How to fall in love with saving money

nicknameless

Get a goal other than simply saving for saving's sake. Retirement's a good example. Work out what you need to do to attain your goal and when. Do the sums. Concentrate the mind. Don't forsake everything else or you'll be a miserable so and so. Simples.

cathybird

Nicknameless, retirement is a good one - I do need to start thinking about it.

Didn't get much done today to advance the savings though I did ring the local branch of the post office to see if I can bank any coinage I can find round the house. Tomorrow I'll have a search and add it all up (I know there's some in the laundry basket for starters).

cathybird

jimjames, agree with you, but I don't have a credit card or an overdraft and hope to never have either of those things again. I'm not very good at the art of using them, I'm afraid. I'm better off staying out of debt of any kind.

cathybird

Jevvers wrote: »

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.

GOOD LUCK!

Thanks Jevvers. I do try to get the best deals with utilities etc but it probably is a good moment for a complete overhaul of all the sums just to check I couldn't be doing better.

YoungBusinessman

Getting a percentage of salary saved as you get paid is probably one of the best ones. Pay yourself first as soon as you get paid and save that and what's left over at end of the month don't just save what's left at end of the month hoping there will be anything left. Iv put 5% net income this year into an account and not even checked to see how much it is until last one goes in 20th dec. not included in savings total as it for a holiday next year. Next year I'm going for 15% each pay. You don't miss it if you never see it but knowing it's there is a treat in itself!

cathybird

YoungBusinessman wrote: »

Getting a percentage of salary saved as you get paid is probably one of the best ones. Pay yourself first as soon as you get paid

Thanks, YoungBusinessman - I can see the start of the month is better - I could set up a direct debit too but quite like the idea of making the effort of transferring the money myself - more of a sense of achievement.

RevolvingDoor

:T

These are all good tips, I find that keeping track of my bank account and all spends helpful too. I'm trying to switch from overpaying mortgage to saving and it isn't as exciting so I hope that I will find it more interesting as the savings grow.

jimjames wrote: »

One thing to remember is that you are already doing better than the majority of people in UK when 28% have no savings or under £250 and two thirds have under £1000.

http://www.theguardian.com/money/2013/feb/25/millions-britons-without-future-savings

Wow, interesting stats.

cathybird

RevolvingDoor, I'm in two minds myself about whether I should be saving money or making overpayments on the mortgage. I'll stick to saving for now - I can always transfer it to the mortgage later.

I found at least £45 worth of coins round the house (and that's just £1, £2 and 50p coins - didn't bother to count the shrapnel). So will bag that up and take that to the bank. That can go into the new savings account.

cathybird

I suspect many on the savings and investments forum are investing large sums of money so I do feel a little stupid for talking about spare coinage, etc. Hopefully the small amounts will add up to big amounts in not such a big space of time though.

RevolvingDoor

cathybird wrote: »

I suspect many on the savings and investments forum are investing large sums of money so I do feel a little stupid for talking about spare coinage, etc. Hopefully the small amounts will add up to big amounts in not such a big space of time though.

Yes, I feel a little intimidated by some of the posts of this section of the forum. £45 is £45 though, so every little bit helps.:)