Effective saving

headoffinance

Honestly shashy I don’t need all these accounts they all just offer me some really good things for example:

Halifax: Rewards, Save the Pennies, pay my CC easier and I have a £250 overdraft.

HSBC: my main account with a flexible saver also got a CC here with £7,000 limit and an overdraft (£2,000)

Santander: Current and Savings good rates also keep emergency cash in this account for whenever

Also no there is no virgin store near me my local high street just has (Halifax, HSBC, LLoyds etc.

Zero_Sum

The savings rates with Santander arent very good at all

edgex

Alexland wrote: »

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

Without a change in behaviour, people just continue to spend the extra income

Albermarle

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.

I think this is a good idea as it reduces the temptation to impulse buy/spend with money you have saved .

PEHsaver

I would track your spending , log where every £1 goes so you can build up a good picture of your spending habits , unless you do this its easy to shrug off little spends that really add up over a typical month. a simple app like "spending" on the I phone is good and easy to use when out and about to log your spending and put it into different categories.

Firstly though , look at all your recurring monthly bills , see if you can lower any of the essential ones and cut out any unnecessary ones completely.

- Mortgage , are you getting the best available rate?
- Car Insurance?
- Home Insurance?
- Utility Bills?
- Broadband?
- Transport Costs?

reviewing these and ensuring they are the lowest possible could save a fair amount , once I have my main bills set at the lowest possible rates , upon payday I will do a monthly budget and leave the exact amount to cover these bills in my current account , the remainder I will transfer out to another account.

I then take note of everything I am spending from the remaining cash and use a credit card throughout the month (I am very disciplined with this and pay it off in full each week) but this way I get the perks of using a credit card (air miles) and it makes me feel more guilty for spending so tend to spend less. Credit cards are a good tool if used properly , I always pay it off in full and never pay any interest. I also have enough air miles built up now for free flights to the USA.

I review my spending each week , pay my credit card off in full and transfer any remaining cash into the stock markets , this strategy has enabled me to save a significant sum over the last few years.

danm

I may be wrong but the fact that you are valuing banks based on their willingness to give you credit suggests you have some debt outstanding? Highly likely that this will be costing you more than you will gain by saving so you should look to clear any penalty free debts asap

atush

PEHsaver wrote: »

I would track your spending , log where every £1 goes so you can build up a good picture of your spending habits , unless you do this its easy to shrug off little spends that really add up over a typical month. a simple app like "spending" on the I phone is good and easy to use when out and about to log your spending and put it into different categories.

Firstly though , look at all your recurring monthly bills , see if you can lower any of the essential ones and cut out any unnecessary ones completely.

- Mortgage , are you getting the best available rate?
- Car Insurance?
- Home Insurance?
- Utility Bills?
- Broadband?
- Transport Costs?

reviewing these and ensuring they are the lowest possible could save a fair amount , once I have my main bills set at the lowest possible rates , upon payday I will do a monthly budget and leave the exact amount to cover these bills in my current account , the remainder I will transfer out to another account.

I then take note of everything I am spending from the remaining cash and use a credit card throughout the month (I am very disciplined with this and pay it off in full each week) but this way I get the perks of using a credit card (air miles) and it makes me feel more guilty for spending so tend to spend less. Credit cards are a good tool if used properly , I always pay it off in full and never pay any interest. I also have enough air miles built up now for free flights to the USA.

I review my spending each week , pay my credit card off in full and transfer any remaining cash into the stock markets , this strategy has enabled me to save a significant sum over the last few years.

This.

Do a spending diary. Cut out waste. Budget. incl a small amount for leisure incl going out for drinks. Stick to it. MSE all your outgoings from phone to utilities etc. Get a cheaper deal.

Once you have set the amount you can save, set up a DD to your savings for that amount on payday. If there is any left over at the end of the month, save that too.

lassfarfromhome

I track every penny (yes, penny) that I spend and this helps me cut habitual spending that i doesn't add value to my life. It really highlights the areas where you are !!!!ing money away. I thoroughly recommend this.

Make a list of all your regular monthly expenses and, item by item, think about and research whether the item could be reduced or cut. I'm not saying cut every expense. If something is really important to you and brings you a lot of satisfaction, it makes sense to keep it. But it will help you cut monthly expenses that do nothing for you. Perhaps a subscription to a magazine you never get round to reading.

Hang out on MSE!