Saving

[MarcusF]

After never really being taught to save for anything as a kid (at least the right way!), and then getting everything on HP in my early adult years (causing debts), I'm trying really hard to learn this saving lark.

Rather than struggle on unknowing I thought I'd ask you guys how you do it. Camera stuff isn't cheap as we all know and there are loads of other things in life that we'd like and can obtain with some patience and saving.

Some weeks or months we may have some cash left over that could buy something outright, like a cheap POS camera for example. Do you blow the lot on the item or put up a set amount for it?

So, how do you do it?

 

[stupar]

My motto is "If I can't afford it I can't have it", if I want something really bad I save for it, but most times I have money for it as every month I put a set amount of money aside from my monthly salary.
Saving is a hard thing to do and it is to easy to see the cash build up and then before you know it you have blown the lot.
Always ask if what you see, is it something you really need!

 

[seashaker]

Im pretty much in the same boat as you!! just starting to relise that don't buy until the cash is there is a good idea!! oh well give it 3 years or so and will be fully debt free fingers crossed

 

[trencheel303]

Well, I don't have any credit cards (thankfully Amazon still accept debit cards, but for how long that will last I'm not sure) and I always spend on the necessities first. Considering I don't have a mortgage, car and don't have to travel far to work, and am quite well paid, I have it easy. The principles still apply. Feed, clothe and house yourself first and then just use what is left over to treat yourself, or let it overlap for a few months until you can afford what you want. Saving isn't rocket science, hint is in the word - saving

 

[MarcusF]

I guess I was interested to know how others save. I've never bothered saving for anything really as I learnt as a child it never paid off.

Now, I'm slowly getting better with my finances and wanted to be able to save for things that I'd like, such as a new lens for example.

 

[ladysue]

I quite like to save change in a jar or bottle- you can see it grow and you dont miss small amounts out of your pocket.. I often put a picture of what I want to buy on the jar.My son had one of those big whisky bottles and filled it with his cash from his pocket each night. He had enough when it was full to take himself wife and kids to Eurodisney for a holiday.
Sue

 

[lawrie29]

OPen a savings account and transfer a bit of cash just after payday every month.
Physically having the money seperately helps for many people.
If you have any vices (smoking drinking etc.) then cut back/quit and save what you would have spent.

 

[trencheel303]

I guess I was interested to know how others save. I've never bothered saving for anything really as I learnt as a child it never paid off.

Now, I'm slowly getting better with my finances and wanted to be able to save for things that I'd like, such as a new lens for example.

When you have some spare jingle in your pocket put it into a jar or something. Or start a savings account and every time you get paid, put away some cash.

 

[onomatopoeia]

I transfer a set amount into a separate account every month by direct debit. It used to be into the mortgage offset account due to the tax benefits, but there's no point putting it there at the moment.

 

[Nod]

For years, the only saving I managed to do was the small change from my pocket - pennies, tuppences and 5p pieces. They mount up over the months. Recently, I've started putting £2 coins in empty film tubs - each one holds over £30!

If saving in a bank, check that the interest rate is beating inflation, otherwise it's effectively costing you to save. Far better to use any spare money to pay off any debts than to save at the moment.

 

[clipstone]

I have a bills account that all my household bills go out of.

I transfer more money than is needed for the bills, and then do not transfer the surplus back ... nicely builds a little lump of savings without really noticing it

 

[wack61]

the only way I ever save anything is by direct debit so it's gone from the account before I can spend it

 

[Ian D J]

Because I'm on low wages as a farmer and what with everything costing so much these days, I've always been in the red (using an authorised overdraft of course), so therefore I've had to get a loan whenever something needed replacing (usually a car or a telly).
Then one day last year I decided that enough was enough as I recieved one bank statement too many. Something snapped inside me and found myself so wanting to get out of this financial black hole.
So I started selling things (like an Xbox 360 which I never used), raided the loose change bottle and I managed to get a rebate after I found out I've been overpaying on British Gas direct debit as well as the mortgage.
I then proceeded to start saving as if my life depended on it.
That was a few months ago. Now I'm in a much better financial position as I've got a bit of savings and I'm guaranteed to be completely loan-free by the end of May. While I do find it boring not to be able to treat myself to anything, I do like the peace of mind associated with being free of money worries.
Looking back, I don't know how I did it, but I have done it. I only wish I taught myself to do that sooner. Mind you, it did help that I've not had to fork out on expensive repair bills in the past few months (touch wood!).
And it can only improve as I'm on "summer season wages". As a farmer I'm now gathering fruit and that's when my wages goes up as I earn a weekly summer bonus. It still doesn't mean I can start spending. Far from it, I want to continue saving so that next time I need a replacement car, I can buy it outright.