Saving When Spending Technique

gear

Hi all, this is my first post !
I just thought I'd pass on my own personal saving tip I use when I'm shopping. I only spend notes and not coins and put the change in a money box which I then count up and deposit in a savings account every Saturday. For example, if I go into Sainsbury's and buy a 16p bottle of squash, I'll pay using £5 and the £4.84 change into my moneybox. It soon mounts up. The only draw back is your pockets do get heavy each shopping trip with change but I'm depositing roughly £40 to £50 per week which I wouldn't otherwise be doing.
Well I hope someonw finds that useful.

dmg24

Hi gear,

Welcome to MSE.

Great idea, the only problem I can see is that not many of us have that many notes to spend!!! x

gear

Yes, I can relate to that lol

marc5180

good idea, il try that each day.

ovetta2001

We do this alot but just with anothing under 50p's - saves £20-£30 a month

geordie_joe

This sounds like a good idea, but to be honest if I tried it I would soon run out of money.

If could afford to do it I would simply set up a savings account and an automatic transfer of £50 per month into it. It would save a lot of bother.

marc5180

geordie_joe wrote: »

This sounds like a good idea, but to be honest if I tried it I would soon run out of money.

If could afford to do it I would simply set up a savings account and an automatic transfer of £50 per month into it. It would save a lot of bother.

Haha true.

Mark7799

I do something similar with my loose change at the end of every day. Currently at £21 towards a weekend away in April - will hopefully reach £40/50 by departure time adn pay for an extra treat at the time.

dzug

I try to spend my change - that way I don't spend as many notes.....

Indout96

I try to spend my change - that way I don't spend as many notes.....

Me as well, just save the notes :beer:

mountainofdebt

I must admit I found Lloyds save the change facility quite useful, which I guess is a variation on this ........but doesn't involve the withdrawing of so much cash!!!