How to save more?

fightstar87

I'll start off by posting my SOA...

Income (After Tax): £1070

Outgoings:

Petrol: £60
Board: £80
Car Insurance: £35
Phone: £50 - GOT to cut this down! My contract's only £35 + insurance.
Gym: £30 - Necessary.


And that's it. But for some reason, I find it really hard to save money. I watch my local football team once a week, home and away, which is my one main interest. This costs around £14 for a home match, and around £20 for an away match. Other than that I don't really have any dedicated outgoings, I go to the pub three nights a week (Essential, as I play pool) - which costs £2 subs per match, plus the obvious expenses that come with being in a pub (Drink, food) - This is one area I know I need to cut down in, I'm doing my utmost, or I will do my utmost, to stop putting a few quid into the gambler here and there, as it adds up over the space of a month! Other than what I've outlined here, the only other thing that I spend regularly is for lunch at work. I accept that I could take in stuff from home, but I work in a fairly high pressured environment, and it's good to be able to go into the local town just to get away from it all, as it can really get you down by the end of the week, so I'm thinking the idea isn't to stop spending on my lunch, just to spend less, i.e. a steak bake from Greggs instead of the sandwich/drink/crisps combinations that Boots seem to force upon you!

The rest of my cash seems to go on impulse buys and other small purchases.

What I'd love to hear from you guys, who've given me alot of good tips and stuff over the past few months that I've been reading but not posting, is how do you suggest I spend less and save more?

hannahgibbs

Set up a standing order into a high interest savings account, make sure the money goes the day after payday If it's not in your account, hopefully you won't spend it!

Keep a spending diary, then you know where the money is going and you can add up how much the £4 per day lunch is costing you (£80 per month, £960 per year :eek:)

fightstar87

Thanks, Hannah. I was thinking more along the lines of will power to not spend money instead of actual ways to stop me spending it completely.

Also, I've got no idea why I've posted this in the MFWB section, I'm not sure I've ever even read this section Could a moderator move it please? Thanks

osian

I agree with Hannah, move the money into a savings account as soon as you have it, leave yourself a reasonable amount of spending money / bills money. When you see the savings build up you won't want to spend it on little things.

firesidemaid

i bet the lunches, football and pool/pub 3 nights a week actually adds up to much more than you think.

if you only have a finite amount of money (unless you get a second job) then you can't save or spend it on everything - so you have to decide on your priorities.

i too do the same and walk into town most days - but i still take my own sandwich/roll, crisps, apple etc and eat it on the way in/back (plus i assume you would get this free from home). i am happy to mosey in town and only spend money in charity shops and home bargains, boots clearance etc.

when you go to football, don't buy the extras. in the pub, get cheaper drinks and less of them. look for the best value food deal.

the will power comes from seeing the savings mount up! also, have you used the demotivator tool? when you realise how many hours you are working for to pay for thos 'impulse buys' you might think twice!

if you can save £200 a month that is over £5000 only 2 years!

angelavdavis

Keep a spending diary for a couple of months - it will open your eyes to what you are really spending your hard earned cash on.

For example, if you have a car, you will also be spending on car tax, running costs (MOT, servicing, etc).