too skint to start saving?

iammumtoone

luxor4t wrote: »

I was going to say I 'saved' from the Child Benefit, but looking back I actually apportioned it to pay for specific things: I set aside money for school clothes and shoes, Brownies subs etc each month. I used a Post Office savings account so that there was a tiny amount of interest gained each year - I know, it sounds so very out-of-date now!

Why does that sound out of date? My sons child benefit gets paid into a separate account always has done - its his money - it pays for the things he needs so he does not go without (whatever my personal circumstances). It pays for his clothes and clubs etc.

Always been this way even when I was unemployed see my post above, it never occurred to me to dip into this money, I manged on what I had, he was worse off as well as CB does not pay for everything (he gets to go to more clubs/ has better clothes now I am working) but at least he always had that money to get him the essentials.

Primrose

From the first day i started working as an unattached youth my dad exhorted me to
A) pay into a pension fund
. Save 5% -10% of my income.

Throughout my life i've always tried to do this and it has stood me in good stead. The trick is to put this money away the date on which you get paid so that you never miss it. If this means going without other luxuries you would like to have, ask yourself what peace of mind is worth having money set aside for emergencies.

Once I was married I set up a domestic maintenance fund in a separate savings account to cope with equipment breakdowns and believe me, it came to the rescue many times.

Are you really skint or are you simply spending your income on non essentials you could do without like regular takeaways, cooked meals at work instead of packed lunches, smoking, etc.

Keep a diary of your weekly spending, recording every penny spent and look at it critically. You may find there is room for manoeuvre in terms of being able to put a small amount of money away for emergencies.

System

Don't need to stop at 10%, I've kept living expenses at about £700 a month on an income of £1300 a month

theoretica

iammumtoone wrote: »

You are amusing the OP is you, for you it is possible to save as you have comforts to cut back on. The OP might not have any comforts, there are plenty of people who don't they can't afford it, so where does the money come from that they are able save?

There are plenty of people who say or think they don't have comforts - far fewer who really don't. Personally, I think it is very valuable to acknowledge and appreciate all the comforts you have.

If you have a TV to me that is a comfort which could be cut back on (and yes I have) or appreciated for what it is. Or cutting drinks back to water and tea but realising the tea is a comfort.

System

I must say my food bill is far lower than my wifi's, she has meat every meal, I have rice or baked beans or a sandwich, etc, and she buys cans of drinks, I buy cheap squash and even then that's above and beyond water

GreyQueen

I've found people can be very funny about money. Even people who have approached a debt advice service like my former employer.

You can have convos with someone who is unemployed and is paying a huge chunk of their monthly income on subscription TV, who regards this as a non-negotiable expense whilst complaining they can't pay their bills. To pick just one example from many.

You really do need to have a pot of money for the unexpected expenditures, even if it's £500. More if you run a car. If you can't save that, or sell stuff to achieve it, how about taking on a part-time job outside your normal working hours until you can build yourself a cash cushion? Because if you don't have a bit of savings, you will have a lot of inconveniences and troubles in this life.

luxor4t

iammumtoone wrote: »

Why does that sound out of date? .........

I was remembering the days of the Child benefit book and the Post Office saving book - both long gone. Sorry for the confusion: I should have added a bit more to the sentence.

jackyann

It isn't clear if OP has children. The unpredictability of life with children means that it can be more difficult to budget - but very necessary (like always having the cost of a taxi to the hospital hidden somewhere). And children need time with their parents / family so taking on extra work can be difficult.

As for "comforts" (a better term than luxuries) - I think that budgeting for a few can make sticking to a budget and getting through a lot easier.
Of course you can manage without a TV (I have) but having one can make evenings a bit more cheery (though always worth seeing if you like radio instead).
Sometimes a couple of pints in the pub (or even a cheap meal) is cheaper than cooking & heating. It all depends on individual circumstances, taste, commitments and so on. What I love about this board is all the suggestions.

Dill

Primrose wrote: »

Once I was married I set up a domestic maintenance fund in a separate savings account to cope with equipment breakdowns and believe me, it came to the rescue many times.

Yes this is what I/we need to start doing..

There's a lot of things we need, but can't afford (both our passports have run out = £140 :eek:, OH wants a bicycle so he can get fitter and lose weight, etc)

I'm not profligate by any means. I buy my clothes on EBay, rarely go out of an evening. I buy the odd CD, DVD or book, but again, not loads, and I do sell things on again if I don't need them any more.

PasturesNew

Try to "live on the dole". A single person living alone would be £70/week. See that as your benchmark to live on .... and anything over/above that much should be savings ...