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

atush

Set up a Direct debit for pay day. Put money into a regular saver and a S&S isa. Increase it as soon as you get any increase in pay. that way you dont notice the extra going out as you have never had the chance to think about spending it.

Although you can 'touch' the S&S isa that fact it goes up and own with market falls might keep your hands in your pocket? And once you see it growing, maybe that will turn you into a saver (i did for me).

AS for the regular saver, transfer it on maturity straight into a 1 year bond so you can't spend it.

lastly a monthly transfer into a savings account. This is money for you to spend if you want, but you can try and practice restraint? If you manage to keep some of it for a few months in a row, transfer to the S&S isa? Budget for fun and luxuries. So it keeps your spirits up.

Do a spending diary of every single pound/50p you spend. Anywhere. Once you read this, see where you are wasting money, it might encourage you not to?

mgarl10024

TCA wrote: »

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

That wouldn't really be saving?

dunroving

mgarl10024 wrote: »

That wouldn't really be saving?

Hopefully it will be saving someone ...

R_P_W

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.

Get some self control and do it! Or don't! Your decision impacts you, no one on here!

simonp

atush wrote: »

Set up a Direct debit for pay day. Put money into a regular saver and a S&S isa. Increase it as soon as you get any increase in pay. that way you dont notice the extra going out as you have never had the chance to think about spending it.

Although you can 'touch' the S&S isa that fact it goes up and own with market falls might keep your hands in your pocket? And once you see it growing, maybe that will turn you into a saver (i did for me).

AS for the regular saver, transfer it on maturity straight into a 1 year bond so you can't spend it.

lastly a monthly transfer into a savings account. This is money for you to spend if you want, but you can try and practice restraint? If you manage to keep some of it for a few months in a row, transfer to the S&S isa? Budget for fun and luxuries. So it keeps your spirits up.

Do a spending diary of every single pound/50p you spend. Anywhere. Once you read this, see where you are wasting money, it might encourage you not to?

GREAT advice - thanks atush!

R_P_W wrote: »

Get some self control and do it! Or don't! Your decision impacts you, no one on here!

Dreadful advice - thanks R P W

colsten

simonp wrote: »

Dreadful advice - thanks R P W

You may not like the straight words but it is absolutely true: Your decision impacts you, no one on here!

R_P_W

simonp wrote: »

GREAT advice - thanks atush!



Dreadful advice - thanks R P W

Not sure what other kind of advice you were expecting? Saving isn't complicated, you just have to get on and do it.

PeacefulWaters

Post 2 suggested pension.

You pay 40% tax on part of your income.

You only have £550 a month going towards retirement. You'll be likely to have an income shock on retirement. Or have to work much longer than you think.

Another £750 or so a month out of gross salary (£450ish net) committed to pension will give you massively improved retirement choices and take you out of higher rate tax (assuming no other income).

Bet you do nothing as a result of this thread.

simonp

Really don't understand the hostility of this thread!

Thanks everyone for the advice. To put PeacefulWaters' mind at rest, I opened a Stocks and Shares ISA yesterday with a monthly standing order and instructed my accountants to double my tax-effective, employer pension contributions.

atush

So that is saving.

Now set up the DD for the regular saver?