When Do You Save?

RoxRoxBling

Hi all :j I'm new to MSE!

Just a little question to see how everybody saves.
Do you A: Save your money as soon as you get paid, B: Save the money left over at the end of the month, C: Save throughout the month?

I would just like some suggestions, would like to hear what works for you and what doesn't .

middlepuss

Spend less than you earn. That's all there is to it.

Eco_Miser

I save whenever I'm not spending. Sometimes I even save when I'm spending, if it's at a discount.
If you mean when do I put the savings into a designated account, it's whenever I notice that I have excess money floating about elsewhere.

molit

some people budget how much they want to save, and it goes out at the beginnnig of the month, others sweep balances at the end of the month. I am the latter, but would like to be the former. from a psychological point, if it is allocated as savings then you dont touch it, unless the item is a need ratehr than a want. if money is in your account, a want can easily be thought of as a need

Rob_192

If you're serious about saving, then always commit to make regular savings rather than see what's left at the end of the month. You don't necessarily have to make the payment the moment you get paid, but you do need the commitment. In our case, we have S/Os going to several regular savings accounts each month (as well as S&S Isas and pension etc). We have two current accounts with our bank, one main accnt for day to day stuff and one for bills - we have a S/O which transfers a set amount from the main account to the bills acount and the regular savings are then paid out of this bills account - by doing this, you are never tempted to accidentaly spend the money on something else.

opinions4u

A, B and C.

A) I save before I spend.
Anything left over the day before pay day gets moved in to a savings account.
C) Anything "extra" that comes in, regardless of the source, gets moved in to the savings account.

soay_2

RoxRoxBling wrote: »

Hi all :j I'm new to MSE!

Just a little question to see how everybody saves.
Do you A: Save your money as soon as you get paid, B: Save the money left over at the end of the month, C: Save throughout the month?

I would just like some suggestions, would like to hear what works for you and what doesn't .

As you have a specific target of £7000 then you need to save £583 per month to achieve it.

If you can realistically manage on the balance of your earnings then I think you should put away your savings as soon as you get paid.
You are then more disciplined in your spending & not tempted to buy things you don't really need only think you need.

You will find that you will be more content by resisting buying "Stuff" & get the satisfaction of building up your savings to buy something really worth while.

curlygirl1971

I have a spending budget which allows me to calculate how much is available for me to put into savings

This amount goes out of my account the day I'm paid direct into savings

If I have anything left at end of month the that also goes into savings

I also save up for annual expenses such as Christmas, insurance, car costs.....I add up the equivalent monthly amount and this goes into another of my savings accounts - the one I'm allowed to tap into if I need it. If my annual insurance costs less than I had expected it to then I put the difference into my long term savings

RoxRoxBling

Thanx to everybody for your suggestions Some really good tips. I think sometimes it's easier said than done, but once you have the motivation - the world's your oyster!!! I agree Soay, it is all down to your eventual goal. In my case, all my savings will go towards a car, which for me beats all the other 'stuff'
Opinions4u I really liked your idea. Just hope I can be as disiplined.

MoneySaverLog

RoxRoxBling wrote: »

Just a little question to see how everybody saves.
Do you A: Save your money as soon as you get paid, B: Save the money left over at the end of the month, C: Save throughout the month?

A Yes, I have regular savers, Sharesave, SIP and final salary pension that come out the same day as I get paid. Best way to save in my opinion.

B Yes, anything left over just before payday gets shunted across into a savings pot.

C Yes, if I'm lucky enough to get a windfall in that month. Very rare though unless it's my birthday. :beer:

RoxRoxBling

MoneySaverLog wrote: »

A Yes, I have regular savers, Sharesave, SIP and final salary pension that come out the same day as I get paid. Best way to save in my opinion.

B Yes, anything left over just before payday gets shunted across into a savings pot.

C Yes, if I'm lucky enough to get a windfall in that month. Very rare though unless it's my birthday. :beer:

Thanx for that, I think now that I will have a steady wage, it will be a good idea to set up a direct debit to pay into my savings. That way you never see the money and you don't really miss it if you get into that habit!