Is anyone starting from scratch???

RyanEzio

For the people who are starting saving from scratch. Don't jump into the deep end. Start off with just saving £20 a week for a few months. Then slowly add more.

There is no point in saving £100 a week straight off if you know you're going to dig into it.

That has worked for me. IT doesn't seem much, but it really does add up in the long run.

helzbelz_57

what a great thread!

i too am building my way back up to being able to save regularly again. i was always a great saver from childhood and always had a buffer to tide me over, even as a single parent with a toddler, then about 4 years ago something changed and i lost myself completely, forgot who i was and what my goals in life were. i forgot the habits of my lifetime and became a bit of a consumer where i would never have been before. i racked up quite alot of debt and had to use all my savings to finally clear it all. i have gotten rid of all my store cards and credit card now and have no debts anymore but i also have no savings so i am starting from scratch. i have done an SOA and i know my incomings and outgoings off the top of my head if you asked me in the street, i have attempted to start an envelope system but i am struggling with it as i am so used to paying for everything with my debit card that i forget to take the cash out with me and end up using the debit card anyway. i'm wondering if maybe there is a better way for me to stay within all my budgets for the different areas of expense? anyway i have worked out what i can afford to save in each area but i am going to start in january as i know christmas and a few birthdays will take a chunk out of any savings i start now, plus fuel bills and winter clothing essentials for the dcs and that will dishearten me if i see my savings going down before they've really started.

i will watch this thread and hopefully get some encouragement from how you are all doing. i do worry that i have forgotten completely how i used to do it and will never again be able to save like i did before. it was a great comfort to know i had something there to fall back on. i want to have that again. i know financial times have changed alot in the last 4 years but i do think some savings should be achievable.

also if anyone could explain to me how i find my way back to this thread easily after i have been on others on the forum. is there a 'save thread' option or something? thanks

davenport151

Hi Helzbelz_57- great name!
I usually bookmark the page so I can find it easily but i'm sure there's another way to do it.
Funny how easy it is to be in that consumer mode but also how you can gradually train yourself to be money saving.

RyanEzio-great idea. My theory is the amount I put by is the amount over which I 'need.' Although yes some months it does get dipped into. Still hopefully it usually gets put back.

I like the fact that every milestone I get to I am determined to keep that amount (eg; £500. Next stop £1000)!

Hope the rest of us are doing well!

Jazee

Great thread. As you'll see from my signature I started a 'mortgage deposit' savings pot last month. I just transfer £5 to the account on any day when I think I can afford it. I have another savings account but that's just to plan ahead for car servicing and that kind of thing. I only have £61 at the moment, but think as my debt reduces I'll be able to begin adding more. One day I will own my house.

Brokeattheminute

Hi everybody puting in £223 tomorrow to take my total up to £630.01 Hopefully ill be able to put £77 nxt wk to keep my £300 per mnth total.

Brokeattheminute

£173 added to my savings bringing it up to 803 in 2months! Recieved my car insurance quote which came in at £274.99 which i'm well pleased about.It cost me £277 last yr so will pay for it in the next couple of wks.

davenport151

Wow Brokeattheminute. You are doing really well!
Will update mine on payday (last day of month).

davenport151

Well there we go. stats updated. Not sure that will last the month but will see. Got a pay rise (1.something % after not getting one last year (Future security of the business etc. etc.).
Anyhow I had a mini lightbulb moment when I realised that this money I have been able to save is as a direct result of watching when & how I shop.
I used to spend my allocated amount (+ more) at the begining of the week then spend another £25 at the end. Now I do a fortnight shop (mainly at A*di-I save a bundle there) then three small top up shops. If that allocated amount has gone I will occasionally spend a little more (on essentials) but I know its at my loss.
So thanks T**co's.Better in my pocket than yours!
I know I can also do better so i'm always looking at ways to stretch this further.
Good luck to everyone else.

davenport151

I have been really impressed by my saving efforts this year. by the end of the year I will have the 'grand' sum of £1000.
So my intention now is to keep that core amount but I need to diversify.
I still need to put the same amount aside each month. This covers car expenses (mot/service/tax etc). Holiday & days out. Xmas.
But going from what has been spent/saved this year I can do a little more.
Our house really needs things updating. The major things like kitchen/extension will not get done for a long while. In the meantime there are lots of smaller things that I have put off doing mainly because of the money
New internal doors, replacing a fence. shelving. Curtain rails need replacing.
So I can put some of this aside each month. If its not used it can join the other amount.

its a great way to keep motivated coming on here. Good luck to every one else. And a well done so far!

mthanry

Hello,

I somehow am jealous of the amount you all manage to save.

I currently have no savings and very little assets. With a loan on the car, a mortgage, 2 young children and an unemployed partner, I find it hard to save £10 a months that I'm likely to be spending again within 12 months.

All in all that is less than £80 I managed to save in 2012… PMA: at least the balance is positive this year but it doesn't really cover for rainier days…

Michael