How to fall in love with saving money

YoungBusinessman

cathybird wrote: »

YoungBusinessman, good to hear you too have caught the bug I want to save up about £1000 a month on average so let's cheer each other on :T:T:beer:

Definitely good to have some MSE friends so can spur each other on and some motivation when we are not doing so well. I'm aiming for 4 figure a month every month next year so be at least £12,000 saved. This year looks like only 8/9 months will have been 4 figure savings. I'm looking at posters a wee bit older than me like the lovely Tara and see how brilliant she's done and continues to do, that's the habit and savings level iv set for myself for a few years time.

Next year think we are paying 10% mortgage balance off so that will come out of this years savings so all next years should be untouched come 31st December. The overpayment should be around £9,600 which is 10% balance. So glad we took the plunge when we were young looks like have a good bit paid off and a low LTV when 5 year fix is up in December 2017.

tara747

How do you know that I'm older than you...

YoungBusinessman

Iv asked you before doubt there's a lot of non premiership footballers that have your savings at my age!! I'm only 22 although the thought iv been driving 5 years makes it feel I should be older!

tara747

YoungBusinessman wrote: »

Iv asked you before doubt there's a lot of non premiership footballers that have your savings at my age!! I'm only 22 although the thought iv been driving 5 years makes it feel I should be older!

Ah, I didn't remember. Well, I am older than 22, I admit.

cathybird

tara747 wrote: »

Hurrah!!!!!!!!!!!!!!!!! I've just found some money that I lost a few months back (a few hundred quid, so not insignificant!). I knew that it was in the house somewhere, but I couldn't find it. I'm delighted

I'll be adding it to my end of November savings total. :beer:

Yay!! :T:T:T Here's to our random stashes of cash! :beer:

cathybird

YoungBusinessman wrote: »

Definitely good to have some MSE friends so can spur each other on and some motivation when we are not doing so well.

Definitely!!! btw I'm not 22 either and at 22 I'm sure I wasn't remotely thinking about anything nearly as sensible as saving money :rotfl: so well done you :T

organic_wanabe

YoungBusinessMan, can I be cheeky and ask why you would make a lump sum payment towards your mortgage to bring down your LTV, rather than paying down your debt. I presume the interest rate you are being charged for your mortgage must be higher than the one you are charged for your debt. I haven't had a mortgage since my late 30's (now mid 50) but from what I read mortage interest rates are low - I was someone who bought in the late 1970's when mortgage rates went to 15%!). Since you have your head screwed on I am pretty sure you will have it all worked out.

I have always been a saver and my DH and I are now both retired and comfortably off. My DS (21 and graduated this Summer) is not a premier league footballer but has managed to save well over £30k. He delivered papers from the age of 14, worked at Costa Coffee during University holidays, saved Christmas and Birthday money etc. and then had a very well paid 10 week Internship in London last Summer. However, now living in central London, I can't think he'll manage to be as fortunate as you with regard to getting on the property market for some time yet.

Good luck to you and cathybird. You both know you can do it.

cathybird

organic_wanabe wrote: »

I have always been a saver ... Good luck to you and cathybird. You both know you can do it.

Thanks organic wanabe I'm really interested in the fact that a good many people here have always been savers - it does seem to be a real instinct with some people. Not for me certainly - but I hope to change :A

cathybird

Well I'm not doing so well with this "sticking to a budget" thing when it comes to food ... Going way over on the £30 per week I set for myself when I started this diary. I suppose that figure was a little arbitrary and I always was going to see how it went. Also, I've stuck religiously to taking my food to work, so even if I'm over budget I've saved absolutely loads of money compared to the usual expenditure. Also, I've quite possibly got food in the freezer enough to take me into next month as well. And also, I reckon I'll meet my savings goal for the month without too many problems. But still. Budgets are not my strong point. *sigh*

cathybird

I wonder if I should give up the gym. On the plus side:
a) It is heavily subsidised by work so is relatively cheap at £36 a month.
b) there is a branch within 10 minutes walk from my house as well as another branch close to work.
c) It has a pool and I like swimming.
On the minus side:
a) It's £432 a year.
b) I have a bike, plus weights, kettlebells and exercise videos at home.
c) There are plenty of free workouts on YouTube.

:(:(