I can't save :( Any tips to get started?

simonp

I can't save money! I'm a spender. Always have been. I'd rather get a good 0%/low APR finance deal and have something now than save for it. I don't have any real debts (even more mortgage will be paid off next year) but I really want to get some savings! I even spend my Nectar points/air miles/hotel nights as soon as I get them

So any tips to get started? I've tried putting a £100 a month in premium bonds before but I just ended up cashing out after a year and going on holiday!

I should add I'm 40, single, earn about £50k but don't have much disposable income.

dunroving

simonp wrote: »

I can't save money! I'm a spender. Always have been. I'd rather get a good 0%/low APR finance deal and have something now than save for it. I don't have any real debts (even more mortgage will be paid off next year) but I really want to get some savings! I even spend my Nectar points/air miles/hotel nights as soon as I get them

So any tips to get started? I've tried putting a £100 a month in premium bonds before but I just ended up cashing out after a year and going on holiday!

Put it in a pension, then you can't access it until you are ... 55 (or older, depending on your current age).


Or use your 0% credit to hire a life trainer, to help you change your financial behaviours.

simonp

My business already puts £550 a month into a pension (for what it's worth!)

Ma77hew

What are you saving for?

I have different buckets of savings, for example:

1. I save each month for annual expenses like car service/insurance/holidays etc.
2. Save into pension
3. Save into pre-pension retirement pot
4. Save into offset savings account rather than overpaying/having emergency funds.
5. Save into kids accounts.

I don't really have an unknown savings pot.

simonp

Ma77hew wrote: »

What are you saving for?

I think that may be part of the problem - I don't really have any reason to save other than just a bit of security.

I VERY rarely have unexpected bills so most things are just paid from monthly income.

I think I need to put away a monthly amount somewhere I can't easily get my hands on it!

dunroving

dunroving wrote: »

Put it in a pension, then you can't access it until you are ... 55 (or older, depending on your current age).


Or use your 0% credit to hire a life trainer, to help you change your financial behaviours.

simonp wrote: »

My business already puts £550 a month into a pension (for what it's worth!)

Then put it into a fixed-term investment that has a penalty for early withdrawal ... not really sure what you are looking for - behaviour change tips?

Radiantsoul

simonp wrote: »

I can't save money! I'm a spender. Always have been. I'd rather get a good 0%/low APR finance deal and have something now than save for it. I don't have any real debts (even more mortgage will be paid off next year) but I really want to get some savings! I even spend my Nectar points/air miles/hotel nights as soon as I get them

So any tips to get started? I've tried putting a £100 a month in premium bonds before but I just ended up cashing out after a year and going on holiday!

I should add I'm 40, single, earn about £50k but don't have much disposable income.

Do you want to save, and if so what for?

ColdIron

simonp wrote: »

I think I need to put away a monthly amount somewhere I can't easily get my hands on it!

Read post #2 again and don't make excuses like your post #3

Gadfium

simonp wrote: »

I can't save money!

Yes you can. You are choosing not to.

simonp wrote: »

I'm a spender

No-one is forcing you to spend. Sit down and have a think about why you spend.
Then make a plan to change it.

Use the SMART framework, otherwise a plan without dates and objectives are nothing more than dreams.

Specific

Measurable

Attainable

Realistic

Timely

http://en.wikipedia.org/wiki/SMART_criteria

dunroving

Like most behaviour change situations, the most important first step is that the person has to want to change. I'm not sure this condition is met in the current situation.


As two people have already asked, "Why do you want to save?" "What do you want to save for?" If you aren't convinced of answers to these questions, then why change? Stay as you are!

TCA

Stop buying crap you don't need and instead give the money to charity.