Forced savings
MadihaJamal
Posts: 3 Newbie
Being an impulsive buyer I always look for the ways to save money and not spend on shopping any more. But every time I break my rules and now I am out of credit and I need to buy some electronics for my home. So I was thinking to go for forced savings. I have heard a lot about a layaway plan and have checked the List of big retailers with layaway programs. It seems like a good option. What you guys suggest. ?
:j:j
:j:j
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Comments
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Virtual duplicate of your other new thread
https://forums.moneysavingexpert.com/showthread.php?t=59673340 -
I use an app called CHIP, it figures out what you can afford and puts money away, I managed to safe £70 in a few weeks. It's been fantastic0
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MadihaJamal wrote: »Being an impulsive buyer I always look for the ways to save money and not spend on shopping any more. But every time I break my rules and now I am out of credit and I need to buy some electronics for my home. So I was thinking to go for forced savings. I have heard a lot about a layaway plan and have checked the List of big retailers with layaway programs. It seems like a good option. What you guys suggest. ?
:j:j
If I was a cynical sort of person I may be thinking there is going to be a recommendation soon for a wonderful, to good to miss, savings scheme.0 -
Stop spending money on unnecessary things is the best saving you can find.0
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Exactly. Fix your mindset, your approach to money first.
Money will come.Debt & mortgage free since 2011 | Financial independence since 20170 -
MadihaJamal wrote: »What you guys suggest?
Self discipline would serve you better.0 -
You do not need any specialist apps to do this.
Have your wage transferred to your current account. Then set up regular savings (RS) accounts to transfer a % of that wage to the regular saver. The best regular savings accounts require opening a current account with the aforementioned banks.
Right now, since not spending money is your priority, I suggest opening a Nationwide current account and regular saver, because you won't need any direct debits with its associated current account. Have your wage transferred to your Nationwide current account and choose how much you want to put in the RS each month.
You claim you are out of credit which suggests you are using a credit card or an overdraft. I strongly suggest if you have one, you pay the credit card off and then cancel it, because it seems like this is the primary cause of the indulgent spending. Same with the overdraft, pay it off.
I would also suggest you block online shopping websites from your browsers for shops where you don't need to be spending money. Have a friend/partner set up a password so that you cannot unblock them easily. As others have said, you need to tackle the mindset of your issue.0 -
MadihaJamal wrote: »and I need to buy some electronics for my home.:j
Unless these electronics are something like a dialysis machine I doubt you NEED them! Why not buy second hand or refurbished goods? I know people who're seriously wealthy who're more than happy to buy second hand stuff0 -
You don't need an app.
You don't need some fancy savings technology.
You definitely don't need a layaway plan.
You almost certainly don't need the electronics.
You need self-discipline and/or help with an uncontrolled shopping addiction.0
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