How to fall in love with saving money

Eco_Miser

YoungBusinessman wrote: »

I also was really careless in the sense id buy a loaf and sandwich fillers for making work lunches then in morning if I didn't have time would leave it and get something at work meaning a lot of the stuff that was meant for work got wasted. I easy spent £10 a day on two tea breaks at work, total waste!

I took the loaf and sandwich filler (and a knife and plate) to work, and made the sandwiches as required, during my lunch break.

YoungBusinessman

Eco even that would be a start for me! I think oh not much time whip a flask of tea together maybe a yoghurt or something aswel that's ready and it's just sandwiches which I need to get into habit of making the night before! Cathy I used to love buying books for some reason, not many young males like reading as a past time but I love it as it's so frugal! Got 3 or 4 iv not even read yet so need to read one this weekend as it will help with my attempt to stay sober, get a lot of exercise and be extremely frugal! If I can be really frugal between now and Xmas I'm going to treat myself a little at Xmas. Although for my 2 weeks off paid holiday iv booked in 2 days of work so that will be worth around £400-500 and going straight to savings!!

Obsessed with this site/thread! Does help if we can all stick together and give it a go as a group. Only expense coming up in next few weeks that's irregular is getting winter tyres on, bought them last winter so glad I don't need to buy new ones just as I'm starting to get good at being frugal!

Eco_Miser

WantToBeSE wrote: »

I hate to say it, but i find that saving money can sometimes be BORING! I guess i like the instant gratification of buying something, rather than waiting for a long time reward of having money to fall back on.

At the moment i am trying to remember a few times over the past few years where i have been unable to do things because of having no savings or literally having £0 in the bank.

I can't remember a time when I couldn't just buy anything I (really, really) wanted. But I rarely did. £1000 on my first computer, back in 1980. Around 50% deposit on my house (looking back I could have paid more, but I wasn't sure of how much I'd be spending on maintenance, furnishings, white goods, and decoration). Clothes as and when needed.
In short, avoiding instant gratification on small things allowed me instant gratification on :j:jBIG THINGS!:j:j

WantToBeSE wrote: »

But the day-to-day act of saving is boring to me..i wish i loved it!

I agree with tight_is_right, take care of the not-spending and the saving will take care of itself.

Eco_Miser

YoungBusinessman wrote: »

I used to love buying books for some reason, not many young males like reading as a past time but I love it as it's so frugal!

When I was young (up to when I bought a computer aged 30), I was always reading, an average of four books a week, but I didn't spend much money - I got them from the library.

cathybird

WantToBeSE wrote: »

Hi again Cathy Do you have a running total of how much you have saved, or do you just log in to your OLB and look every week/day/second (if you are like me!)?

hi again WantToBeSE It's in my signature - my savings goal for November is £1,000, and I'm up to £540.

cathybird

tight_is_right wrote: »

I think you're looking at it from the wrong angle. Stop thinking of actively 'saving' money, think instead of 'not spending' money. Get the hang of this and you'll accumulate more which is your savings. It may sound like the same thing but I think there is a subtle difference, and once questioning your spending is normal I don't think you'll slip back to wasting money easily.

Tight_is_right, it's interesting that you say that. The example I often think of when I think of savers is my dad, who is very good at saving money and does indeed think of actively saving, in fact is fairly obsessed with accumulating, and of making his money work. Though, I myself think he is extravagent in odd ways, but that's my dad.

I've hung around this site a good bit - was here all the time in 2006,2007, and I do (honestly) know how to question my spending, and to cut it back. I can rein it in for a good many months - better than I have done this month, by a long shot - but have always struggled to make that a permanent change. I think this is partly because I don't value the long-term effects of saving money to the degree that I should, and can't get excited about it, at least haven't in the past. If I can see savings as an active, vital goal, and can keep it as a target in the forefront of my mind, the "not spending" will fall into line. I like to feel I am making progress. If I can see the savings accumulate, then that's what I'll feel. That's my take on it, anyway I get what you're saying, but I think I do see a way to make it work for me.

Nice to see this thread so busy today - the fact that people are prepared to chip in like this is very heartening.

cathybird

YoungBusinessman wrote: »

Cathy I used to love buying books for some reason, not many young males like reading as a past time but I love it as it's so frugal! Got 3 or 4 iv not even read yet so need to read one this weekend as it will help with my attempt to stay sober, get a lot of exercise and be extremely frugal! If I can be really frugal between now and Xmas I'm going to treat myself a little at Xmas. Although for my 2 weeks off paid holiday iv booked in 2 days of work so that will be worth around £400-500 and going straight to savings!!

Obsessed with this site/thread! Does help if we can all stick together and give it a go as a group. Only expense coming up in next few weeks that's irregular is getting winter tyres on, bought them last winter so glad I don't need to buy new ones just as I'm starting to get good at being frugal!

Yes, it does help - I'm so chuffed to see so many posts today, and really grateful for the fact that people take an interest. A good many of my books I actually got for free, one way or another. A good many I didn't. Nice to hear that you love reading, YoungBusinessman - I could not go through life without reading, it's one of my favourite things.

cathybird

Eco_Miser wrote: »

When I was young (up to when I bought a computer aged 30), I was always reading, an average of four books a week, but I didn't spend much money - I got them from the library.

I love libraries too but I love my book collection. To me a home is not a home without books. Maybe a combined strategy is the way forward, though. I probably have around about enough of them, in honest truth.

cathybird

maharani_m wrote: »

I agree that saving can sometimes be boring, hard work and needs a lot of discipline.

Actually I'm wondering if making savings a kind of game, one in which I compete against myself, might not work rather better. But let me give that one some thought. :A

Eco_Miser

maharani_m wrote: »

I'd suggest that setting up a standing order to put a portion of your earnings into a savings account (one that requires notice before making a withdrawal) on the day you are paid is probably the best place to start.

I agree that moving the money straight into a notice account is a good idea, but using a standing order to do it is risking an expensive foul-up. What happens if payday is late? Unauthorised overdraft? Bank charges?
Use internet banking and transfer when you know the money is in your account.