Best way to save!

Bennn_117

Im 22, each month i tell myself i'll save a bit of money, but with no where to put it i just end up spending what i planned on saving (i try budgetting but i am weak willed person)
What would be the best/easiest way for me to put a bit of money aside each month out of my monthly wage?
I am a veterinary nurse earn £1400 a month roughly, have one loan to pay off which is a student loan from the co op bank

Many thanks!!!

xylophone

Are you using the best current account for your needs?

You might consider the TSB Plus and use the regular saver.

You might consider the Nationwide Flexdirect and use the regular saver.

bigadaj

Bennn_117 wrote: »

Im 22, each month i tell myself i'll save a bit of money, but with no where to put it i just end up spending what i planned on saving (i try budgetting but i am weak willed person)
What would be the best/easiest way for me to put a bit of money aside each month out of my monthly wage?
I am a veterinary nurse earn £1400 a month roughly, have one loan to pay off which is a student loan from the co op bank

Many thanks!!!

The main thing is to have some will power and stop spending.

One thing you could do is to set up a regular saver account and a standing order from your current account shortly after you get paid. This won't stop you accessing it with most accounts but will be more effort and the amount will disappear from your main account, when you will hopefully forget about it till the end of the year.

sammybee

where would the best place be to transfer my old cash isa without having to have a monthly income feeding the account, ISA or bank ???:)which ones, they all look low interest rates

chockydavid1983

Tesco gives 3% without any monthly funding requirement

savingpennies

The best advice I was given by my dad and my uncle, when I started my first job, was to pay yourself first. They advised 10% of my salary, though any regular amount will do. It was my first job and I didn't miss the money, as I got older I generally stuck to that rule.
a) find a current account that pays interest and has regular savings accounts, so that your salary can be paid in and earn some interest and where your DDs and SOs can be paid; (Nationwide perhaps or TSB, both pay interest on current accounts and have 5% regular savers)
b) set up a regular savings account and save what you can afford to this. Set it up so that this money goes into the regular saver the day you are paid, that way you are hardly likely to miss it.
c) as your salary increases look to increase the amount you save.
d) at the end of the year/term, transfer your savings into another interest paying account (perhaps another current account) and start again with the regular saving.

Good luck.

enthusiasticsaver

The best way of saving I have always found is to budget. Take your monthly salary and calculate all essential bills - utilities, mortgage, rent etc etc and put that in an account which you do not touch and set up standing orders and direct debits to pay bills. Draw out cash each week to pay for food and petrol and put a fixed amount into a regular saver every month. Treat money should be rationed over the month. Maybe if you have a regular saver where a fixed amount goes in every month you will not be tempted to spend instead. Ideally I always aimed for save percentage of 10% when we were younger. As time went on and our children left home and mortgage was paid off the percentage went up some months to as much as 50%.

Eco_Miser

sammybee wrote: »

where would the best place be to transfer my old cash isa without having to have a monthly income feeding the account, ISA or bank ???:)which ones, they all look low interest rates

No bank account requires a monthly income. Some require a minimum to be paid in each month, but there's no need to leave it there, and it doesn't need to be from income.

How much is in the ISA? £50? £5000? £50,000? the answers would differ for each.

When do you need to use the money? If over five years away, you could consider an S&S ISA - generally a higher return, but with some risk to your capital.

sandunashan

My recommendation is that you encourage him to take a fresh start. First, go get a job ... so that he can start getting his head back on straight and taking care of his family obligations. He can put aside a small amount of money each paycheck in order to invest at a later date.

Dan83

open an other bank account and set up a monthly standing order to transfer the money.

Doshwaster

KevinBrooks wrote: »

I am also looking for best tips on saving.

1) Keep a spending diary so that you keep track of every penny you spend. At the end of the month you'll be amazed how much you are spending on some things. £3 on a coffee every day may not seem much but it's £90 a month. That's a grand a year!
2) Set up a standing order to a savings account the day after pay day. It's harder to spend the money if it's not in your main account.
3) Go through all of your bills and direct debits to see which ones can be reduced or cancelled. Do you really need that magazine subscription or gym membership?