

Hi Cleggie, can I join you too:D

Recently debt free - trying to budget for the 1st time in my adult life

Well done to you!

And despite your recent setbacks at least you can now see how having any emergncy cash helped you out and you didn't go back into debt. So, keep saving nd step it up- a new boiler costs quite a lot:eek:

MarilynMonroe_2

Good luck op, I wont be joining afterall. Tbh I am getting sick of the negativity and digs on this forum these days. Take care, it used ot be you could post with your views without having hundred and one put downs

MarilynMonroe_2

atush wrote: »

So dont and save the lot.

Many of you out there are confusing Wants with Needs

You and edgy will bring this thread down. wink away. You and many people like you are bloody rude on here. ANd youve RUINED this site, which used to be amazing, its a joke now.

I have NO debt, I if want to save for something thats MY business, the fact I am in a position to do that is what this site should be about!
You do what you want and keep your snide opinions to yourself.

This site sucks and is of no real hep anymore to many people, go back 5 years even and it thrived with proper support for all people no matter what their situations.

Sorry Martin but your site stinks for some us now. It used to be moderated properlyback in the day - just look at the family board now, it was never the trolls paradise it is now.

Good luck op with your savings, but be aware of the snide remarks aimed at you -- ''oh i started small look at me now for instance!'' ROLLS EYES and signs off for good

Kirri

I would like to join, though at the moment I am looking for a job - I will be lucky to save even £5 a month at the moment but I could do with ending the year with at least £100 so that is my (small) target!

If I get a job I will up that target. I used to do the regular savings accounts and it was amazing how much I managed to build up only saving £20 a month and not being allowed to touch it or miss a payment year after year.

I have zero savings and no emergency fund! I need to build something for appliances going wrong/emergency home repairs, vets bills, car trouble etc.

I don't even have a savings account at the moment so my aim for January is to open one if I can find one I can open for no more than £10!!

WelshDreamer_2

Can i join in here please im looking to save just a few pound a week for birthdays and xmas bits,mothers day and fathers day treats along the way ive got other money going otherways for xmas and grocery challenge and holiday fund but this will be my spending and saving pot really so im going to say £5 a week and aim for £250 in the year but as i said it will be a dip into pot lol good luck everyone and like someone else said we all got to start somewhere even having £30 in the pot when kids need shoes is 1 less thing to worry over isnt it...

cleggie

Good morning all, and Happy New Year!

Thanks for all the support you have given me in this thread, ots noce to know that others are/have been in a similar situation to what i am in now.
I dont have any set time limit to save the £5000, just as long as it takes really. I dont think there is any way at all that i could do it in a year, as paying off my remaining debt is of upmost importance at the minute. Once that is cleared off, i can save more as well, about an extra £150 a month!

MM- are you sure you dont want to carry on joining in? Its such a shame when you dont feel supported.

Welcome to everyone else who has joined the thread. Its not going to be one of those threads where I keep score of your amounts, i dont have the time to do it, but it would be nice for people to pop on every now and again to say how they are doing.

i have only managed to put away £20 at the moment, but its payday on 9th Jan, so i am sure i wi managed to put some away then.