Starting to Save!

A question about : Starting to Save!

**EDIT - 23rd December 2008**

I thought I'd update the starting point of my journal!

I'm still not in debt in any form, but thanks to this site I've learnt value of money and a bucket full of money saving and making tips. Since I joined I've managed to get afew hundred behind me in 'savings' while still being able to treat myself and buy the things I want. Me and my boyfriend (Frank) managed to save and fully pay for a holiday this december, which would of sempt impossible when I joined this site on the 10th of July.

I have a list of goals for 2009. I'll update this part again on the one year of joining mark.

Hey! I've been lurking for awhile now, taking on board tips and tricks along the way and finally signed up yesterday!

I'd just like to say, I'm 17 and not in debt (Bar some money I owe my parents for Vespa insurance) I'm here because I'm suffering a serious lack of money and need to change my spending habits.

I work for my Dads company part time, I've been here for 5 months and the novelty of a weeky wage had worn off and I know I need to be more careful with my money. I used to work for my local council as a cleaner, I was paid monthly so got into the saving swing of things but lost grip when I started getting paid every friday.

I've only been doing this for a week, and so far I'm not quite sure how much I've saved! I only know I haven't spent as much as normal I've started two saving 'jars', one's sealed and for pennys under 50p and the other is for coins over 50p and notes.

thanks for everyones great tips! Wish me luck!

Best answers:

• Hi
  I'm new here to, only just signed up but have been lurking for a while now.
  I recently paid off my mortgage and thought I'd save the extra money I had each month ... still haven't started and even managed to get myself an overdraft ... :rolleyes:
  The novelty of having the extra money is wearing off for me too and I need my butt kicked into action.
  I wish you luck, you sound like you have things under control ... My turn to do the same now, I'll have to pop over to the O/S forums and see what tips I can take on board.
  Mrs J x
• Try something like this …
  Use your first wage of each month for spending and save each wage the following weeks. Or also allocate half your third wage of the month for spending - if you need to.
  Rather than continuously buying stuff you plan what you want to buy and buy it when you're paid at the beginning of each month, if you still want it.
  If you decide you need to buy something in the middle of the month and you've spent most of the first weeks wage you can easily wait a couple of weeks for it. Gives you time to find the best place to buy stuff, or if it's worth buying, Makes you more prudent rather than buying stuff on a whim that turns out to be useless tat. You'll probably find you don't really want it anyway.
  You'll soon has loads of money saved, you'll be in a position where you could do lots of things if you wanted to, but you'll be reluctant to spend your savings as then you won't be in that position.
• Thank you Sooler for the great tips! I have Ј80 a week after paying my parents board and filling up my vespa so it's easily do-able. I never thought of doing it like that at all, but it makes sense!
  Also, I've recently started leaving my debit card at home, I'm less likely to 'impulse buy' with cash, where it's so easy to just whip the card out and loose track of how much i've spent.
• I reckon you should be able to have over £1000 saved by the year end, earning a bit of interest for you - check this site for the best place to save it.
  Deffo don't spend using debit card, you can't see your money disappearing.
  Do you use cashback sites, Quidco & others, you can save quite a bit on things like insurance.
  Persuade your parents to pay you commission (20%, 50%???) on any savings you find for them.
  See Martin's tip on Orange Wednesdays for going to the cinema, see if it would work for you.
• [quote=Sooler;12383255]
  ‘more money than sense’ comes to mind.
  Hi Sooler
  The exact same words my mother used, only she added a few others as well ...
  I do work and I have no excuses for being so stupid, especially after saving so hard to pay off the mortgage.
  My mad few months are over (I promise) ... Back to saving hard and working out a new budget.
  My butt is kicked ... ouch :rolleyes:
  Mrs J x
• Hows the budgeting going Cinny?
• So far so good BayBee!
  I'm picking up a boots advantage card tomorrow, i've been shopping there weekly for ages but never bothered to get one, so i'm hoping that will help me save more and come christmas i'll get afew free bits!
  I saved afew Јs today by waiting till i got home for lunch and not giving in to bacon sandwich offers too. Just need to keep my fingers crossed for good weather come sunday for the carboot.
• Yeh have been using Boots Advantage points for years now and it feels dead good when you can treat yourself to something nice when you build up enough points!
  Hope the weathers good for you @ the weekend!
• Did the carboot today! It was really sunny so quite busy, managed to shift alot of stuff.
  After taking out Ј5 for the pitch and putting Ј10 petrol in the car me and the boyfriend split what was left and ended up with about Ј11 each most of it was 20p and below so I put it in the jar, got Ј5 in my wallet for petrol money tomorrow which should do me all week.
  I've decided to give myself Ј30 a week to spend, so after board I should be saving roughly Ј50 a week.
• Haven't spent a single penny since Sunday when I filled up my vespa for Ј4.90 (using carboot money) *big grins*
  Going into town tomorrow, I've made a list of what I need and how much it'll cost. Important things first (cat food ect) and things I do need but can do without, like makeup, at the bottom. I still have Ј15 in my wallet from the weekend so that should do me.
  Going to a Festival of History this weekend (at Kelmarsh Hall) Last year I managed to get some really good books for 50p so I'm hoping to find same bargains again. It'll soak up most of my Ј30 budget but I havent got anything major happening next week so it should be okay.
• Sounds like you're doing really well
• Thanks Baybee! I'm trying so hard, I'm getting better at saying no to myself and thinking 'do I really need this?'
  I have Ј130 in the bank, and normally at this point in the week I have Ј60. I can't even remember the stuff I used to buy! I don't feel like I'm going without either so I was just wasting it, and with payday in 2 days, I'm feeling quite smug!
• Bank Balance: Ј118.05
  'Wallet Balance': Ј8.09
  Payday tomorrow, I did some over time so I'll be getting Ј125 this week. So after paying board I'll have Ј105 coming in bringing my bank total to Ј223.05.
  Going out for dinner tomorrow, Which will be about Ј8. Paid for out the wallet so no denting to my bank.
  Picking things up for the F.O.H tomorrow night, should only cost Ј3 tops. Going to cash in my penny jar, seeing how it has Ј7 in from the carboot for some spending money this weekend, then Ј20 out the bank for food petrol ect.
  Bank balance by Monday: (hopefully) Ј200. Which should stay untouched until payday comes around again.
  (The only reason my bank balance is down from tuesday is because I gave into a bag and bought it yesterday, i'm still learning!)
• Hi,
  Please can I join your quest for saving?!
  I was very lucky this year and recieved a big bonus from work, which paid off all my debts (except the mortgage!), so I now have an extra Ј500 a month.
  I am trying really hard to save it, but am finding the freedom of debts and excess money intoxicating & keep finding myself back into the overdraft (I had to pay bank charges twice this month, after not paying them for YEARS!). I HATE paying bank charges!
  Please can I have some top tips for how to be a good saver? I get paid on Friday, will be at zero in my bank account, so it will be a good time to start!
  Thank you
• Course you can join me!
  I've had abit of a rubbish week, so instead of the Ј200 i was hoping for I'm down to Ј150. Which is alright because I was only planning on saving Ј50 a week. (Ј100 last week, Ј150 this week, Ј200 next ect.)
  I just started by when I go shopping thinking 'Do I really need this?' and that made my bank balance go up alot as I'm a serious impulse buyer. Then I started picking up tips from the board (mainly the old style money saving bit) which helped as well.
  The only bad point was I started saving just as all the sales started in shops! But I suppose it's helped me as I've learnt self control quite quickly.
  Good luck with money saving Magicboo, you'll have it down to a fine art in no time!