The 'Save 12k in 2014' Thread!

Victorias4128

Hi Everyone, I am enjoying watching the saving creep up, but this is the first time in a long time that I am actually saving, so I'm worrying that I will end up using some of the money, or not putting as much away as i should.
Does anyone have any tips on how to save money and how to keep up the momentum over the full year?
Thanks

nat21luv

I have an emergency fund, its taken me a long time to realise that there is no point to just saving straight away without one as life happens, theres always something that may need paying and it stops me becoming demotivated. I like putting amounts away regularly to see the numbers rising, I do this by selling throughout the month, completing surveys, and cutting down my grocery spend.

lalman

Victorias4128 wrote: »

Hi Everyone, I am enjoying watching the saving creep up, but this is the first time in a long time that I am actually saving, so I'm worrying that I will end up using some of the money, or not putting as much away as i should.
Does anyone have any tips on how to save money and how to keep up the momentum over the full year?
Thanks

I have set up regular savers - they pay 3% and you can set up standing orders. What i have found is if i dont have the money in an account thats easily accessed i dont think about it... in that sense... i treat savings as spent money (out of my budget) and leave whats remaining after rent and phone bills as what i can spend... and what ever is left at the end of the month i just let it accumulate (if there is anything left!).

I hope that helps!

nat21luv i completely agree with you. I keep 1k in my current account and 5k in a second current account that pays a slightly higher rate (1%) for emergencies... I like having that buffer incase of those expenses.... say my car breaks down!... or someone in my family needs to borrow a few quid...

cydney65

Victorias4128 wrote: »

Does anyone have any tips on how to save money and how to keep up the momentum over the full year?
Thanks

When I first started saving (last year) I completed a statement of affairs so I knew exactly what I had coming in and what went out in bills. From this I worked out what I could save each month. I now have standing orders set up to take my savings from my current account when I get paid. I then know where I am for the rest of the month.

As to keeping up the momentum, I now save for things, I have a goal to save for. Last year I just saved for no real reason TBH and I found that I could lapse quite easily. I also have many different savings accounts; some I can access easily and these are my emergency funds. Others are harder to get immediate access to and others have penalties in place or require three months notice to get funds.

I also enjoy mucking around with my numerous spreadsheets. Although this is probably down to having Asperger's, you don't need to be on the spectrum to enjoy fiddling around with money. Once I lost my fear of money things fell into place.

So what I'm saying is relax and don't keep thinking you will fail. Find a goal to save for and you will probably enjoy saving money...this will probably spur you on. Oh and keep posting on this thread, people are so supportive and keep you on track.

Good luck X

Victorias4128

Thanks nat21luv & lalman

girlatplay

Victorias4128 wrote: »

Hi Everyone, I am enjoying watching the saving creep up, but this is the first time in a long time that I am actually saving, so I'm worrying that I will end up using some of the money, or not putting as much away as i should.
Does anyone have any tips on how to save money and how to keep up the momentum over the full year?
Thanks

For me (like others) it's a case of having an emergency fund so that I don't have to dip into my savings. I am putting money into my emergency fund alongside saving in this challenge. I declare the challenge savings but not the emergency fund savings. I think: set a goal and then you know what you are aiming for. I set myself achievable goals because I find if they are too outwith my reach I give up. Just enough to make it a challenge but not so much that it is unachievable.

Up to £7.09 for Feb. We are nearly a week in already :eek:

Yvette394

We managed to save another £500 this month bringing our total so far to £2000! This is the most we have ever saved which feels great :j

tjp70

Well done Yvette. You might need to up your target if you carry on at this rate :T

YoungBusinessman

Well today has been worst one this year that's for sure. Don't want to go into details but fell out with manager at work and now the owner is coming to see me tomorrow...could be the end of the line, with £1,260 in my account and £1,400 a month outgoings....I'm starting to panic. Hopefully goes better than I'm thinking it will.

skyblueshez

I hope things work out for you tomorrow.