My Saving Money System

Damien31

im gonna share my neat lil system i developed for myself a while ago to save money....you heard the saying, "a wise man saves for the future, but a fool devours whatever he gets"

i used this trick, to trick myself into saving....and after a few months i was swimming in a much easier life ....


Nearly everyone has a problem with saving money....google it to read of the problem....

But i have developed a system to save money that works great for me....you need an income of some sort for this system to work....job or dole etc....


I was searching the internet about where i could put my money without me being able to access it no matter how hard i bloody tried ....because i know if i have instant access to it, my history of poor money management means it will just go to waste on an absolute load of !!!!....i searched everywhere online for a place that offers this kind of facility.....i came across a thing called!'notice accounts'....none of the banks offer it over here in the uk....which is strange....only the building soceities branches in town do....i guess they dont call them building soceities for nothing.....so i opened an account.....i chose a 3 month notice account....i wont mention the name of my building soceity....so!a 3 month notice account means i have to give them 3 months notice before i can get my money.....so!i have to wait three long months to get any out....unless i die..lol....but since i have an income ...having to wait 3 months removes any temptation and opportunity or possibility for me to splash the cash i put!in or keep putting in....winning!.....

If i need £100.....i just wait for paycheck...its quicker than waiting 3 months to dip into my precious nest egg....you see it??

Everytime i get paid i stick a portion in my nest egg notice account without thinking about it.....its easier that way

However, once i had 10k!in my nest egg from saving with this trick....i gave them 3 months notice because i stupidly wanted direct!access....i thought i could handle the temptation but i went on a spending spree and it went from 10k to!6k....so i quickly put the remaining 6k back as i saw myself going back into poverty....which was a very very wise decision and i learnt from my mistake....i will never draw from it again unless its dire...


So thats one one of my winning strategies .....

MaxiRobriguez

Cool cool.

barnstar2077

Damien31 wrote: »

im gonna share my neat lil system i developed for myself a while ago to save money....you heard the saying, "a wise man saves for the future, but a fool devours whatever he gets"

i used this trick, to trick myself into saving....and after a few months i was swimming in a much easier life ....


Nearly everyone has a problem with saving money....google it to read of the problem....

But i have developed a system to save money that works great for me....you need an income of some sort for this system to work....job or dole etc....


I was searching the internet about where i could put my money without me being able to access it no matter how hard i bloody tried ....because i know if i have instant access to it, my history of poor money management means it will just go to waste on an absolute load of !!!!....i searched everywhere online for a place that offers this kind of facility.....i came across a thing called!'notice accounts'....none of the banks offer it over here in the uk....which is strange....only the building soceities branches in town do....i guess they dont call them building soceities for nothing.....so i opened an account.....i chose a 3 month notice account....i wont mention the name of my building soceity....so!a 3 month notice account means i have to give them 3 months notice before i can get my money.....so!i have to wait three long months to get any out....unless i die..lol....but since i have an income ...having to wait 3 months removes any temptation and opportunity or possibility for me to splash the cash i put!in or keep putting in....winning!.....

If i need £100.....i just wait for paycheck...its quicker than waiting 3 months to dip into my precious nest egg....you see it??

Everytime i get paid i stick a portion in my nest egg notice account without thinking about it.....its easier that way

However, once i had 10k!in my nest egg from saving with this trick....i gave them 3 months notice because i stupidly wanted direct!access....i thought i could handle the temptation but i went on a spending spree and it went from 10k to!6k....so i quickly put the remaining 6k back as i saw myself going back into poverty....which was a very very wise decision and i learnt from my mistake....i will never draw from it again unless its dire...


So thats one one of my winning strategies .....

Although it is great that you are saving some money, have you considered using a pension now you have some emergency cash? There are many benefits to using a pension, including your employer making contributions and a 25% increase from the government on the amount you put in. Many companies also use salary sacrifice, which means you won't pay NI on all or part of your contributions.

As I said, it is great that you are saving, but in the long run you probably won't be getting much of a return on your money in the kind of account you are using. On the plus side for you, the pension has an age restriction on when you can access it from. Then you could opt for a higher monthly amount instead of taking a large lump sum, so you are not tempted to blow the lot. Something to think about.

kangoora

Another big benefit of saving in a pension is you can't actually access the cash until 55 years old - possibly raising to 57-58.

Accessing it before that age (unless suffering from a terminal illness) is a) illegal b) will attract a 55% tax charge on the amount withdrawn when HMRC catch you - kind of a real big incentive not to try and access it early

Your 55 year old self will thank you later in life.............

eskbanker

Damien31 wrote: »

i searched everywhere online for a place that offers this kind of facility.....i came across a thing called!'notice accounts'....none of the banks offer it over here in the uk....which is strange....

Time to brush up on your searching technique methinks!

UK notice accounts are offered by the likes of:
Shawbrook Bank: https://www.shawbrook.co.uk/personal/savings/notice-savings-accounts/
Paragon Bank: https://www.paragonbank.co.uk/savings/savings-accounts?tabid=notice-accounts
Wyelands Bank: https://www.wyelandsbank.co.uk/personal-savings/notice-accounts/
United Trust Bank: https://www.utbank.co.uk/deposits/personal/
Investec Bank: https://www.investec.com/en_gb/savings-accounts/notice-plus.html
Gatehouse Bank: https://gatehousebank.com/personal/savings/notice-accounts/120-day-notice-account

I stopped looking after that....

Damien31

Thanks for correcting me....but that is a Funny looking bank list pal...never seen any of them in my city....ever.....are those online only accounts??

Im talking about the likes of these banks who do not offer notice accounts.....that everyone knows....

Lloyds
Natwest
Halifax
Hsbc
Etc.....


Anyways, just thought i would share what works for me:)

cattie

I've invested in most of those mentioned by esbanker. If you did some addtional online research you'd learn than non of the mainstream banks or building societies offer market leading rates, so it pays to save with those offering the best rates. Silly really to settle for a piddling rate when you can do better. It's more encouraging to see your savings grow faster by choosing the best rate & account of your choice that you can.

All reputable institutions will be members of the FSCS & your money will be protected up to £85K should the bank every fall into any trouble.

bowlhead99

Damien31 wrote: »

Thanks for correcting me....but that is a Funny looking bank list pal...never seen any of them in my city....ever.....are those online only accounts??

Im talking about the likes of these banks who do not offer notice accounts.....that everyone knows....

Lloyds
Natwest
Halifax
Hsbc
Etc.....


Anyways, just thought i would share what works for me:)

In addition to eskbanker's list, Aldermore have been offering notice accounts for at least a decade, https://www.aldermore.co.uk/personal/personal-savings-accounts/notice-accounts/ , so not really true that "none of the banks offer it over here in the uk..."

You did say ".i searched everywhere online for a place that offers this kind of facility....." before saying that UK banks didn't offer it. We weren't to know you had a really limited definition of "everywhere"

Still as you say, if it works for you, that's great.

MovingForwards

Any long-term money I'm saving goes into accounts with limited withdrawals ie two per calendar year.

Worked well for me the last three years, build up a kitty over a year then lock the majority of it away into a fixed rate savings bond for one or two years.

All are with a normal bank.

You do have a lot to learn!

Damien31

Study the miracles....delve deep into them

Dont just read them, watch them....

Then come back again and tell me i have a lot to learn:)

Forgive me for not knowing some banks
Offered notice accounts....i guess youre right, my research skills are not that great....anyways im happy with my brick building soceity....

However with my method that works for me i saved over 10k in like 1 and a half year....something i have never been able to do until i said enough is enough and devised that system for myself...

eskbanker

Damien31 wrote: »

i said enough is enough and devised that system for myself...

Well done and all that, and I'm sure everyone is delighted for you, but personally I think you're in serious self-aggrandising territory if you feel that using restricted access accounts really qualifies as 'devising a system'....

Personally I've just devised a system that allows me to have in-home access to a range of ready-prepared hot meals without having to source the ingredients or cook them, or, as others might say, I've just phoned our local Chinese takeaway