Really bad at saving

sendan

Thanks for all the advice. I haven't had time yet to put much into practice but my mindset has already changed so im hopeful of seeing some savings over the next few months. Work shares are paying dividends soon and have a meeting with santander to open up a current account just so I can't see what I have for a while.

Will look into and prepare for some of the other points soon.

atush

Pension? Does your work offer one and have you joined it?

Should take precedence over other things.

sendan

atush wrote: »

Pension? Does your work offer one and have you joined it?

Should take precedence over other things.

Yeah, I was automatically put into it in November 2013 after working here for a year.

I am paying in 4% and my employer is paying 7%

isaisababy-

I am exactly the same OP!
Turned 21 this month, and have about £400 spare to spend after bills etc each month. I have a standing order going into my ISA for £200 per month, but I always find that I spend it (nandos and topshop are my weakness - I know, luxury spending, my own fault!!!)
Same as you with the car, I had a Fiat 500 on finance which was £120 per month which isn't too bad. Had it for a year and got bored of it, had saved a little bit of money and went out and traded it in with that car and my spare cash, and got a brand new Nissan Juke, top of the range. It's £355 per month, oops...

I found that when I was younger, and on a much lower income, I gave money to my parents to save for me. I gave my mum £20 notes here and there when I had it spare. She saved it in a place where I still don't know and I saved a few thousand doing that!

I am in pension at work like you, and I tried shares. Where I work, the shares scheme is great, but you can opt out and get your money back at any moment. I tend to be able to save about £150 a month in that and forget about it. The only thing is, about 6 months later when I remember its there, and i'm a bit skint, I opt out and get all the money!

Does anyone know of any savings accounts where you can make as many deposits as possible, but not be able to take it out for like 2 years?

P.s - having to pay out another £100 as an excess fee as I dropped my iphone down the toilet (after it was flushed!!). More spending!!!

badger09

isaisababy- wrote: »

I am exactly the same OP!
Turned 21 this month, and have about £400 spare to spend after bills etc each month. I have a standing order going into my ISA for £200 per month, but I always find that I spend it (nandos and topshop are my weakness - I know, luxury spending, my own fault!!!)
Same as you with the car, I had a Fiat 500 on finance which was £120 per month which isn't too bad. Had it for a year and got bored of it, had saved a little bit of money and went out and traded it in with that car and my spare cash, and got a brand new Nissan Juke, top of the range. It's £355 per month, oops...

I found that when I was younger, and on a much lower income, I gave money to my parents to save for me. I gave my mum £20 notes here and there when I had it spare. She saved it in a place where I still don't know and I saved a few thousand doing that!

I am in pension at work like you, and I tried shares. Where I work, the shares scheme is great, but you can opt out and get your money back at any moment. I tend to be able to save about £150 a month in that and forget about it. The only thing is, about 6 months later when I remember its there, and i'm a bit skint, I opt out and get all the money!

Does anyone know of any savings accounts where you can make as many deposits as possible, but not be able to take it out for like 2 years?

P.s - having to pay out another £100 as an excess fee as I dropped my iphone down the toilet (after it was flushed!!). More spending!!!

If you mean a cash ISA, you might want to think again as it almost certainly isn't the best home for your £200 per month savings

atush

Same as you with the car, I had a Fiat 500 on finance which was £120 per month which isn't too bad. Had it for a year and got bored of it,

Boredom and impulse control seem to be your problems. I'd get help with both (try and find things that ease your boredom and dont cost). Then look at regular savers.

Give your parents your sharesave stuff so you cant find the numbers, or see the amt and that could help with impulse control.

sendan

atush wrote: »

Boredom and impulse control seem to be your problems. I'd get help with both (try and find things that ease your boredom and dont cost). Then look at regular savers.

Give your parents your sharesave stuff so you cant find the numbers, or see the amt and that could help with impulse control.

You have just made me realise that my problem is boredom. Because I work mornings and finish work by 2pm and dont go to bed until after 10pm that leaves a lot of time to spare even after doing the usual hobbies and chores. Now that I think of it, since I started going to the gym and that eats up 2-3 more hours a day (including travel and stuff) I have noticed ive bought less useless things.

atush

Institute a policy.

When you look at something to buy, do you want it? Or do you need it?

If you dont need it, then evaluate the cost, how long you have to work after tax to pay for it, then make yourself wait. While waiting, find out if you can buy it anywhere cheaper? Cashback?

Then if after a month you still really want it, put it on next months leisure spending and buy it then, making sure it fits within your leisure budget.

A spending diary where you write down eveyrthing you spend (incl say parking and coffee) and you will soon see how much you waste.