Saving methods

[WarwickHunt]

New year and all that so just wondering if anybody has any ways/methods/strategies on how to save money and to do it effectively.

I work for myself so my money is cash in hand so it's easier to spend, I think if the money is in your pocket you're likely to spend it rather than going straight into your bank.

I've been to the bank today to pay some cash into my account and as I was doing it I found 60p in my inside pocket which I said to the cashier "you might as well throw this in as well love" so could this be a good way to save? Every time I pay money in, put some change in with it as well?

I know a lot of people who cut down on luxuries to save but surely if you're cutting out luxuries, there's no point saving. We all like luxury don't we?

I'm curious to know what methods you all use when saving and if there's any tips I could pick up.

 

[tommye]

Ditch the women in your life.



kerching.

 

[Hellerad]

Spend less than you earn.

 

[ijjysmith]

Immediate transfer into savings account so I don't even notice it.

Easy.

 

[thirdmantackle]

Stop drinking (or cut back)
stop smoking (you will live longer)
get rid of sky (its a waste of money - matches are free on the net). instead of watching that shíte reality tv show go for a walk, read a book or something more productive
stop getting take out - its pricey crap food and making you put on weight
do you really need more new clothes?

transfer savings online monthly or weekly into a savings account
I use savings to go on holidays (decent ones) or to buy myself something (computer etc)

 

[Ring master]

for any one to attempt-use uk money b) if you want to that is

 

[WarwickHunt]

for any one to attempt-use uk money b) if you want to that is

Do you think I should add a zero on each one?

 

[ArtetaMagic]

Do you think I should add a zero on each one?

Would you be able to save £500 a week come the end of the challenge?

 

[formerly manx toffee]

I use premium bonds. Automatically invest each month, no risk, slightly awkward to get at that it never gets touched.

Also throw all change in a box everyday...never spend change.

 

[Big Fat Sam]

I would say it's easier for me to spend money online than with cash.

I often purchase frivolous products just for the sake of it, and I find it' much more dangerous to just whack out the card and spend, or even more so when I have used the card on a site already and just have to enter the three digits on back of the card.

I don't really get tempted to spend money in my wallet just because it's there.

I should probably open a savings account tbh.

 

[Baines' left foot]

Spend less than you earn.

This.

Set up an ISA or something and have a direct debit taking money out of your account every week. Budget without that money.

Putting 60p in the bank every so often will achieve [Poor language removed] all.

 

[evilwebby]

I like to think of myself as a pretty frugal person. Always spent less than I've earned, put something aside each month. Manage to put something into a pension, overpaid on the mortgage etc.


- Get a bicycle and ditch the car.
- Find hobbies that cost next to nothing. Outdoor activities that get you fitter are great. It's not just that they cost nothing, the time you spend on them is time that you would potentially be out pissing money away elsewhere.
- Cook for yourself. Not just microwave meals, but learn how to make some dishes.
- When I buy a shirt or trousers, I expect it to last me 5 years, not just a season.

 

[cowpat]

Put all your money up a wafty old clunge, you wouldn't want to get that out!

 

[tonyhorne]

This.

Set up an ISA or something

Forget about the something and set up an ISA. You can save £5760 in a cash ISA tax free each year and you have just over 3 months before next year starts. I would set up a direct debit.

If you are talking about saving hundreds of thousands then I am not the man to advise..........

 

[Deloodid]

Im going to Thailand in June, so ive started saving my £2 coins. when i get one i never give it back, ive opened a credit union account when ive saved £20 worth i bag it up and put £5 note in the back too, when i get 2 bags (£50 i put it in my account) got over £300 atm.