Starting Savings with 19p

fairyclicks

Its been quite a while since i posted on here - i managed to pay off my massive debts quite a long time ago now and despite having plans to sort out my savings since then i keep blowing it....

So i thought maybe if i came back and wrote on here it might help me to actually get somewhere with it

So today i just moved the odd pennies from my bank account into a savings account - i now have 19p in there

I will be adding every penny i make from my online earning and selling etc as my finances now pretty much take care of themselves. I'm looking forward to watching it add up

asajj

Good idea Good luck !

HappyMJ

fairyclicks wrote: »

Its been quite a while since i posted on here - i managed to pay off my massive debts quite a long time ago now and despite having plans to sort out my savings since then i keep blowing it....

So i thought maybe if i came back and wrote on here it might help me to actually get somewhere with it

So today i just moved the odd pennies from my bank account into a savings account - i now have 19p in there

I will be adding every penny i make from my online earning and selling etc as my finances now pretty much take care of themselves. I'm looking forward to watching it add up

You've got to start somewhere. Get an emergency fund of a couple thousand sorted before you think about regular savings accounts.

Good luck. Remember 19 pence a day is almost £70 a year so every penny of loose change really does add up. Don't spend your coin change. Every day put it all in the jar and you'll soon have enough worth banking.

fairyclicks

HappyMJ wrote: »

You've got to start somewhere. Get an emergency fund of a couple thousand sorted before you think about regular savings accounts.

Good luck. Remember 19 pence a day is almost £70 a year so every penny of loose change really does add up. Don't spend your coin change. Every day put it all in the jar and you'll soon have enough worth banking.

Thanks the savings account will be for emergency fund and hopefully more. I just need to stop myself from spending it when it builds up lol

LittleVoice

HappyMJ wrote: »

Don't spend your coin change. Every day put it all in the jar and you'll soon have enough worth banking.

I must say that I've never understood the idea of putting coins from your purse/pocket into a piggy bank of some kind every day.


Does it not simply mean that you get notes out of the ATM that much more quickly and then have the bother of counting up and banking (how welcome will you be at the bank?) the coins into your savings account?

fairyclicks

LittleVoice wrote: »

I must say that I've never understood the idea of putting coins from your purse/pocket into a piggy bank of some kind every day.


Does it not simply mean that you get notes out of the ATM that much more quickly and then have the bother of counting up and banking (how welcome will you be at the bank?) the coins into your savings account?

I guess the idea is based on the assumption you go through small change easier than notes and on getting into a habit of saving. I do tend to save the small change most of the time already but not the pound coins unless i am feeling rich :rotfl:

HappyMJ

LittleVoice wrote: »

I must say that I've never understood the idea of putting coins from your purse/pocket into a piggy bank of some kind every day.


Does it not simply mean that you get notes out of the ATM that much more quickly and then have the bother of counting up and banking (how welcome will you be at the bank?) the coins into your savings account?

I have a bank locally that has a coin counting machine. I don't save the pound or 2 pound coins just the smaller ones.

I then every few months take the pile of coins to the bank and put them into a savings account which I don't touch unless in case of emergency. Eventually you save quite a bit without really feeling it.

Works for some and doesn't work for others. I do several things to try and save as much as possible...some work, some don't.

fairyclicks

HappyMJ wrote: »

I have a bank locally that has a coin counting machine. I don't save the pound or 2 pound coins just the smaller ones.

I then every few months take the pile of coins to the bank and put them into a savings account which I don't touch unless in case of emergency. Eventually you save quite a bit without really feeling it.

Works for some and doesn't work for others. I do several things to try and save as much as possible...some work, some don't.

Oh i'd love to hear about all the things you try HappyMJ I think you are right some things work for some people and not for others so its good to try different things to see how you get on - its the same with online earning - some things i like doing and some bug me too much to keep going!

fairyclicks

I just found a couple of pounds in an old account so was able to transfer it to my savings one. Balance now £3.10

HappyMJ

fairyclicks wrote: »

Oh i'd love to hear about all the things you try HappyMJ I think you are right some things work for some people and not for others so its good to try different things to see how you get on - its the same with online earning - some things i like doing and some bug me too much to keep going!

There's quite a lot of switching bonuses for bank accounts available right now.

Mystery shopping is a good one. Rather than allow it to reduce my grocery spending I put the earnings into a savings account instead. I earn around £150 a month from that. I do about 3 jobs per week.

I got bored of the surveys so don't do that one.

At the end of the month (just before payday) I sweep any unspent balances left in my current account into the savings accounts and the next day start again.

ARandomMiser

I have been poor, then wealthy, then I lost big time, but have started building up again. I have always found that setting tough targets and assigning money for specific purposes helps me.

Another piece of advice I was given was to target one-third for bills, one-third for savings and one-third to enjoy. It can be hard to get to that stage but it is a target to aim for.