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Are you good at saving money?
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By *hagTonight OP Man 43 weeks ago
From the land of haribos. |
I would say that I am good at saving money.
I dont just buy things irresponsible, or spend the wage all at once, or spend a lot just because there is a sale on, you can say that I have perfected the difference between the needing and wanting component.
I would say that know between the needing and wanting is a game changer.
It would be interesting to know if you are you are good at it?  |
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By (user no longer on site) 43 weeks ago
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I was told recently you need to have 3 months worth of wages saved or running costs.
So if you lost your job you could still pay everything and hopefully find another in that time frame
For me im one of life’s great fritterers!
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I used to be really good at saving money, but the cost of living and swinging (which is expensive for me as a single guy) sure put a big dent into my savings. But I've recently had a change of job with a slightly higher salary, so hopefully I can start putting some moolah back into my savings account again  |
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"I was told recently you need to have 3 months worth of wages saved or running costs.
So if you lost your job you could still pay everything and hopefully find another in that time frame
For me im one of life’s great fritterers!
"
I would lean towards six to nine months if you’re a single income household with a mortgage. I’m currently aiming for a year of saved expenses. |
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By (user no longer on site) 43 weeks ago
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"I was told recently you need to have 3 months worth of wages saved or running costs.
So if you lost your job you could still pay everything and hopefully find another in that time frame
For me im one of life’s great fritterers!
I would lean towards six to nine months if you’re a single income household with a mortgage. I’m currently aiming for a year of saved expenses."
I did think 3 was low, but it’s still a daunting figure when you think about it |
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"I was told recently you need to have 3 months worth of wages saved or running costs.
So if you lost your job you could still pay everything and hopefully find another in that time frame
For me im one of life’s great fritterers!
I would lean towards six to nine months if you’re a single income household with a mortgage. I’m currently aiming for a year of saved expenses.
I did think 3 was low, but it’s still a daunting figure when you think about it "
Yeah and it depends on your industry as well. My ex worked pretty high up in IT and business systems. He had a habit of announcing to me that he’d quit his job, and within a week he’d have a new one lined up.
I do a much more specialist job that’s less in demand, so it could take me months and months to find a new one. |
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Up to a point.
I don't spend a lot of money....don't go out a lot, don't have a flash car (mines over 22 years old and closing in on 180k miles) don't have any branded clothing. But I try and put £100 a month away. I know it doesn't sound a lot.....but it's what I can afford and my little pot has helped me get out of some unexpected problems like a washing machine breaking, boiler packing up, fences blowing down in wind.
It's just trying to squirrel some away |
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I’m terrible I spent £1k on a coat last week in the Netherlands because it was cold. Did the same in London 3 weeks earlier. Both beautiful and stylish garments mind and the old adage is “ you can’t take it with you” I love spending money on others also, probably more so nothing nicer than generosity in someone’s make up. |
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By (user no longer on site) 43 weeks ago
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I still pay into a crib club. £100/month from November to November. I write 12 post dated cheques and send them all across.
I get the money in November and this helps me pay for Christmas |
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I think it's insensitive to talk about spending being irresponsible.
There are so many folk struggling just to get buy financially. Expecting them to be thrifty so they can squirrel away peanuts feels kinda insulting |
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By *TG3Man 43 weeks ago
Dorchester |
"I think it's insensitive to talk about spending being irresponsible.
There are so many folk struggling just to get buy financially. Expecting them to be thrifty so they can squirrel away peanuts feels kinda insulting "
people should try their hardest not to be insulted though don’t you think?  |
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"I think it's insensitive to talk about spending being irresponsible.
There are so many folk struggling just to get buy financially. Expecting them to be thrifty so they can squirrel away peanuts feels kinda insulting "
We were hand to mouth for a very long time...4 children, me not working, going without...once I worked we were often ships I'm the night switching shifts etc... helped the kids financially through uni, travelling etc...we literally did without, shit car, shit sofa, new clothes few and far between, no take away etc...squirreled away as much as we could... all that said, we are older etc...but, having met many people in our time, we are good with money, and people who we're "skint" mainly over spent |
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By (user no longer on site) 43 weeks ago
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"I think it's insensitive to talk about spending being irresponsible.
There are so many folk struggling just to get buy financially. Expecting them to be thrifty so they can squirrel away peanuts feels kinda insulting "
Yeah I’m fortunate enough that I can put some away each month, but most aren’t. There was a story last year I think, that a large percentage of people in the UK wouldn’t be able to find even £500 if they needed it in an emergency.
There’s a fine line between being saving and punishing yourself that people don’t always heed as well. No use being the richest fabber in the graveyard. |
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Yes, I'm pretty good at saving money. Unfortunately there were periods in my life where I had to learn thrift the hard way. Leaving home, meeting people from more privileged backgrounds and watching them throw money around like confetti was quite an education.
It's also why I've never fallen for the trap of believing you can save your way out of poverty. You cannot save money you never had in the first place. |
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"In February we have MOT, dentist, cat vaccinations and water bill on top of our normal expenses. There's no way there's going to be anything left after that. "
I was due to need an MOT this month, but my car got written off so I guess I've saved money there. |
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"In February we have MOT, dentist, cat vaccinations and water bill on top of our normal expenses. There's no way there's going to be anything left after that.
I was due to need an MOT this month, but my car got written off so I guess I've saved money there. "
Every cloud eh!? |
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"Yes, I'm pretty good at saving money. Unfortunately there were periods in my life where I had to learn thrift the hard way. Leaving home, meeting people from more privileged backgrounds and watching them throw money around like confetti was quite an education.
It's also why I've never fallen for the trap of believing you can save your way out of poverty. You cannot save money you never had in the first place. "
This is very true & why the best financial plans if you are poor focus on increasing your revenue and opportunity not saving pennies. The best investments are skills, education and strong families/communities. |
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By *a LunaWoman 43 weeks ago
South Wales |
Not really, I don’t have much money left to save. I put money into savings accounts for my kids and I put some money into a Credit Union. Not much but it’s all I can afford after paying my outgoings. |
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Single parent on minimum wage with school aged children? After paying my bills, setting money aside for the food and transport for the month ahead, I feel very proud of myself for not being in any debt, never was and hopefully never will. |
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"Single parent on minimum wage with school aged children? After paying my bills, setting money aside for the food and transport for the month ahead, I feel very proud of myself for not being in any debt, never was and hopefully never will."
Big well done to you... its all a juggle and you're juggling well |
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"Single parent on minimum wage with school aged children? After paying my bills, setting money aside for the food and transport for the month ahead, I feel very proud of myself for not being in any debt, never was and hopefully never will."
Same! |
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I was brought up with the line "if you want something then save until you can afford it" which has stuck with me into adulthood.
I'm one of the lucky ones who has no mortgage and enough in the bank to last me quite comfortably. I hate spending on myself but will happily spoil family members.
I feel for people in this day an age that some are still living hand to mouth despite working all hours etc  |
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I admire those who manage to juggle so many competing demands for their hard earned money - those of you who are parents or have other commitments which use up so much of your income.
I've pretty much always been single, have no kids and I've been with the same organisation for 22 years with a couple of promotions under my belt. Through sheer hard work and dedication I now have a pretty decent role and salary; and I'm only about six years away from being mortgage free.
After saving hard for many years and so often going without (new clothes, holidays etc) it's so tempting to go nuts. But I'm going to clear the mortgage and live my 50s like the middle aged cliche i've so been looking forward to!!
To anyone struggling out there, I sincerely hope inflation drops soon, interest rates are lowered, energy becomes more affordable and the Government find ways of bringing tax relief. I get how hard it can be and I genuinely hope you are not suffering poor mental health as a result.  |
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"I manage to save something each month, the amount depends on other expenses. "
Every bit helps, look after the pennies and the pounds look after themselves...
Some months we saved nothing...some months 20 quid...it was a 20 year slog for us... camping as holidays...days out when the children were small was walks and picnics etc...
At the time I hated saying no to ice-cream for example but x 4 children and us, that was a lot of money |
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Yeah, I save it several times a week by going shopping at the times when they are about to do the reduced for quick sale items in the supermarkets. I've saved a fortune over the years secure in the knowledge that you don't get rich of the money you earn, you get rich off the money you don't spend leaving plenty spare for investment. |
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By (user no longer on site) 43 weeks ago
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Yes, set up an account separate to my normal account which I save £40pcm for Xmas spending money, plus another £100pcm goes onto building society for the big hols I like to boom |
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By (user no longer on site) 43 weeks ago
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"I would say that I am good at saving money.
I dont just buy things irresponsible, or spend the wage all at once, or spend a lot just because there is a sale on, you can say that I have perfected the difference between the needing and wanting component.
I would say that know between the needing and wanting is a game changer.
It would be interesting to know if you are you are good at it? "
Do you pay rent and bills op?
As soon as my wages hit they are gone and nothing to do with saving. If I did not pay tax or rent I be better off. |
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By (user no longer on site) 43 weeks ago
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"I would say that I am good at saving money.
I dont just buy things irresponsible, or spend the wage all at once, or spend a lot just because there is a sale on, you can say that I have perfected the difference between the needing and wanting component.
I would say that know between the needing and wanting is a game changer.
It would be interesting to know if you are you are good at it? "
Plus op if I died tonight the state pays my funeral and I cannot take my money to the grave.
£1500 500 on bills and £1k on rent |
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By *hagTonight OP Man 43 weeks ago
From the land of haribos. |
"I would say that I am good at saving money.
I dont just buy things irresponsible, or spend the wage all at once, or spend a lot just because there is a sale on, you can say that I have perfected the difference between the needing and wanting component.
I would say that know between the needing and wanting is a game changer.
It would be interesting to know if you are you are good at it?
Do you pay rent and bills op?
As soon as my wages hit they are gone and nothing to do with saving. If I did not pay tax or rent I be better off. "
Hi becs, yes. I pay that too and you are right there about not paying, but yes, there are some left to be saved after it as well |
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By *hagTonight OP Man 43 weeks ago
From the land of haribos. |
"I would say that I am good at saving money.
I dont just buy things irresponsible, or spend the wage all at once, or spend a lot just because there is a sale on, you can say that I have perfected the difference between the needing and wanting component.
I would say that know between the needing and wanting is a game changer.
It would be interesting to know if you are you are good at it?
Plus op if I died tonight the state pays my funeral and I cannot take my money to the grave.
£1500 500 on bills and £1k on rent "
Yes becs, you are right there too, about that, if that would happen as well. |
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No, I live paycheck to paycheck. I obviously prioritise bills, travel for work, utilities, and eating. Not much if anything left after that. I'm glad I opted in vs out to works pension years ago. As there's a fair little pot sat there now. But currently that's all I've essentially got. |
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"I would say that I am good at saving money.
I dont just buy things irresponsible, or spend the wage all at once, or spend a lot just because there is a sale on, you can say that I have perfected the difference between the needing and wanting component.
I would say that know between the needing and wanting is a game changer.
It would be interesting to know if you are you are good at it? "
I guess when the difference between needing/wanting to pay rent, council tax, having the heating on, and eating each month are the deciding factors. Then that's the issue?
Far easier to save something for a rainy day, if you have something to actually save |
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Once you get good at it, it almost becomes addictive and you keep trying to see how how much you can get. If you've mastered the frugal lifestyle then putting money away should be easy, then that money starts to make you more money and your journey to financial freedom begins. |
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