Is anyone starting from scratch???

A question about : Is anyone starting from scratch???

Heya,

I've been reading a lot of savings diaries on here over the weekend but it has daunted me a little....as a lot of them already have a large amount of savings to start with!

Is anyone starting saving from scratch, literally Ј0? Because thats where I am at the moment and I feel a little useless now haha!

Im 23 and rent with my boyfriend so I'm not left with a huge amount after bills etc...

Would love to hear anyone thats in a similar situation

Thanks guys!

xx

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Best answers:

• Hi Lala,
  Save what you can where you can. I'm 25 and rent with my partner,,,,,,, I've saved periodically throughout my life but have only started saving this year with my partner since we put our accounts together. We don't save a set amount each month and our out goings fluctuate but we do our best, don't let the people who save regularly and large amounts put you off
• I wish I was starting from scratch.
  Currently about -Ј5k from scratch!
• Ah thanks guys its nice to know theres people out there like me lol! Good luck with all your saving! xx
• good luck to you too be nice to follow your saving journey
• Hi Lala 22.
  Lala22 - Yep i'm in a similar boat. As to you Butterfly2001, yes my income and saving amount tend to fluctuate too.
  Mind if I tag along?
  Had no debts previously. This year I decided it was time to buckle up and see what I can save. Putting some by as a buffer as it were. I have a few hundred saved but i can see that getting eaten into with a holiday coming up. Also the school hols and a couple of long distance trips planned, we shall see.
  Lala22 are you doing this on your salary alone? Like you I dont have that much spare each month but I do put a chunk aside into savings (about Ј150) for car repairs,tax insurance etc. Any extra at the end is swept into my isa (hopefully to remain there).
  Really trying to live on the minimum at present too.
  Good luck!
• I started at minus scratch! But paid off my overdraft and now my debts are on 0% interest credit cards, with monthly payments to clear the balance before the 0% period ends. As the debts are 0% I am now saving into an ISA every month.
  The amount I save varies; it is whatever I have left over that month just before payday. I've only been doing it two months so far and have saved a total of Ј320. Not huge but it's building up slowly Once the credit cards are paid I should be able to save about Ј250 per month more than I do at the moment, but that won't be for another year or so.
  If you save just a little bit every month it soon adds up. Just like the same amount can quickly disappear if you allow it to be frittered away on little bits and bobs
• Hi davenport! Thanks for your reply
  So far I've been saving on my own as my boyfriend has been paying off his overdraft and parents (he was made redundant for most of 2011 ). But as of next month he should be able to start saving too..fingers crossed!
  I aim to put around 150-200 aside for savings too, some months its more, some months its less! My car has eaten into a lot of my savings at the start of the year too..potholes mainly damaging my tyres (grrrr!)
  I'm getting into the habit of always paying by cash otherwise I just lose track of how much is left in my account!
  Good luck everyone really encouraging to hear from you all
  xx
• Hey Polly great to hear from you
  Well done on paying off your debts thats great! I'm hoping once I pay off my car it will leave me with more money to save for other things.
  320 for a couple of months - great start, hopefully ill be as good as you and can report back in a while.
  xx
• Hi i am 28 and not quite saving from scratch.... i have a fair bit to go before i get to scratch.... but crossing my fingers and toes that i can get to the point where i can get to scratch soon....
• How's it going everyone?
  Really trying to save at the moment. We are on hols in a few weeks so want a good chunk of spending money. So literally trying not to spend as much as poss. Got ahead for summer though. My son and I often go for days out by train so have bagged a few advance bargains. Best thing is they are paid for now. Not out of next month's money. We usually take a packed lunch when we go out and avoid the shops! Makes for a cheap day out!
• Hiya everyone!
  davenport thats a great idea, booking the train journeys in advance to save money - good forward thinking!!
  Last week until I get paid...which means staying in this coming weekend! Was a bit naughty and bought a new pair of boots yesterday though...only 26 pounds so not too bad (and they are amaaaazing haha)
  So yep, packed lunches to work and a weekend in...then I can assess how much Ive actually saved this month. Please god let it be a lot!
  xxx
• I've been saving money since i got my first job.I,unlike most people,don't find it difficult to practise thrifty.Born in a frugal family I'm taken into this habit.
• Hi KingDavid- -any hints for those of us that took the long way round in this journey of moneysaving?
• Hi
  I hope you don't mind me sneaking in! I have been saving for years and have found the key to success is identifying what works for YOU and what doesn't.
  What didn't work (for me):
  Mystery shopper - this will buy you a free meal (KFC/MacDonalds etc) but you only earn about Ј4 for your time. The assignments were never at a location or time where I could incorporate something else so I ended up making a special journey just to earn Ј4 and eating food that I wouldn't normally eat. I also found that the paperwork you needed to complete was very lengthy and being paid Ј4 was not worth the overall time I took doing this.
  Websites where you get paid for following links/watching videos etc - I ended up getting heaps of junk mail from doing this. Also, I weighed up the money I earned with the amount of time I had to sit at the computer to do this and decided it wasn't worth it for a few Јs.
  What does work (for me):
  Before I go grocery shopping or go out for lunch/dinner, I always check on here for any money off vouchers. There's also a section which tells you if there are any vouchers if newspapers/magazines.
  I use Topcashback and Quidco for anything that I need to buy online and for things like car/house insurance, mobile phone contracts etc. By going via these sites, it only adds a few extra seconds to the process but it has saved me loads of money. (NB: Make sure the manufacturer's price is competitive/cheap in the first place and treat the cashback as a windfall).
  I pick blackberries locally. Blackberries are incredibly expensive in the shops but doing this means I get to have a walk, I use it towards my 5 a day and I save money.
  I always meal plan so that nothing gets thrown away because it's reached it's sell by date and that I can make the most of special offers.
  I stretch meals by adding things like veg and/or lentils. I've managed to get 1 more meal by doing this which I then freeze and have when my OH is not home for dinner. Some people use porridge oats to do this but I find it doesn't add any flavour to the meal like veg and lentils do. Examples of meals I stretch - chilli, spaghetti bolognese, shepherd's pie, spicy pork, casseroles.
  I keep on top of where my money is and move money to accounts paying better rates.
  I buy presents for people when I see them eg I bought Serena Williams' autobiography in Poundland the other day for a friend who is a fan of hers. I had to keep the book about 6 months before it was her birthday but I have somewhere I keep presents like these so they don't get lost.
  I submit letters to women's magazines/local newspapers etc. This takes only a couple of minutes of your time - although obviously there's no guarantee your article will be published. I earned Ј50 in M&S vouchers recently, simply by writing in with a question for the newspaper's finance expert. It took me 2 minutes to think of a question and to write and send the e-mail.
  I hope my list may help some of you. My overriding rule is to weigh up the amount of time I spend on something with the earnings/savings it will give me/generate. If I have to spend 30 minutes doing a survey or clicking on links just to earn 10p then I won't do it as I could save 10p by spending 5 minutes thinking of a cheap meal to have for dinner.
• One thing I forgot to mention:
  Starting the whole saving process can be quite daunting if you've never done it before. I know some people start with an SOA (basically, your starting point - income, outgoings, loans etc).
  What I would recommend is to do an SOA as best you can. Don't get daunted by it as it may put you off and stop you from saving.
  If you get a bit overwhelmed by it then pick just one area of your life and focus on that first.Your aim is to identify:
  a) how much you're spending on it
  b) ways to reduce your spending so that you can put the money you've saved to one side.
  A few examples of areas you could look at
  Mobile phone
  Clothes/make-up
  Takeaways/meals out
• Im starting from scratch.
  ive tried saving money before and i was useless at it but after coming on the forum and using the website. i feel like i can do it.
  im just trying to being positive and see how far i can get with the savings.
• Thanks for those tips,The Saver.
  Thats the thing finding what works for you. I do the meal planning. I take a list and stick to it (even totting up the amount as I shop sometimes!).
• Can i join please?Am putting at least Ј200 a month starting from this Friday 7th September with a target of around Ј2000 by next May or June.Will be interesting to see how i get on!
• Hi brokeattheminute
  I know the feeling! Welcome along!
  When I get the chance I will post up my stats as well.