How to fall in love with saving money

atush

I have a book addiction too.

And yes, any emergency fund is better than no fund. and just think where you would have ended up had you not had savings in your just past emergency times.

WantToBeSE

hex2 wrote: »

Hi cathybird, I found your diary yesterday when I was looking for some inspiration. Just wanted to say thank you for sharing. Positive and inspiring reading - same for you WantToBeSE, although I used to read your posts on the Grocery Challenge so I knew you would be a good one to read!

In a nutshell we had good savings, income changed dramatically overnight, used savings, ran out of savings and slid into debt (topping up the shortfall between my wages and the mortgage!), things changed again and we have been able to chip away at the debt till we are (just about) straight again this month. I need now to start building up savings again ready for the next dry period as OH is self employed. Emergency fund currently stands at £59.01. At least I have an emergency fund, right?

I am also a book addict. The last two years of not being able to buy books have been a killer for me - books have always counted as essentials.

Thanks hex

£59.01 is definitely a start. I started at £0, so I know that you can get a good emergency fund behind you if you work at it.
Although I must say that I am not quite sure what I am doing in regards to my savings. I want to save £5k, to not touch, in case of emergencies. But I have to save to move house first, and also save for a holiday (I am thinking October half term).

cathybird

Hi Hex Like WantToBeSE, I started off with £0 too pretty much. I think you have a huge advantage in that you had good savings before so you grasp the importance of that (which lots of people don't) and you know how to get there (again, lots of people don't know how to save and think they can't). Also, atush is absolutely right - what if you had had no savings before? ... So, while life has given you a big knock by the sound of it, you also sound like you're really well placed when it comes to getting back to a strong financial position.

I don't know what I'd do if I couldn't buy any books for two years. That would be a killer for me too. I'm trying not to buy any this year, but it's hard (even though I have a massive unread library of books at home).

I love your quote from Marcus Tullius Cicero, by the way - couldn't agree more

JIL

Hi Cathy and all other readers, hope you are all well.
I feel the need to read your diary and this section of MSE. I have some savings building up but I'm busy at work and the pull of a two week holiday in the sun is getting stronger.
Part of me wants to just book it and pay for it and then just start saving again but I keep thinking if we wait we might get it cheaper. We won't be going til Sept/Oct. But if we book then it might encourage hubby and I to lose a bit of weight. Oh what to do?
Its payday soon I might reassess then!

cathybird

hi JIL! Good to hear from you and hope you are well too Would your holiday not be cheaper if you book some time ahead (ie now)? Don't know, just my thought. Two weeks in the sun sounds lovely - where do you think you might go? ...

hex2

Thanks for the welcome people. I too (still) have piles of unread books so it wasn't as bad as it might have been.

The savings we had meant we could make the positive decision to change when we did, what we hadn't planned for was not being able to find a job once the major renovations finished which is why it spiralled as it did. Neither of us wants him to go back to high stress/long hours so now we are trying to get the balance right. The ultimate aim is to sell up and use the equity to buy somewhere outright once the boys are finished with education so a 10 year plan realistically.

I had been clearing small amounts over into my easy access savings but it is too easy to dip into it online rather than stop spending. With this in mind I have opened a Nationwide ISA that I can pay into online but would have to go into branch to actually get money out. This will be the long term security blanket savings, we used to keep a minimum of six months mortgage in that account but that probably isn't realistic at the moment. I also want a (not too) easy access account for short term emergency funds - for the fridge breaking, etc. I think for the first few months at least I need to split the saving into two thirds short term and one third long term, and then once I am happy with the level swap to the other way round.

Shortie

Hiya, I have been reading yours and WTBSE's diary for a little bit now and though I'm not usually a huge poster on other people's diaries, I just wanted to pop up and 'Hi, I'm reading, about to subscribe and I might randomly contribute sometimes

About to go and do a super lazy copy and paste jobbie on WTBSE's diary - it's not de ja vu if you think you've read some text on her diary later

cathybird

hex2, sounds like a good plan - I can normally resist dipping into online savings as it is a separate account but am not at the moment squirrelling as much into it as I could be. Re the job thing, I know quite a number of people who have lost jobs with good salaries the past few years and not been able to replace them. It's not good.

cathybird

Shortie, hi and welcome - lovely to hear you are reading the diary and random contributions are always welcome

JoJoC

Hi Cathy,

Hope you're well. I've been a bit AWOL recently but I'm ready to get back into the savings game!!

I promise I'll dig out that kiwi cake recipe for you- it was delicious and was demolished by that evening by my greedy family!

Hope we can all get our heads in the game and motivate each other to save, save, save!

Welcome to all the new chatters on this thread