How to fall in love with saving money

cathybird

egoode wrote: »

I'm originally from Australia as well, everyone thinks I'm crazy for wanting to live here in the cold weather .

ha, ha - I actually like the weather in Britain - call me mad :rotfl:

One thing I remember that used to help me to save was making sure I had some goal for the money as it's really hard to save just for the sake of it. When I was younger and planning my first trip to Europe I remember everytime I went to spend some money on something I really didn't need I would think in terms of my trip that it could mean an extra day in Europe, or have more money for entrance fees to attractions, etc. It really helped me focus on my spending.

Very valuable suggestion, egoode - thanks.

dcuddy1

been reading this thread, going to start by paying myself 5p in every pound that i earn

Eco_Miser

To save or to spend? Who's getting the other 95p?

lemontart

I am already in Love with saving money, this site is wonderful for that. If I cannot get free or dirt cheap then I look for added value such as store points or cashback on the things I need.

Lomcevak

You mentioned trying to turn saving into some sort of game. You might find it interesting to download the trial software for YNAB (You Need a Budget). It’s free for 34 days but quite expensive if you want to use it after that (about £38). I’m trialing it at the moment, and the philosophy that accompanies it is rather interesting. It’s based on envelope budgeting so you allocate money to different virtual category envelopes when you receive it.

I'm a huge fan of YNAB, been using it since 2010 now and has been one of the main influences in turning my finances around. It takes a little time to get started, not so much because it is hard to use (it isn't) but there is an 'aha!' element of understanding what it's trying to do that you need - e.g. the difference between overspending (fine, everybody does it, just 'roll with the punches' as YNAB says) and overbudgeting (a definite no-no).

YNAB also likes you to have a month income put away as a buffer, so when you sit down on the 1st of the month to do the budget you are budgeting money you already have, not money you think you'll get. Life is easier with the buffer in place, but if you don't have it, it makes a good savings goal (especially with a Santander 123 or Nationwide FlexDirect, where your buffer is earning interest ). Took me a couple of years use before I was fully 'buffered'.

cathybird

dcuddy, I guess you mean you're going to save 5p out of every pound you earn? ... It's a start If I'd done that from when I'd started earning money I no doubt wouldn't be worrying so much about my retirement (still a good few years off btw, but if I'd left things as they were before I started this thread I'd be under-prepared for it).

cathybird

lemontart wrote: »

I am already in Love with saving money, this site is wonderful for that. If I cannot get free or dirt cheap then I look for added value such as store points or cashback on the things I need.

Re free, a guy I know actually is a freegan - he and his girlfriend squat in what he says is an unliveable property which they have partly done up and he gets a lot of food by what the Americans call "dumpster diving", going through the bins out the back of supermarkets. I've never been sure whether the latter is technically legal in this country but, on the other hand, I'm quite sure there's massive waste, too, so I can see an ethical basis for lessening that. Not saying any of this is relevant to you, btw, lemontart - your comments just sparked off a train of thought about it. Cashback I have not been organised enough so far to really make a part of what I buy but I should. I could do with it

cathybird

lemontart wrote: »

I am already in Love with saving money, this site is wonderful for that. If I cannot get free or dirt cheap then I look for added value such as store points or cashback on the things I need.

PS agreed with you that this site is wonderful for helping with money

cathybird

Lomcevak wrote: »

I'm a huge fan of YNAB, been using it since 2010 now and has been one of the main influences in turning my finances around. It takes a little time to get started, not so much because it is hard to use (it isn't) but there is an 'aha!' element of understanding what it's trying to do that you need - e.g. the difference between overspending (fine, everybody does it, just 'roll with the punches' as YNAB says) and overbudgeting (a definite no-no).

YNAB also likes you to have a month income put away as a buffer, so when you sit down on the 1st of the month to do the budget you are budgeting money you already have, not money you think you'll get. Life is easier with the buffer in place, but if you don't have it, it makes a good savings goal (especially with a Santander 123 or Nationwide FlexDirect, where your buffer is earning interest ). Took me a couple of years use before I was fully 'buffered'.

That is really interesting, Lomcevak - I will look into it. I have the feeling it costs quite a bit per month, doesn't it, or is it an upfront cost? Anyway, I'll find out. It sounds as though it could be very useful.

lemontart

cathybird wrote: »

Re free, a guy I know actually is a freegan - he and his girlfriend squat in what he says is an unliveable property which they have partly done up and he gets a lot of food by what the Americans call "dumpster diving", going through the bins out the back of supermarkets. I've never been sure whether the latter is technically legal in this country but, on the other hand, I'm quite sure there's massive waste, too, so I can see an ethical basis for lessening that. Not saying any of this is relevant to you, btw, lemontart - your comments just sparked off a train of thought about it. Cashback I have not been organised enough so far to really make a part of what I buy but I should. I could do with it

I have been using topcashback for a few years and always check on that to the point now had around £1100 back, also now take advantage of their 5% top up when taken in love2shop or amazon vouchers