Savings

quxuhog

Hello,

I have switched to monzo and they have these pots you can create to save.
i'm just curious to see what people save for -
Say a set amount each month for certain needs.
Emergency funds, Car service, general savings, holidays

Whats your strategy? 
Thanks?

Alistair31

My emergency fund is where I want it to be value wise so doesn’t get topped up monthly, it’s in premium bonds - you never know!

I put regular sums aside in my Marcus account and have a separate spreadsheet detailing what they are attributed to. 

Eg;
car insurance 
holiday fund 
future LISA payment 

topped up monthly on pay day. 

kuratowski

Far too many different savings pots to list here (I keep track with YNAB).

I'd also say that the boring ones (insurance, household repairs, dentist, etc) far outnumber the fun ones (holidays, new phone, etc).  Such is life.

Just_a_person

Nothing really. I just save because I am tight.

Obviously sometimes money comes out for holidays etc.

quxuhog

Just_a_person said:

Nothing really. I just save because I am tight.

Obviously sometimes money comes out for holidays etc.

Best way to be though, Wish i had that mindset!

tel_

Because my money is in all different savings accounts, I would find it difficult to label certain accounts for certain saving goals.
Instead, I do mine the old fashioned way, and write everything down on paper.

I have written down in a list, all my spending groups e.g. Rent, Car, Xmas, Birthdays, Dentist, Phone, Eating Out, Gen Expenses.

Next to them, I have the amount of money that comes out of my wages each month to go into that pot, and next to that, the total amount of money I currently have for each expenditure pot (written in pencil so I can adjust the amounts when certain pots are called upon to pay for things).

e.g                                Monthy Contribution                                     Current Total
Car                                        £100                                               £528 (written in pencil)
Phone                                     £10                                               £10   (written in pencil)
Gen Expenses                      £150                                              £429  (written in pencil)

I also keep a written total of monies in all my instant access accounts, and make sure all the sums of money allocated for all my expenditures balance exactly to the pound every month, with my instant access accounts.

Am I sad? My family says most definitely YES! 

Do you think I have wayyyyy too much time on my hands? Well, enough to do this every month!

Jami74

tel_ said:

I have written down in a list, all my spending groups e.g. Rent, Car, Xmas, Birthdays, Dentist, Phone, Eating Out, Gen Expenses.

Mine is very similar to this, except on a spreadsheet.
My family think I'm absolutely bonkers.
I wish someone had explained basic budgeting to me when I first started earning money, it is a really lovely feeling having money ready for a yearly expense.

tel_

Jami74 said:

 it is a really lovely feeling having money ready for a yearly expense.

Exactly. Knowing that you have the dosh ready, for say, car insurance, instead of paying for it each month in instalments and costing you more in the long run, is just a much better way to live IMHO.

MovingForwards

I have different accounts for different things:

Current account - car fund (repairs / insurance / tax etc)

Current account - external / communal home repairs (FTB, waiting to complete)

Current account - wages in / bills out

PBs / S&S ISA - absolute emergency fund / pension 

Plus I've got 3 savings accounts which hold my mortgage deposit, 1 will close on completion (H2B) the other two will be relegated to:

Savings account - interior home

Savings account - emergency fund

My regular current account has 'pots' so I can see where I'm spending and also set budgets about monthly spends.

I keep track of everything via a couple of spreadsheets.