Help and advice for new saver.

Superscrooge

tonygrace wrote: »

Morning all,


I was hoping I could get some advice and tips on how to save seriously.


I have recently just turned 24 and have started a job that pays a salary of £38,935. This salary is a massive improvement from my previously salaries that never even touched £15000, however I am struggling to get out of that "payday spend up" mentality.


Due to my previous salary, I never had a real chance to save due to my outgoings being around £700 a month after tax and pension. Now I am on a higher income, I am struggling to start saving and stop enjoying it.


Can any one advise on any techniques they have found useful to help them save? Or if you could advise any savings accounts that you can add to each month but cant withdraw?


Thank you for your time and assistance,


Tony

Your income has roughly doubled. But this doesn't mean your spending has to increase.

Keep your spending close to the level it was when you were earning £15k and it should be relatively painless to save a substantial amount each month

kidmugsy

tonygrace wrote: »

Thanks for your reply, I think the LISA is a good bet so I will need to source whether my bank provides this service.

If you're thinking of the long term then there are several providers of Stocks and Shares LISAs but none, as far as I know, are banks. You could have a look at the websites of, for example, Hargreaves Lansdown or AJ Bell.

If, however, you're thinking of saving towards buying a house in the next five years you'd probably want your LISA to be held as cash. I gather that the only current provider of that is Skipton Building Society (of which I used to be a member - it seemed a fine business to me).

badger09

nomorekids wrote: »

If you are already switching to HSBC then I would definitely take out their regular saver at 5%. Excellent rate on £250 per month.

On maturity transfer the lot into an LISA upto £4000 a year.

Start with this and any surplus to £250 that you can afford put into highest rate of interest you can find on instant access.

Have you closed your Nationwide account as part of the switch ? If not go for their regular saver. Also 5% on upto £500 per month and instant access to your money.

You are the same age as my two eldest and they struggle to build up savings because something (normally a trip abroad) always crops up. That's just being young and you are not alone struggling to build up a pot. Good luck.

Nationwide regular saver max now £250 pm.