Im wanting to start saving help

fkelanne

Hi all, im wanting to start saving for that rainy day.
I have an alliance and liecester savings account but really only use it to tranfer my money for my mortgage every week (so i dont spend it)
I was wanting someone to have a look at my money and tell me what to do for the best.
Here goes! This is how much i have coming in and out.
My Monthly out goings are £950 this is with everythink in.
My monthly in commings are £1470
plus i get £120 child ben and £260 dla for my son
So why dont i have any savings ha ha.
Could someone help me sort one out, i use the child ben to get my kids clothes or little treats for them every month. And the DLA money is only untill aug at the mo.(waiting for my renewal back)
Please can someone help me i dont want to be 40 years old without any savings

CLAPTON

well... the first thing to do is to find out where all your money goes because on paper you have a massive 'surplus' each month

so

1. use the budget planner
http://www.moneysavingexpert.com/banking/Budget-planning
to help you
2. start a spending diary and write down absolutely everything you spend
3. have a real think about all the one offs and yearly things ... like xmas, birthdays, outings, holidays, clothes/shoes,school expenses, if you have a car..then tax, insurance repairs, mot,rac, servicing, petrol ; any household repairs/decoration etc
with these work out a yearly figure and divide by 12 and put a line in your monthly budget


Once you really understand where the money goes then you can start to think about your priorities... so really include everythiong .. no stuff like 'well I just pay then when the bill comes in or it comes out of the child benefits etc.. while it may be true you still need to know about all your spending.


To help with cutting down and gettting good value for money have a look at the old style board.

Also once you have worked out a full budget of where everything goes, consider posting the details on the debt free wanabe board... even if you haven't got debts its a great board for friendly advice on how to cut down and get maximum value for money.

fkelanne

right it says i have £460 a month to play with, so if i wanted to put £150 a month away where and how is the best way to do it?

Little_Pickle

try looking here???

http://www.moneysavingexpert.com/./savings/savings-accounts-best-interest

LP
xox
good luck!