Best way to save?

SJD1995

Hello!

I was just wondering on what is the best way to save money? Not for anything specific but for a rainy day or something to fall back on if a troubled day ever comes.

I’ve tried the basic way of saving before by taking a so much out of my wage every month and putting it in my savings, but I just find myself dipping into it or spending it after looking at it as extra money to spend on the weekly shop etc. STUPID. I KNOW.

Any suggestions? PLEASE

LobsterMemory

Sounds as though you need to put your savings where you can't get at them

So, if you're saving in an Instant access account, try an Easy Access account which would mean that you'd have to make a conscious decision to transfer the money so you could access it and it would take a few days

If that doesn't work put it into a Notice account which would mean that you'd have to give 30, 45, 60, 180 days etc notice before you could splurge it away

SJD1995

Well that’s something I never knew existed, I’ll have to have a look into that. Thanks!

Mnd

Try setting you weekly budget in cash, draw that out and make it last the whole week, easier than monthly

Bravepants

Also, start small. Perhaps start with £50 a month put away and see how you get on. Then next month or so put £100. The aim is to get to a comfortable level of saving and spending so that you are putting away for the future but also not suffering too much in everday life.


Watch out for deals in supermarkets. Shop in Lidl and look out for cut price yellow label deals in Asda. Much of the yellow label stuff can be frozen on day of purchase.

Zero_Sum

Some people have this mentality that if you have a bit of cash it needs to be spent.
You need to try & change that mentality, and stop spending just for the sake of it.

sillyhilly

Each month, I withdraw my months 'spending' budget from my bank to Revolut, where you can't overspend. I will not top-up more, and will try my best to have some left over to 'carry over' to the following month and therefore save some more.

Also, when I get paid, I immediately calculate what I need for the month, with any excess being sent to separate savings accounts (ISA, Savings, Stocks and Shares ISA etc) so that I'm less inclined to touch them.

Cherry_Burton

Hi

How about setting up a Regular Savings Account? You can set the £ amount per month and a Standing Order to take it from your Current Account. Although you can withdraw money it often involves closing the account, so you could find one with this feature.

CB

danplum5

Monzo (and probably other digital banks) have a locked pots feature that allows you to set a time period in which you cant access the funds that you have moved into a pot you've created.

lr1277

I bought premium bonds so that it would be much harder to withdraw the money. It would involve a conscious decision and then ringing up National Savings to cash in the bonds. Worked for me.

user1168934

I think everyone does it differently. Personally for me it is "take care of your pennies and the pounds will take care of themselves".
Also keep a spending diary. I use some app (free of course) on my mobile which also show me graphs where the money is going. At the end of each month I also export the whole thing into an excel spreadsheet - again the app does it for me. At the end of the year you will have enough data to analyse the cr*p out of it.