We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

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

Options
24

Comments

  • kimwp
    kimwp Posts: 2,923 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    Section62 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.
    Is it not landfill by another name?
    Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.php

    For free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.
  • OrangeBlueGreen
    OrangeBlueGreen Posts: 23 Forumite
    10 Posts
    edited 8 July at 4:20PM
    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
    ShinyStarlight1 Posts: 158 Forumite
    Third Anniversary 100 Posts Photogenic Name Dropper
    Section62 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
    LHW99 Posts: 5,223 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Putting a % of any salary increase into savings rather than increasing my lifestyle by the whole amount of the extra money.
  • boingy
    boingy Posts: 1,908 Forumite
    1,000 Posts Second Anniversary Name Dropper
    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
    subjecttocontract Posts: 2,712 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    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
    jimjames Posts: 18,650 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 8 July at 8:54PM
    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.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • HHarry
    HHarry Posts: 987 Forumite
    Part of the Furniture 500 Posts Name Dropper
    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
    Myci85 Posts: 395 Forumite
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    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
    thegentleway Posts: 1,094 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    Never buying anything on credit (apart from house and 0% to stooze).
    No one has ever become poor by giving
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.