Adios
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Spend less than you earn. Pay yourself first.... either get a payroll deduction into a savings account, an automatic transfer from checking to savings to coincide with your pay dates, or simply make the check to your savings account the first check you write after getting paid. Make savings your priority.
Good luck! |
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princess tinkle UK
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give all credit cards to a mate you trust so you dont spend, never draw more cash out the bank than you need for the week plus dont take your cash card out with you..... Maybe i should follow my own advice. |
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GorGeous_Girl
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the key word i 'plan'!!
make a simple excel spreadsheet of your monthly expenses
eg.
- food / groceries
- phone bill
- electricity bill
- petrol
- rent / mortgage
- drinks / cigarettes
- clothes
- miscellenous
etc etc etc
once you have this in hand, evaluate your monthly income (take the net amount - i mean minus all the taxes - the money that you get in hand)
ask yourself the question - are any of these that you can do without (eg drinking ? smoking?) try to cut them !
now see if you can balance the income and expenditure
if your income is more than your expense, then decide, ok i will save ATLEAST £ 200 per month and stick to your decision.
slowly see where you can cut down on your expenses and then you will have months when you can save more... its a good thing to do !! start saving now ! |
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stalefish_22uk
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This ones easy, you need to learn to budget effectively, my gf and i are both clearing debts and saving to buy a house and we basically after working out our necessary expenses decided we could survive on £30 per week each so at the beginning of each week we each get our £30 and we make it last! Before we were both spendthrifts and we were both shocked and amazed at how much money we wasted on things we didn't want or need. If your goal is a definite one that motivates you enough that also helps a LOT!
good luck! and remember to try and not turn it into so much of a chore as an adventure or a game and you'll save heaps!
Sometimes to begin with it might help to have a kind of buffer zone, say an extra £10 or so in case there is something you have forgotten to allow for that crops up but try your best not to use it. |
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GuessWho
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Setup another bank account (SAVINGS account).
Then setup a direct debit / standing order, of say £50 or £100 a month out of your regular bank account, that goes into your Saving account.
That way, it will be automatic, and you will be less tempted to spend it.
Good luck - oh, and could you lend me a £10? (I will pay it back including interest) ;) |
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Chris O
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Budget is the key to everything. You budget in an amount for saving, make sure it goes in on payday, hopefully in to an account thats hard to easily withdraw money. It'll stop you spending it on impulsive crap. |
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blueyes2001
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Every time you get money don't spend it all. Put a little away at a time and don't think about it or touch it. It will add up fast. |
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OriginalBubble
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Decide what you can afford to save, then as soon as you get paid transfer that amount into an account that you do not have access to, ie one you have to give 90 days notice to take your money out! |
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aznxjz
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The best way to save is to determine 3 things:
1. What is your after tax/deduction salary?
2. What are your essential expenses?
3. How much spending cash would you like a week?
After figuring that out, you should have a baseline savings per week. I suggest if your paycheck allows for direct deposit, you should do it. This way the money doesn't ever touch your hands and you'll be less tempted to spend it.
Saving money is good, but there needs to be motivation. I suggest find a high yield bank account for now, and possibly in the future, some 3 or 6 month CDs. You probably shouldn't put your money into CDs right now since you might need the cash, and nothing is worst than having to wait a couple months for your own money. Check out www.bankrate.com to find the best interest rates. Nowadays you can get an online only savings account with 5% interest from some reputable vendors (i.e. HSBC, Emigrant, ING, etc).
Finally, the key to saving is to make putting money into your bank account a routine. After that first month, when you see the bank paying you interest, it'll be easier to want to save more |
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Hibee
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Income 20 shillings, expenditure 19 shillings and sixpence, result.....happiness. |
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Chicky-Dee
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My boyfriend has my savings card so that i can only put money in.
The building society i am with will not let you withdraw from a savings account unless you have your card and there is no way on line to move it to other accoutns etc so give your card to someone you trust to look after it and not loose it.
(i'll hold it for you - ha only joking) but seriously thats what i do. |
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milko
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dont spend it all .///////////////////// |
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Jessie
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open a saving account don't get a ATM card for it, then you can lock the account to where you can only take money out during certain times, once you can control your spending then you can go into investments but that's something to start with |
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bugaboo
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Don't spend on frivolous stuff you don't even need, and reduce nights out, eating out and take aways. |
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ROBIN
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easy, don't expense, & make a b/f, & some time ask him to ..............etc......etc........ |
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PUTT
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just spend it. theres NO help out there for us. its a disease. and there is NO cure! |
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ontario ashley
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Have money automatically transfered into your savings account the day it is deposited, so you don't accidentally spend it. Call your bank and tell them you don't want your savings account to be accessible from your debit card. |
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johnstrangey
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put it in account that is no you useal bank and forget bout it |
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Simon D
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A long term savings account, you get higher interest and you cannot take your money out until a set date.
If you have the payments automatically debited your account the day after pay day - you don't even have to think about it.
Insurance/Savings policies, Bank-accounts or Savings companies all offer these services. Shop around for best deal.
But don't listen to me, most I ever saved was when I used to give my Fiancee 250 quid a month for our joint savings account. A couple of years later I was a very happy man, so it's definitely worth doing, and adds up quick.
I guess that's one reason us men need the love of a good woman. |
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dxle
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Have it automatically taken out of your pay check before you receive it. That way, you don't miss it. |
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HMG M
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put 20% of your weekly pay in a place and be determined that u will not touch it - come what may. |
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ducky
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Me too! I have money go out of my wages (not too much though) every month into an I.S.A so its hard to get at. Saved £2000 (but spent it now!!) |
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lofty550
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put some each month in an account without a card.
:-) |
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martin r
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by not spending it |
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