Motivate me to save money

[Myusernameisnotmyusernameno]

Myself and DH just got married. I actually wrote a post the other day about house deposits and turns out I need at least 5% and I'm already 40. Got stuck in renting when we were very young. Anyway in this area you need a lot so I'm writing this lighthearted thread asking you to motivate me into saving this money and not frittering my salary away on total crap like I normally do
I get bonuses every quarter as long as we hit target and he is in a band so gets a bit from that but right it seems like it's going to take forever! Thank you x

[Myusernameisnotmyusernameno]

*right now

[Pissinthepottyplease]

Look on rightmove. He higher the deposit you have the less interest and more money you will have when buy a house.

How much do you need to save? I would try to do 12 months of trying to save as much as you and earning more money. It’s easier to be really strict for a set amount of time.

[Myusernameisnotmyusernameno]

@Pissinthepottyplease

Look on rightmove. He higher the deposit you have the less interest and more money you will have when buy a house.

How much do you need to save? I would try to do 12 months of trying to save as much as you and earning more money. It’s easier to be really strict for a set amount of time.

Thank you. About 15k
We did manage to pay for our wedding over a year though using bonuses and things. I've not worked out exact about but it probably cost about 7k

[Myusernameisnotmyusernameno]

Amount

[Myusernameisnotmyusernameno]

The really frustrating thing is our rent is more that a mortgage would be. It's just the deposit.

[Camandmitch]

How old is your DH? If under 40 he could set up a LISA - I like seeing mine increase.

Read some frugal blogs. They helped me when I was paying off debt

[someonesomewhere7]

When your salary hits, automatically transfer x% into a savings account and don't touch it. Start at 10% and see if you can go up.

[Myusernameisnotmyusernameno]

He's 37. I have a help to buy ISA with £400 from wedding gifts to put in it. Could he get a LISA as well?

[Myusernameisnotmyusernameno]

@someonesomewhere7

When your salary hits, automatically transfer x% into a savings account and don't touch it. Start at 10% and see if you can go up.

That's a really good idea. We do have a couple of loans which once they're paid off we could put that money in too. I'm just a bit rubbish at saving as I like new things but I can't imagine anything giving me as much pleasure as my own home

[LaBellina]

Don’t buy stuff you don’t need.

Declutter your home, donate and throw away stuff and enjoy that the weight of having too many things is off your back.
There are lots of blogs / Instagram posts about minimalism and I find them very inspiring! Also, I spend a lot less on clothing since I discovered second hand shops. I bought a lovely new looking wool/ cashmere long cardigan from a second hand shop last weekend for only £4. I hardly spend the same amount of money on clothes as I did in the past yet I have much nicer things now.

[ChickenSchnitzel]

Do you budget currently? Write down all your spending for a month and then look where you can tweek it.

As previous poster said, pay 10% into savings immediately. Then you are less likely to spend it.

Meal plan, shop according to the meal plan and don't deviate. Shop at Aldi, switch to cheaper brands etc.

Go through all your standing orders and cancel anything you don't really need (Netflix etc).

Build some treats into your budget so you do feel you are missing out on everything.

Think about your target amount of break it down, so £15k could be saved in 2 years if you each save £300 a month. Is that doable?

[MrsToadlike]

As a previous poster mentioned, you need to get into the habit of putting aside a portion of your paypacket every month for savings. The easiest way to do this is to set up a standing order the day after payday to take £xx out of your account and move to a separate savings account. That way you don't have to remember to move it yourself manually, and if it's not in your main account you won't 'find things' to spend it on.

Moneysavingexpert website has been a game changer for me personally.

Good luck OP

[Camandmitch]

He's 37. I have a help to buy ISA with £400 from wedding gifts to put in it. Could he get a LISA as well?

Yes he could get a LISA and get a £1k bonus if he adds £4k in a year

[Myusernameisnotmyusernameno]

Thank you everyone. I probably couldn't save £300 a month right now as paying off my credit card but I could save my quarterly bonuses which are usually about £1500 every quarter.

[Myusernameisnotmyusernameno]

I'm feeling very motivated now

[someonesomewhere7]

One other tip - sleep on purchases bigger than 10 pounds or so that aren't necessities. Just don't give into impulse buys. Take 24h to consider if it's worth it, research options, find coupons etc. You'll be surprised how many times you end up deciding you don't really want it (especially if it means another trip to the shop).

[FizzyPink]

We’re also saving for our first house right now. Currently have £35k and aiming for £50k in the next year.

I’ve always been good at saving but what really helped DP to get motivated to save was by producing a savings plan. It’s basically an Excel sheet where I have each month along the top, then down the side all of our savings accounts. The first month is the month we’re in right now and then how much we have in each pot. I then project what we’ll have in the months to come if we stick to our savings goal every month. I know it’s a bit anal but if you can visualise your goal like that it’s a lot easier to want to save.

[FizzyPink]

Also definitely agree with the LISA. Moneybox is a good and easy one. We’ve both had ours for 2 years so that’s an extra £4K completely free

[FizzyPink]

Aahhh sorry for all the messages but I also recommend the Moneybox 90 day savings account. If you want to withdraw your money you have to give 90 days notice. It helped me so much to stop dipping into my savings all the time

[Myusernameisnotmyusernameno]

@FizzyPink

We’re also saving for our first house right now. Currently have £35k and aiming for £50k in the next year.

I’ve always been good at saving but what really helped DP to get motivated to save was by producing a savings plan. It’s basically an Excel sheet where I have each month along the top, then down the side all of our savings accounts. The first month is the month we’re in right now and then how much we have in each pot. I then project what we’ll have in the months to come if we stick to our savings goal every month. I know it’s a bit anal but if you can visualise your goal like that it’s a lot easier to want to save.

Well done! My DH loves things like that so I'll have to mention it

[Zeal]

so I'm writing this lighthearted thread asking you to motivate me into saving this money and not frittering my salary away on total crap like I normally do

Problem is I can't take you seriously. Will you try to save? Or will you save?

I could tell you how I did it, but I am not sure the help will fall on fertile ground.

[Myusernameisnotmyusernameno]

I'm being very serious. Just friendly

[Myusernameisnotmyusernameno]

So I've changed my standing order into my isa and we've done a spreadsheet! Feeling quite motivated!

[Yarqueen]

Check out Dave Ramsays seven steps online. His youtube channel is pretty hilarious as he's a bit extreme but actually the general principles work very well

[kiahx]

Someone help I wanna save but I'm a single mum I'm 21 in huge debt