Be More Squirrel

datlex

http://www.bbc.co.uk/news/business-37798513 ignoring the whole thing about saving 60k by 40 for those of us over 40 this article has some good concepts in it. It contains links to helpful articles on the money advisory website.

La_escocesa

I saw his book the other day - great idea for kids http://saveyouracorns.com/

sourcrates

The theory is fine, save 20% for a rainy day.

Trouble is it's always bloody raining somewere with me !!

Maybe I should move somewere drier, a desert maybe !!!

determined_new_ms

I think saving 20% is unachievable for some of us! I only earn £800 a month and after expenses I don't have a lot left (I do save 10% for car, birthdays and Christmas but 20% would include my spending money as well! When I was earning decent money it was easy. When I was taking home £2.5k pm it was easy to put aside £1000 but much harder when on a low income

curlytop12

I read this today too, the principles are very good, have forwarded it to my DS.

adonis

I couldn't work out how the woman in the article managed to save between £200 and £300 a week.on £16000 a year
.
One way she managed it was by making herself a sandwich every day for lunch, instead of buying one - so saving £3 a day.
She also:

• prioritised her debts, paying off the most expensive first

• switched savings accounts, "just to get a little snitch more"

• switched supermarkets, saving up to £25 a week on food

• put money away in advance to cover bills

• reduced the spending limits on her credit cards

• put thermal lining behind her blinds to cut heating bills

I know she gets some benefits as well but it seems a bit misleading to me.

dirtycredit

I couldn't work out how the woman in the article managed to save between £200 and £300 a week

I know! I was scouring the article thinking TELL ME THE SECRET!! Then I realised they must mean a month not a week. :rotfl:

Save
Save

datlex

20% is just a number. The idea is you set aside something. You plan ahead- most bills are known so you can put aside money at start of pay period. Likewise savings.

I do agree on the £200 being impossible on a weekly basis by the lady on £16000. £50 per week is more realistic though still challenging. Of course we don't know what her circumstances are. It seems clear that she lives in the North. I'm not aware of Home Bargains being in the South. Not quite sure how she does all her shopping at one though as they certainly don't sell a wide range of products she would need other shops too. The concept of downsizing/ changing shops to save money is at work here. For me personally I can chose between buying items from Tesco, Aldi, Iceland, Poundland, Poundstretcher and Home Bargains in the same small shopping centre making it easier to chose the cheaper option.

Sanctioned_Parts_List

Hmm... not so very different to George S. Clason's "The Richest Man in Babylon".

That being said, Babylon finally made me understand what a lot of the "get rich" books were trying to say. Analogy works for some people

Let's see in 10 years whether £60k is the deposit for a house, or the cost of a loaf of bread... now that we're in "there be dragons" territory.