How did you 'mentally' start saving?

edinburgher

I gamify it

The priorities/order mentioned by bowlhead are pretty much as we manage money in our house, we also get a set amount of 'pocket money' to spend. I have far too much fun shepherding this few hundred pounds a month!

Simple visual cues really help to make it obvious just how much 'spare' I have left (like a spreadsheet formula that divides the sum by the number of days until my next payday). I get quite attached to seeing this figure go up, so it coaxes me to spend a little less each day. Nothing crazy, just things like 'I had to buy a roll for breakfast, so I'll skip a coffee, that's an extra 20p a day 'til the end of the month'. The pot gets topped up with any small extras I earn, like P2P interest, FIT cheques, cashback.

After a few months of managing this little pot, I'll set myself an achievable but useful target (like £500/£1,000). Sometimes it will be splurged on a family trip or similar, but usually I'll find something that my future self will get a kick out of (like trying to earn a bit more by tipping it into P2P), I even managed to pay for our £4k solar panels after a particularly focused year

It's a virtuous circle, a harmless bit of fun and makes me think about the future without having no fun in the present.

bigfreddiel

Lots of very interesting detailed advice, but very boring.

In reality, if you want to save, do it.

If you want to buy cute little dresses etc, do that instead.

Jusr DECIDE what YOU want and get on with it and good luck fj

xylophone

You might call one of the Tesco accounts "Tommy's Bedroom Fund" and regard it as Tommy's money - no spending until it holds enough for the Farrow and Ball, sleigh bed, snowman murals, stencilled bookcase, matching floor coverings etc.......:)

Pincher

For many years, the money was all tied up in property, so couldn't spend it if I wanted to.

Another one was pension contribution, try getting that out.

BananaRepublic

I find the best way to stop spending needlessly is to think about the purchase, and the pleasure it will bring. Often the pleasure is in choosing and buying rather than using, which means it is best forgotten about. Ask yourself what benefit it will bring. More often than not the benefit is illusory, or in the minds of advertising wonks. That is why I buy a new car, and drive it into the ground. I know I will soon get bored of a new car, so what is the point. I stick with the old one, and keep it clean. Often cleaning existing goods is as good as having new ones.

djpailo

When I was out of work for a year, I realized the value of saving.

edinburgher

xylophone wrote: »

You might call one of the Tesco accounts "Tommy's Bedroom Fund" and regard it as Tommy's money - no spending until it holds enough for the Farrow and Ball, sleigh bed, snowman murals, stencilled bookcase, matching floor coverings etc.......:)

Sounding like you're being a bit judgmental there, painting the OP as a bit of a dizzy eejit! Nothing wrong with a mother wanting to buy a few nice things for her kids as long as the future is taken care of as well.

bigadaj

edinburgher wrote: »

Sounding like you're being a bit judgmental there, painting the OP as a bit of a dizzy eejit! Nothing wrong with a mother wanting to buy a few nice things for her kids as long as the future is taken care of as well.

....expect the whole point of the thread is that the OP has admitted to being a bit of a dizzy eejit.....

theoretica

Pepperoni wrote: »

I did have money that was allocated to house stuff, clothing and entertainment but I never found it enough (clothing and entertainment are the areas where I do our overspending!). And then ended up using 'savings' to fill the whole. The amount was probably enough, it was just overspending on unnecessary stuff.

Probably a large amount of the clothing and house stuff you are buying is for entertainment so having the whole lot in a 'shopping for fun' budget seens reasonable. Or perhaps two budgets or running totals, one for the stuff that was truly necessary, and one for stuff you wanted. Being honest with yourself about whether you need or want things is very helpful. As is looking back a few months later to see what of your spending you still appreciate and think was worth while.

You don't need to have a final plan for saving before you start. Put some money away and see how it goes and then increase the sum saved when you realise you value the security and options it brings more than you value immediate spending.

Pepperoni

Thank you to all who have replied with advice. I really appreciate it.