Saving to move out - my savings diary

wannaberichbtch

Hi mandatory

Just wanted to mention that multiple accounts are OK providing you can run them on the internet. The main reason for saving in the accounts should be to get the best rate. The way I manage it is to put the max allowed of £300pm into my regular saver (Best rate), any extra goes into my ISA(Second best rate), and I have an instant access saver(Third best rate) which runs with my current account for trickle down of my known monthly expenses. You can always programme your phone calendar to alert you to shift money for any bills etc.

mandatory

wannaberichbtch wrote: »

Hi mandatory

Just wanted to mention that multiple accounts are OK providing you can run them on the internet. The main reason for saving in the accounts should be to get the best rate. The way I manage it is to put the max allowed of £300pm into my regular saver (Best rate), any extra goes into my ISA(Second best rate), and I have an instant access saver(Third best rate) which runs with my current account for trickle down of my known monthly expenses. You can always programme your phone calendar to alert you to shift money for any bills etc.

I didn't even think about that, the net rate on the regular saver would beat my ISA. I might consider putting into that first and any leftover into my ISA. It would make sense to maximise interest... thanks for that tip. I'll definitely have to make use of my phone calendar more often too. I'll be opening the regular savings account tomorrow in branch (it can't be run online which is a downside but I'm quite local and I don't mind visiting), can't believe I'm actually excited about it!

mandatory

I now have my regular saver and Save to Buy savings account! :j

However... the Nationwide advisor also persuaded me to take out a current account and another credit card! I'm a poor negotiator. :mad: The reason I went along with it was that current account customers get more discounts (such as the fees) when they take a mortgage application out, so I would be looking to use the account six months ahead of applying and switch my direct debits over then (I've only been with the Co-op after three months after switching, I don't really want to switch AGAIN!). With the credit card they just want to see some activity and me paying stuff. I insisted on having the lowest limit possible and I don't really intend to use it. A direct debits is already set up on it in the rare event I do make a purchase (I'm not silly and don't spend what I don't have, hence putting money spent on my current card into a savings account, or my attempt at stoozing), it will be paid off. My plan at the moment is to send some funds to the current account and then move money into the Save to Buy from there, so there is some activity going on. Phew! All I wanted was a savings account!

No problems with the Regular Saver at West Brom, although the lady did ask me if I wanted life protection when I apply for a mortgage. It's still going to be some time before I move out, I'm still just a bit miffed that I came out with more than I asked for (I didn't say yes to any protection!). Must work on my saying no skills...

I did get paid back some money for train tickets that my sister owed me, however I intend to spend that when we go to London next week as a treat for completing my exams.

wannaberichbtch

Wow you have been busy account collecting! The Nationwide seller obviously did a thorough job. Whilst there is a case for having a well run current account with your preferred lender, an extra credit card (Unless it earns you cashback and you clear it every month) is not going to help you. Remember, you are in charge of your finances and ditch any accounts that are not helping you reach your goal.

gothrockchic1

Hi ya, I was reading your thread again. If you want to reduce your spending on books try doing surveys for Amazon vouchers. Swagbucks is a good site. I am funding some of my Xmas presents with Amazon vouchers there.

If you want I can give you a referral link? You don't have to do just surveys but watch videos and sign up to newsletters etc for points.

mandatory

@wannabe - I think I will probably be ditching the CC since the more I think about it the more uneasy it makes me feel. I don't want to seem as if I have too much credit! It's just a standard credit card and as far as I know there are no benefits (to me, anyway) attached. I like my Natwest CC for the YourPoints bonus and the 0% and I'm quite happy with just that.

@gothrockchic1 - I actually made a Swagbucks account earlier this week! I'm slowly working my way around the site and earning some points, I can't believe I didn't read about this sooner. I use Valued Opinions from time to time (have had my account for donkeys years and it provided some nice treats while a poor student), but I need to stop ignoring surveys in my inbox. I currently have a £9.77 balance there so it would only take one completed survey to bring me up to a voucher... grr!

I had a revision class today for my Thursday exam and whilst I understand that most people in my class were probably sponsored and on a higher salary than me... what is it with the need to go and buy copious amounts of coffee? I feel the same at work, most of the guys go out every day and buy their lunch, spending up to £3 a time. I felt like a very proud saver sitting there with my soup flask, apple and cereal bar from home.

gothrockchic1

Good for you with the vouchers, I am on GiftHulk as well, same as Swagbucks. I prefer Swagbucks and am not on GiftHulk as much as I can mind you.

wannaberichbtch

I used to spend about £5.00 a day at work on coffee & lunch, I started taking my own food and drinks to work and if I'm tempted now I just remind myself I'm here to earn money not spend it.

You should be a proud saver, if you knew the truth about the people you work/study with, you would find that most have 4k debts rather than 4k savings.

mandatory

wannaberichbtch wrote: »

I used to spend about £5.00 a day at work on coffee & lunch, I started taking my own food and drinks to work and if I'm tempted now I just remind myself I'm here to earn money not spend it.

You should be a proud saver, if you knew the truth about the people you work/study with, you would find that most have 4k debts rather than 4k savings.

I'm starting to think the same way too. There used to be days when I didn't have time to sort lunch out and would buy something, now I try and do things the night before. I find myself justifying everything now and my nan says that I might be becoming just like her. In our spare room we have so many loo rolls and boxes of tea bags everywhere! I can always tell what's on special offer, haha.

I can imagine that a lot of people my age go out and spend a lot on socialising every week, and my 'money mind' sometimes stops me going out. I was invited out for a meal and karaoke a few months ago and I was shocked to find out that karaoke would cost £25 per person! :eek: If I include a taxi back then £40! (Buses don't run past a certain time to my area.) I always opt for the meal and try not to spend too much though, just to show that I can be sociable.

gothrockchic1

I thought this thread might help with Swagbucks

https://forums.moneysavingexpert.com/discussion/comment/57357841#Comment_57357841