What’s the ONE Money-Saving Habit That Changed Your Life?

kimwp

Section62 said:

What_time_is_it said:

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And if you leave behind a house full of stuff for your kids to sort out one day, they will not be happy about it.

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Depends whether your kids like 'stuff' themselves.

I helped clear out a great aunt's bungalow... it was like an Aladdin's cave.  Nothing made me happier than knowing her 'treasures' went to museums, into other people's homes, and into boxes so the next generation could get a sense of family history if they ever show an interest.  Much better than it going to landfill.

Is it not landfill by another name?

OrangeBlueGreen

Treating putting money into savings like any other bill that needs paying. 

Basically save as soon as payday hits, instead of doing it at the end of the month with what is left over.

The best thing I was taught was to budget, and even did it when going out. For instance, let's say I had £50 for the evening and came back with £10, that £10 then went into savings to ultimately help buy a house. Did that for everything, it soon mounts up!

There is also no shame in ever saying "I can't afford X".

And regularly double check your savings' interest rates to ensure it hasn't plummeted, such as when you had a 12 month new customer offer.

I can't believe budgeting isn't taught, it's a life essential skill, but let's face it, it suits capitalism that many people don't.

ShinyStarlight1

Section62 said:

What_time_is_it said:

...
And if you leave behind a house full of stuff for your kids to sort out one day, they will not be happy about it.

...

Depends whether your kids like 'stuff' themselves.

I helped clear out a great aunt's bungalow... it was like an Aladdin's cave.  Nothing made me happier than knowing her 'treasures' went to museums, into other people's homes, and into boxes so the next generation could get a sense of family history if they ever show an interest.  Much better than it going to landfill.

Agree. When I sorted through my dad’s house, it was a labour of love. It also offered me insights into him as a schoolboy, a teenager, a young soldier, etc. A really precious time.

LHW99

Putting a % of any salary increase into savings rather than increasing my lifestyle by the whole amount of the extra money.

boingy

Focus on the big stuff and forget the small stuff.

If you have a mortgage then it's probably your biggest outgoing so give it the attention it deserves. Take every opportunity to reduce the interest rate or pay some of it off (if the interest rate makes it sensible to do so).

Don't buy a new car every three years. Buy a 2 or 3 year old car and keep it for 5+ years. And don't get caught up in the competition to have the best car in your family/office/pub/whatever. 

subjecttocontract

NOT paying off the mortgage. I took my first mortgage out at 21 and had at least one mortgage every year until I was 65. At one time I had 10 mortgages. Using someone else's money (mortgage loan) to increase your capital makes perfect sense. I never understand people's need to want to pay their mortgage off early. If you have spare cash, buy a bigger property.

jimjames

Having a credit card and paying it off in full every month. Never any issues with "petrol station had £100 of my money on hold" and essentially free borrowing for around 50 days.
I know it says ONE but another is not constantly borrowing to run a brand new car, buy a car you can afford.

HHarry

Understanding value.  It’s ok to spend a lot of money on something if you are going to use it everyday until it’s fallen apart and goes in the bin.

Buy sensibly.  “I need this” - can I get an alternative that is as good but cheaper?  If not, can I get the original in a sale or second hand?  If not, buy the original.

Myci85

Setting up a monthly standing order into my savings account. My savings build up without me noticing, and if I'm short at the end of the month I can transfer some back, but it's easier to be frugal when your current account tells you you've little money left than when it tells you you're comfortably able to keep spending. 

Also, when I remember, I will manually do small transfers into savings. If my balance is £545, I'll send £45 into savings for example. Or even just £5. And again when I remember, anything left in my account day before pay day I transfer into savings. 

thegentleway

Never buying anything on credit (apart from house and 0% to stooze).