How to fall in love with saving money

opinions4u

1. Save before you spend - plan it.
2. Save what's left when you've finished spending.
3. Save in an account that isn't your main transactional current account.
4. Save all £2 coins in a money box.
5. Cherish the gift of Topcashback.
6. Treat loyalty cards like savings accounts for specific reasons.
7. Never buy on impulse. See it, sleep twice, then decide whether you need it.
8. Love cashback credit cards for all spending, but don't allow non-essential spending.
9. Always compare prices online with at least three retailers.
10. Make lunches at home, don't buy out.
11. Socialise away from pubs and coffee shops!
12. Track spending daily with an aggressive "cut out waste" attitude.

Finally, while your savings balances are modest, focus on embedding the habit. Don't worry too much about best rates. That can come later.

cathybird

opinions4u thanks muchly for the Topcashback suggestion - I guess they work a bit like Quidco? ...

cathybird

One thing I don't think I can do is anything too cumbersome. I have to keep it pretty simple. I run out of mental energy otherwise. I can't keep an elaborate budget, for instance. Whatever I do has to be basic.

Jevvers

Cathybird there have been lots of great ideas from the good people here already but I can add a couple:

Get angry! Realise that many big firms out there just want your money and will find any way of magic-ing it out of your pocket, often by your own inertia. My “light bulb moment” came when I realised that by auto renewing with Direct Line we were just handing over hundreds of pounds a year and weren’t getting any of the offers they gave new customers.

Now I am constantly playing a game against “The Man” – which involves making an informed choice about where ALL our money goes. I’m not a miser and will happily pay for the odd frivolity but I do it with my eyes open these days.

And practically – try the Make £10 a day challenge on the Debt Free Wannabe board. Loads of great tips there and you will surprise yourself at how doable it is. Oh and check your bank accounts for “forgotten” direct debits.

GOOD LUCK!

gallygirl

cathybird wrote: »

One thing I don't think I can do is anything too cumbersome. I have to keep it pretty simple. I run out of mental energy otherwise. I can't keep an elaborate budget, for instance. Whatever I do has to be basic.

Don't spend any money. Can't get any simpler than that

latecomer

cathybird wrote: »

opinions4u thanks muchly for the Topcashback suggestion - I guess they work a bit like Quidco? ...

Exactly the same - just a different cashback company.

margaretclare

Yes, it is possible to learn. I recommend a book 'A Girl's Best Friend is Her Money' by Jasmine Mack and Jane Birtles. See if you can get a 'used' copy from Amazon.

Looking back over a span of years (see my signature below) if I had saved a small amount out of every salary payment over the years I'd be a rich woman today. Say, a shilling (5p) out of every pound that came my way? Or more. Some would say: save first, then spend. One excellent piece of advice my DH gave me when we first got together: avoid bank charges. Don't go overdrawn and pay your credit card off every month. Or, if you can, manage without a credit card.

Do a budget first and work out your essential spending. Anything over and above that is 'discretionary'. Some for fun, but some to save.

HTH

Jevvers

Loving the Old English sig Margaret - where's it from?

margaretclare

Jevvers wrote: »

Loving the Old English sig Margaret - where's it from?

It was part of the course I did recently, one of the exercises. It seems very appropriate for me. I don't know where it comes from originally.

BTW someone mentioned wasting food. We never waste any food at all at this house, having grown up during a time of rationing.

jimjames

daffie wrote: »

I've never been a spendthrift, but have halved my expenses since losing my job. My top 3 tips would be: 1) Always, always use cash for day to day spending- food, clothes, newspapers etc. Cash is real money leaving your hand.

As long as you control it a credit card can be a good way of managing your money and for making some back too. As long as you pay off monthly and don't pay interest.

Just had my annual cashback from my card with £50 credited to my account. That is £50 for free purely by spending money on my card not paying cash.

And any money I spend now will not need to be paid off until after December pay day. 2 months interest free spending is a bonus worth having as long as you control your spending.