I need to start saving money again?

Jlawson118

I'm 20 and I've been brought up to save money, and I used to be really good at it. I opened my first bank account when I'd just turned 17 and saved £200 there, that build up to nearly £1500 within just short of two years.

Then after that, I split half of the money into an account my grandma saves for me that I don't touch, and I spent the rest on a trip away with some friends for my 19th.

Since then, I've tried again but I've been rubbish at saving. I got a £2000 Scholarship from university (two half payments, one in November, the other in February) that I managed to save until this summer. I also earn a few pounds on YouTube that I put into a separate savings account to watch build, and I could use this money on my channel too (I play games every now and then so it could have bought new games) and even with Lloyds Bank last year, I was using their Save The Change feature quite a lot and I liked saving that. But that scholarship got spent over the summer, I travelled quite a bit through the summer, then got a car.

But right now, I'm spending money like there's no tomorrow. I have credit cards and I haven't gone over the limit and don't intend to, but using these means I don't really save the change like I'd like to, and I don't even use Lloyds anymore, just First Direct and Barclays. They're reward cards so I'm rounding money up to the nearest pound to get the points, when before, I used to go cheaper to save more change.

I start a little part time job in a few weeks, earning approximately £144 a week, I've just been thinking that I could put the £44 in savings each week, and use the £100 for my weekly essentials like fuel, lunch, and other essentials. And I spend my YouTube earnings these days instead of saving them, I'd like to start saving them again. Right now, seeing my bank so empty is making me want to save again, but right now my car is costing me a lot to run and fill up. I thought filling it up would be cheaper than the buses last year but it's actually costing me double..I got a £1000 maintenance loan from student finance, I'm down to £200 in just a month. I've had to get my car repaired, fill it up. Traffic is a nightmare where I go to university so that's putting a strain on my fuel tank..

Anyway, rambling over. I'm just curious what save the change methods I could do? And other saving methods out there?

atush

Any thoughts about getting rid of the car? Or joining some sort of shared ride scheme (to save on costs?)

Save into a regular saver each month on payday. If the money is gone you c ant spend it.

Every time you want something, make yiourself wait. And evaluate if it is a Want or a Need. If it s a Need, then try and find somewhere you can get it cheaper.

For instance, a game. You can buy it full price on day of release, or you can order it online and get it cheaper under a preorder price guarantee.

teddysmum

Learn self control.

coyrls

I think it's pretty clear that you can't afford to run a car. Trying to run a car at 20 while at University is ambitious.

Jlawson118

atush wrote: »

Any thoughts about getting rid of the car? Or joining some sort of shared ride scheme (to save on costs?)

Save into a regular saver each month on payday. If the money is gone you c ant spend it.

Every time you want something, make yiourself wait. And evaluate if it is a Want or a Need. If it s a Need, then try and find somewhere you can get it cheaper.

For instance, a game. You can buy it full price on day of release, or you can order it online and get it cheaper under a preorder price guarantee.

coyrls wrote: »

I think it's pretty clear that you can't afford to run a car. Trying to run a car at 20 while at University is ambitious.

Generally the car is a must have, because I live in a small village and the buses are very unreliable. I was late to important classes and nearly late to exams last year. But buses would cost me about £86 a month, driving costs me around £120. Although this is why I've got myself a job on the side, to help out with these kind of costs

bobobski

Have you tried not driving in rush hour? For example, leaving an hour earlier, spending time in the library before lectures etc.

For me, having money "disappear" (into savings accounts) is a big reason to stop spending. Budgeting also helps, but remember that doesn't mean that you should be setting a target!

Can you pick up extra hours at work? Especially over the holidays?

Why do you have credit cards? Leave them at home hidden in a drawer.

Do you bulk-buy your shopping? Could try going with a friend and making the most of 2-for-1s.

The "learn self-control" comment above was harsh but true - personally, those kinds of comments didn't really help me when I had no self-control, but using "past" me to control "future" me did help, e.g. don't take cards out with you, use a shopping list etc.

Jlawson118

bobobski wrote: »

Have you tried not driving in rush hour? For example, leaving an hour earlier, spending time in the library before lectures etc.

For me, having money "disappear" (into savings accounts) is a big reason to stop spending. Budgeting also helps, but remember that doesn't mean that you should be setting a target!

Can you pick up extra hours at work? Especially over the holidays?

Why do you have credit cards? Leave them at home hidden in a drawer.

Do you bulk-buy your shopping? Could try going with a friend and making the most of 2-for-1s.

The "learn self-control" comment above was harsh but true - personally, those kinds of comments didn't really help me when I had no self-control, but using "past" me to control "future" me did help, e.g. don't take cards out with you, use a shopping list etc.

Driving in rush hour isn't particularly all that avoidable. Now my Sat Nav has given me a route for rush hour mornings which works out really well, but this doesn't work for the way back as getting out of the city centre is very difficult for most of the afternoon/evening.

I use my credit cards for the rewards really. I was using the Lloyds Avios to use abroad when I was away over the summer, but I realised that after their promotional period, the points I'm earning just weren't working out, and I've moved over to Barclaycard in which I use a lot of their Freedom Reward partners so I earn quite a lot of points. A fine example of me spending money stupidly, is I can be known to spend a fortune on iTunes, but I've been like this for years, even when saving my money still. I do set myself limits with iTunes now though, but earning freedom rewards allows me to earn vouchers to use on there. After meeting to criteria for their incentive, and my general spending, I've already earned a £25 voucher with them, but I'm going to build it up to £50 before I redeem. Although, earlier this year, I was setting myself a £5 a week limit, I don't really spend as much on there now anymore, though as a student I can get access to Spotify Premium for £4.99 a month, so I feel like I'd save money from that.

I've recently had a clear up of bank accounts and credit cards so I have ditched the Lloyds Avios now. And well I've decided to pay my credit card bill every week, and round the money that's left into savings. Like for example, tonight I've started with £4.42, and by Friday I'll add some more. I'm thinking every Friday.

I don't really do the shopping, I'm still living with my parents so I don't do the weekly shop, all I really do is buy lunch but even then I've started trying to avoid doing that..

I am going to sit down and figure out where money is going, and I do plan to start saving up again

Startup1985

Hi, I would be interested in seeing your channel. I'm a fellow content creator

atush

Jlawson118 wrote: »

Generally the car is a must have, because I live in a small village and the buses are very unreliable. I was late to important classes and nearly late to exams last year. But buses would cost me about £86 a month, driving costs me around £120. Although this is why I've got myself a job on the side, to help out with these kind of costs

So what about the rest of what I wrote? Finding someone to pick up along the way- they give you the bus fare?

And the savings tips?

Dont be selective in your reading.

Mr_Costcutter

atush wrote: »

And evaluate if it is a Want or a Need.

So agree with this. It is so important upon making a purchase to consider whether you really 'want' or actually 'need' it. Additionally, many people waste a lot of money on impulse buys - are you one of those people lol

atush

There is nothing wring with setting a small fun money/leisure pot and spending that on a whim.

But overall you should have a budget? And not go over your budget for that type of spend?