New to saving - where to begin?

rsjg80

I am awful with money. I was £30k in debt not 3 years ago. Now I'm debt free. My credit report is naturally shot to pieces and awful. I was advised to get a credit card for bad credit people to build up my rating and couldn't even get that (Aqua). Never had CCJs but some were settlements. Credit report won't be rid of these til 2016/7.

But now I have a little over £2k excess a month with my partner after absolutely everything (food/petrol inc). We think we could save half of that easily and still have a nice lifestyle. But what do we do with the £1k?

I don't want to close my account (I understand longevity in accounts is better) and she doesn't want to close hers either. We want a joint account PURELY for saving. No overdraft, no direct debits etc - just somewhere for us both to put money in.

Where can we go for that considering my awful history? Most seem to want to do credit checks etc, or switch Direct Debits etc.

We have a plan of saving up £10k this year but don't know where to start!

Any help, much appreciated.

Archi_Bald

Ignore the rubbish moh858 posted.

You will probably be limited to savings accounts, but you could try a Santander 123. Worst case they turn you down. http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

longtermplanner

You are making life more difficult for yourselves by wanting a joint savings account. Why not get one each and each save half the money?

Have you asked your own bank about a savings account?

ChesterDog

You are not awful with money. That was the old you.

The new you has cleared £30k of debts and is looking to the future with an eye to using your money wisely and in your own interests rather than those of your past creditors.

Very well done on a very important, life-changing amount of progress already.

atush

Do you have a pension? Does your work offer one (join it)? If not consider a pension for some of your savings.


Then build up that pot. If you can get one, after you have a basic savings acct with 500-1K in it, consider opening a regular saver (or one each).

rsjg80

Thanks for the replies (especially Chesterdog - but still think I'm pretty awful ) Although I'm interested in what moh858 had to say as it's obviously been deleted before I saw it!!

Yes, I have pension (I'm a teacher) so that's taken care of. I think from what you're all implying is that there is little point trying to make anything joint - although idea was to see it all 'building up' in one place so it was simple to see the savings and if we were on target, it's difficult to do this when things are going in and out of a current account all the time. Well, at least it's difficult for me!

I/ we could ask for savings accounts with our current accounts I suppose. I'm just very weary of asking financial institutions for anything as they say no 99% of the time!! We want to save enough money for a sizeable deposit on a house by when my credit report is a lot cleaner (stuff has dropped off another words - 2017ish!).

On a side note, seven years seems very harsh to keep things on record for - life moves quicker than that these days and even driving points don't stay on your record that long! I'm a very different risk as a teacher than I was as a student.

ChesterDog

Really, forget the whole "I am awful..." mindset. Look forwards, not backwards. Sure, you have a fair bit to learn (as do we all), but you have learnt a lot and changed a lot already.

Seven years? Well, it will pass soon enough. Let it be a constructive reminder of why you must (and will) avoid those situations arising again. You will find a way around it. And you'll be a stronger, wiser, more resilient and better person for it.

xylophone

Do you and your partner have cash ISAs? If not, you can each open one as a starting point? http://www.moneysavingexpert.com/savings/best-cash-isa