Anybody else finding it impossible to save money at the moment?

mandco

you are not alone there are many people in similar situations but most won’t admit it and when you’re working every possible hour for it to not be enough to see others who seem to have it all it but do less understandably gets you down. Yes we all know there are millions who are in far worse situations but you are still entitled to your feelings. We do live in a society where the pressure to have it all/do it all is prevalent and be made to feel if you don’t your somehow failing but you never know what’s going on behind the scenes in other people’s lives. I know people that seem to have it all fancy cars, newest tech, days out, holidays ect but are racking up substantial debt to do so which will eventually catch up with them.

I think we often have this ideas in our head of how things should/will be but the reality is often shocking different and it can take time to accept that. Right now things are not going as planned/expected and it’s tough but it won’t be forever as long as you avoid taking out un necessary debt just to feel like your keeping up with everyone else.

Short term think about what would make life feel a little better? You can’t afford days out with your son - guessing if your paying child care he’s still young - he doesn’t need expensive day trips what he’ll remember is quality time with you an there are loads of free/really cheap ways to do that.

check out your local area for summer activities there are often free/discounted activities
Trip to the park add a picnic & maybe a teddy bear or 2 and make it an occasion Go on a treasure hunt - basically take a walk and look for nature items. water fights in the garden or build a den you don’t need to spend to make it worthwhile.

can’t afford a Takeaway - realise they’re generally overpriced and mediocre have a fakeaway night instead - let ds help you make pizza - kids generally love helping in the kitchen given the chance then watch a movie together it’s even better if you make a living room fort to sit in.

Baking is also a cheapish fun activity for little ones the mess not so much for us - let him help prepare food for a picnic .let him get involved and Make essential chores into a fun activity as you’ll be doing them anyway. When they were little my boys loved helping with the housework loading the washing machine - count the items,name colours, sweeping the floor ideal activity after baking, tidy toys away who’s faster ect? we made boring necessities a game which adds a touch of fun to your life too and you’re teaching them valuable life skills to boot.

When you stop focusing on what you can’t currently do and start finding the joy in what you can life starts to feel less demoralising.

you’ve likely already done it but double/triple check all your outgoings and entitlements
use cash back where possible & add round ups directly to a savings pots

Start using savings pots - rather than every spare penny going into 1 large pot split it over various ones for specific aims -

unexpected expenses/rainy day obviously the bulk of savings are likely to needed here

days out -
birthdays/xmas -
holiday-
treat pot - I use this for spur of the moment can I have? treats.
Yes it will take time to build them up particularly at the moment where moneys extra tight but having them separate makes you feel a bit more in control and it’s easier to justify a spend when it’s been saved for specifically

horsewithnoname

https://forums.moneysavingexpert.com/discussion/comment/82082014#Comment_82082014

wouldn’t you expect wages to rise over the past 18 years?

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82082936#Comment_82082936

They have, and although there was a period where there was negative real growth, they are now marginally above where they were in 2008 in real terms.

UK Real-Terms Wages 2026: Growth Since 2008 | SalaryTax

The issue is that there has been really no improvement in living standards for the average UK person since 2008, and a spike in inflation 3 years ago has given the impression that the situation is even worse.

n15h

OP's post brought back memories for me when I had graduated from uni and was working 2 jobs just to make ends meet. It took a lot of time and saving pennies to turn those into pounds, and at the time it just felt a never ending battle. It took time but I finally landed a job that paid more than my 2 jobs combined and finally started seeing my bank balance grow. Just to put this into context, it took 10 years from graduating uni to finally being able to put down a deposit on my house.

What i found helpful is creating pots. I used an app called Chip which would connect to my bank account, review what money I had available and then automatically save a portion each week into their easy-access account. This took away the guess work and constant monitoring of my budget/finances each month. If I saved the same or more in 1 week than the previous week, I knew I was on the right track with managing my budget/finances.

I haven't used Chip since I bought my house - although I know they appear on savings account league tables for offering decent rates of interest - so I don't know if they still provide the automated saving feature, or if any other companies/apps offer something similar. I recall an app called Plum that did something similar, but am not sure if it still exists.

However, automating my saving without me having to lift a finger started a small pot saving £1-£5 a week and became a pot of £1000s over time - enough for a house deposit (which was my goal/focus at the time). I remember looking at my bank balance at times, and thinking how did I spend so much in the week (e.g., takeaways, going out, commuting) and that there'll be nothing to save, and yet the app still managed to put aside a saving. I can't explain the mental feeling I got when there was still something saved even when in my eyes, there was nothing left to save. It made me realise that I got to focus not just on my bank balance but also improve my mental wellbeing and my attitude to money.

OP - I appreciate it can get you down when you see money you're saving, ending up being used when unexpected expenses come up and it feels like you're back to square one. Keep persevering and focused - and talk to your close/loved ones about how you're feeling, as talking about it could also help give relief and perspective. If possible, give automating your savings/finances a go. See if that frees up your time and mind that you can then use to spend with family / making memories. That in itself becomes worth more than any bank balance!

BikingBud

https://forums.moneysavingexpert.com/discussion/comment/82079175#Comment_82079175

Apart from those coming off a low fixed rate and finding reality has kicked in.

Replacing artificially low interest rates, sub 2%, with 4.5-5% with all other cost of living increases on top and compounded by the squeeze of fiscal drag due to fixed tax thresholds severely inhibits spare cash to enable savings.

Banks always make profits. Supermartkets always make profits. Utility companies always make profits. Customer always pays.

Yes I know they are not charities but the amount of profit being taken does not benefit society, does not spread the money around, see the impact upon hospitality etc.

LHW99

https://forums.moneysavingexpert.com/discussion/comment/82083695#Comment_82083695

But then, how many autoenrollment (and other) pensions are investing in those banks, supermarkets etc? If companies don't make profits, and then pay dividends to shareholders, many people's pensions would struggle to increase, so that society would have to support a greater number of people by welfare, which also doesn't benefit society at large, or spread wealth.

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/82083695#Comment_82083695

Banks always make profits.

It was banks making massive losses that kicked off the GFC in 2007/8, a set-back we're still recovering from.

Utility companies always make profits.

Thames Water?