Terrible with cash - need help

Roderick50

Hey guys. This is my first post so I thought I'd make it a good one?
I am absolutely terrible with cash, I always feel the need to spend spend spend when I get it, and no saving goes on. What can I do? Is anybody aware of a legitimate website that sort of opens up a savings account for you? Sort of like an ISA that I can't access, and set up so much to be paid in per calendar month? Otherwise I'm going to have zero savings forever. I'm sick of spending and want to start saving, and I feel that this cry for help could be the key to a new financial handling me :j all ideas and feedback will be much appreciated as I really want to get out of this money rut and get some money behind me.


Thanks guys, merry x-mas x

jimjames

Roderick50 wrote: »

What can I do? Is anybody aware of a legitimate website that sort of opens up a savings account for you?

Your bank?

Any bank or building society will open a savings account but unfortunately you need to have the self discipline to not spend the money in it.

It wouldn't be ideal but at least if you had a share ISA you wouldn't be able to spend the money easily.

You may want to head to the debt board as you may find tips there on how to stop spending which will help your savings habit.

Roderick50

I have an ISA with my bank but It can be easily accessed. I need an account that I can pay into, and only take out on a set date. Like I work in Tesco, and they do a save as you earn but the amounts are silly and will leave me with less than enough to fund bills etc.

bigadaj

Some of the regular saver accounts don't allow access for a year, with rates up to 5% and deposits from £25 to £500 or so a month.

Look for the thread on this board for the options.

opinions4u

Self control is a winner to help with this.

richyg

I agree - self control is the only long term method of winning this.

Tied up long term accounts - you will most likely just default on the T's&C's to get at the money.

Try YNAB or you need a budget software - google it , you can get a free trial of the software and make sure you do at least one of the free live training webinars.

They hold them most days at various time of the day. (Its American software but everything is the same-and it has a global audience)

Youtube the owner Jessie Meacham - his story is interesting - short of cash with an impending wedding.


It's a modern version of zero based budgetting like granny did with envelopes with their purpose on them and the money inside - but it really helps as this is something that is hard to do now we use debit cards and aren't paid in cash.

Give it a go and you might learn a life skill that helps you out.

Good luck.

Drp8713

Get a pension. Most start from £50 a month and you cant get it out until you reach 55.

DealFan

Don't give up hope. The 'Money Advice Service' is a good place to start. Start saving small and make it grow over time. Also, see that money as something you're looking after for another person (the future you) and you've promised to look after it for them!

Doshwaster

A good way of starting to get to grips with money is to work out where it all goes. Start keeping a record (a small pocket notebook or you can get an app for your phone) of where you spend every single penny. After a month look at the data and I can guarantee that you will be shocked into changing your behaviour.

gadgetmind

Roderick50 wrote: »

Like I work in Tesco, and they do a save as you earn but the amounts are silly and will leave me with less than enough to fund bills etc.

SAYE is a great way to save with lots of potential upside. It really should be your first port of call and most allow you to start with very low monthly sums that come straight from your pay packet.

dancingfairy

I think it helps to have a goal. Is there something you want? A new laptop/pc, tv, camera? maybe a holiday? I wouldn't think too big at this stage though.
Set it as a goal. Carry a picture of said laptop or whatever around in your purse so when you are tempted to spend you see your laptop.
Also I think it is good motivation to actually see you savings growing, treat it like a game, How much interest can you earn etc etc.
There is no magic answer but it's about building good habbits.
Basically you are trading short term pleasure for bigger longer term things. You are basically stealing from your future self.
You can try Martins' demotivator on here. It shows how even a relatively small purchase(s) can add up to a huge amount over time and you can think about how you can better spend that money.
Also you might want to keep a spending diary. This will show you how much this coffee/magazine/dvd/chocolate habbit (or whatever your vice is) is actually costing you.
Another thought is to give yourself a certain amount of money for disposable spending. Maybe take it out of the cash point once a week and once it's gone it's gone. That might work?
Lots of ideas for you there. Hope some of them take your fancy.
df