Tips on saving required

TBC15

DaveH93 said:

TBC15 said:

Open a Marcus savings account money in and out in the time it took me to type this.

I’m not familiar with what this is, but will look into it. I’m always conscious of moving money into different places other than my main bank provider, I’m a creature of habit! Would you recommend a Marcus savings account over a Barclays Everyday Saver, I’ll be saving from scratch, so starting when I receive my May salary.

I can’t comment on the Barclays account but the few keystrokes to open/use the Marcus one makes it my go to account in retirement for instant/short term funds.

MovingForwards

DaveH93 said:

MovingForwards said:

I have savings accounts for different things eg car, home, emergency fund etc and pots for when I retire.

Created a spreadsheet and I've worked out my fixed outgoings for the year eg gas, electric, council tax, rent, food etc, leaving a few spaces in case I buy anything from eBay or spend on my CC, as bills go up / down the figure gets altered.

Whatever is left, then gets split between my pots.

If I don't go shopping, the money I would have spent that week goes into savings, if I spend less than I budgeted for it goes into savings.

I also move everything 99p and under from my account and split that between my pots, I've moved 1p quite a few times.

I don't move money into savings and back again, what happens if you forget and miss a payment?

Thank you, this sounds like you have a great approach to saving! My main concern with transferring money to savings and back, is that I may keep dipping into them, which I would like to avoid! 

That's why I have different accounts for different things, my car insurance / repairs / MOT / Tax is in one current account that way I just use the debit card for payments. I've worked out how much the last 12 months cost and put in a portion of money each payday. Small interest rate.

I have a internal home repairs account, savings account with interest. A separate one for external repairs / maintenance.

My emergency fund is in another savings account, with interest.

To start with I had my accounts with different banks to my wages / bills / food account so I couldn't dip in. After saving for a year I locked most of the money away in a fixed rate bond, saved again the next year and tucked most of it away again in another fixed rate bond. Now I've a few account with my wages bank and have never dipped into any of them all pots are earmarked and ready to be used for various things.

I kept focused on my goal (mortgage deposit etc), learned to save, cut my outgoings right back and I'm about to pay some of my pots to my solicitor.

What is it you are saving for? As a goal will help.

SFindlay

DaveH93 said:

Hey, so I’m quite new around here, I’ve only just become debt free as of last week, and I’m now going to start the journey of saving - but you may say I’m an amateur with this. 

My intention is to save as a basic £600 per month, with adding extra where I can at the end of each month before I get paid again. The main question I have is - If you know you have a particular large payment due in a particular month, would you; (a) transfer money into savings but then transfer out what you need for the payment or (b) keep money in the current account and use this to make the payment. 

I appreciate this may not make sense but appreciate any advice from experts!

Firat question is do you or have you had a Nationwide Flexdirect account?? 
If answer is no the solution is get one open today (as rate closes at end of month) and you will immediately have the best savings rate going for the next year at 5% fixed on first £2500 so no need to worry about rate changing for a while. All you need to do is deposit £1000 per month from non Nationwide account so even if don't want to put wages into account you can transfer £1000 out then back in next day if wanted to!! From the Nationwide account you can then fund regular savers each month if can maintain the 2500 and still get around 2% interest on a few of them Halifax, Coventty don't need current accounts or could go for Lloyd's, BOS, TSB if have accounts with them. 
Priority I would say though is open Flexdirect before end of month as wont see 5% interest rates anywhere else for a while.