How to stay motivated to save as a 19 year old wanting a new car...

Mallotum_X

Save your money in an account that isn't easy to withdraw from. i.e. not instant access or maybe via a building society pass book, where you still need to go into the branch and get it out.

By simply removing the easy access you give yourself time to think when temptation gets in the way. try and ignore your savings so you dont think about what you have. Don't have them in an online account thats the same as your current account bank, as that makes it easier to see them/transfer them

If you cant avoid temptation, at least make it harder to be tempted.

Alex92_2

adamc260 wrote: »

Pretty sure the 'regular saver' isn't one of the savings accounts that waives the monthly payments needed for the account, at least it wasn't in the past.

It is now, or at least thats what their forms and a couple of people said on the phone who work at FD.I have an instant saver (forgot the actual name of it) with them too just incase.

but we'll waive the fee if you pay in at least £1,500 to your 1st Account each month, maintain an average monthly 1st Account balance of £1,500, or hold a selected first direct additional product.

Additionally product was any savings account.

droopsnoot

I second the comment about a spreadsheet. Build one that you can use as a projection, enter all your income and outgoings, and watch the projected savings figure after you have a forecast for 2-3 years in the future.

I did this, and the knowledge that yes, I could afford to buy a particular item from savings but that it would affect the savings build-up, helped to make me consider purchases a great deal more before taking the plunge.

You already know that everything you buy for your computer, especially if you're buying stuff when it first comes out, is just like throwing money in the bin, in terms of value. You just have to weigh up whether the enjoyment you get is worth the reduction in future capital - if it is, and you can afford it, well that's your decision. When you replace a part, though, try selling the old bit on eBay - you might get something back, but it will also remind you how much it's lost in value since you bought it.

Same goes for the car really - whatever you buy (almost always) will drop in value whether it's new or used, though the drop will be less if it's used. You might drop lucky and get a real bargain.

I can afford to buy something much newer than I have, but chose not to. Mine is 13 years old now, but it still works pretty well so there's not much point changing it. Not least because I don't think I could stand to know how much money I've wasted.

If saving £500 a month isn't working, switch to saving £400 a month. That's still a good number and leaves some room for your gadget addiction.