Effective saving

headoffinance

Hello,

This is my first thread but long time fan of this forum! I have tried saving money in the past but never been successful. I get my wage every month but gets paid out to bills sooner than I can say money! But today I have been looking at my finances and realised I can push a few things about to save a bit. Can anyone tell me some effective ways to save money easily as I am hoping to learn to drive in the new year and want to be passed by October 2020 if you can give me some tips it will be much appreciated.

Thanks,
G

staffie1

Make a list of absolutely everything you pay out each month - don’t forget annual expenses like home insurance, Christmas, birthdays, holidays etc.
Sharpen your pencil and see if anything can be cut out altogether (be brutal here). If the expenditure is necessary, use comparison sites to see if you can get it cheaper elsewhere.

Hopefully, you income is more than your expenditure!

Then do a budget based on paying yourself first each month. Decide how much you’re looking to save and by when, then arrive at how much you need to put away each month. Play around with the numbers in your spreadsheet until you arrive at a split between expenditure and savings that is realistic.

Make a solemn vow that you will respect your budget and let it guide you each month.
When you have the budget defined, then you can start looking at savings accounts, etc, but you need to have your budget set first.

Loads of information on this website to help you. If you struggle to see where you can free up more of your income from expenses, do a ‘statement of affairs’ and post it here, and there will be people who can look through it and make suggestions.

Good luck!

MovingForwards

As you have to learn to save and not spend, start simple!

Look at the 1p a day savings challenge and open up a savings account that you promise yourself not to touch.

Once you get into the swing of that look at the 52 week savings challenge.

headoffinance

Thanks for both of your replies!

Alexland

Rather than cutting costs to the bone until life becomes total drugery have you considered if there are any opportunities to increase your income?

Zero_Sum

As Alex says, look at ways to increase income.
Who do you bank with?
Nationwide offer 5% on balance upto £2500
TSB offer 3% on balances upto £1500
Santander cashback on household bills
Halifax have a reward account to get £2 a month (they do offer further cashback on certain retailers, as do Santander)
Co-op offer £4 a month cashback + 5p cashback on debit card payments upto 30 (so possibly an addituonal £1.50)
Theres a number of apps that pay you to scan receipts
Theres various sites/apps that pay you to do surveys.
Stoozing - spending on a 0% credit card, then stash the money earning interest. (More so if youre using the TSB & Nationwide accounts mentioned above)

headoffinance

I use 3 different banks actively they are HSBC, Halifax and Santander been thinking about getting a TSB, Barclays or a Coop account still quite unsure but I’m definitely going to go through all of my finances with a fine tooth comb!

Shashy

headoffinance wrote: »

I use 3 different banks actively they are HSBC, Halifax and Santander been thinking about getting a TSB, Barclays or a Coop account still quite unsure but I’m definitely going to go through all of my finances with a fine tooth comb!

Why do you need so many accounts?

badger09

Shashy wrote: »

Why do you need so many accounts?

Access to 5% regular savers, interest on balance, rewards and or cashback:cool:

Perhaps 'need' is not the correct word

Jamesgdever

My problem was when I put it into my savings account I would just take it out when I needed to.

Now I am looking into schemes like premium bonds that might help me save because they have a few days transfer times. Meaning I cannot get drunk and transfer it on an app in 5 mins lol.

Please let us all know your findings, would be good to have a source of reference for this.

xylophone

Do you have a Virgin Store near you?

Open a Branch Regular Saver, start with your initial deposit then set up a monthly SO for up to £250 a month from the account into which your salary is paid on the day when your salary is paid.

Meaning I cannot get drunk

Give up the drink and save towards the driving lessons - once you are driving you won't be doing much drinking...( one devoutly hopes)....