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how to save? how much to save?

(15 Posts)
Slartybartfast Sun 11-Feb-18 08:05:06

Are they are helpful suggestions?
any budgets?
no longer have a credit card to fall back on

CrabappleBiscuit Sun 11-Feb-18 08:08:55

Money saving expert .com has lots of ideas for where you can cut costs, switching utilities, dropping to value brands, using up food you have.

Unfortunately you have to do the really tedious job of going back a year to see all spending, but it’s really worth it.

Also track all your spending from now on. Be in control of your money.

If you give more details you may get more help on here.

Slartybartfast Sun 11-Feb-18 08:14:53

i just thought there might be a Rule, a % of how much you should save

Passthecake30 Sun 11-Feb-18 08:17:36

3 months salary for a starters, in easily accessible accounts, in case of redundancy.

Slartybartfast Sun 11-Feb-18 08:18:52

oh gosh!

CrabappleBiscuit Sun 11-Feb-18 08:20:57

Oh I see what you mean, I thought you meant you were short and needed to save.

Three months salary seen as a good rule of thumb...it’s a safety net.

I started thinking about this properly last year and now have six months salary reasonably accessible and I’m building up a less accessible fund too.

ememem84 Sun 11-Feb-18 08:20:57

We were/are saving for a house. A couple of years ago we went though all income worked out payments for mortgage and bills and then from the leftovers what we spent on ourselves each month. We took the average monthly spends amount and saved the rest. So each month I have around £200 to spend on hobbies etc. The rest is saved and allocated in different pots for house, pension etc.

I agree with having three months saved.

Etymology23 Sun 11-Feb-18 08:24:54

It ultimately depends on what you count as savings and what your essential costs are.

E.g. short term (for yearly bills like car insurance, car repairs and yearly fun things like holidays), medium term for things like new appliances, DIY things like a new shed or new shower, maybe even savings for replacing your car once a decade, long term savings for house deposit or an extension and to sit alongside your pension- this last category needs to be considered concurrently with your pension contributions and your mortgage plans(if you have a mortgage).

Obviously what you can actually save for that lot will depend on what you earn, and that list is a mix of essentials and nice to haves and you have to save for the essentials first!

Definitely recommend money saving expert!

Raver84 Sun 11-Feb-18 08:27:23

Three months is a good aim. On a practical level I save by a standing order once a month into savings not lots jus 100 pounds . I then add what's left in current account at end of month also not much! I also have a tin at home thay I put any change in over 1 pound. Builds up quick!

ZBIsabella Sun 11-Feb-18 11:15:54

A % is impossible as it varies from person to person. If you are just about managing (most people) then anything saved is a bonus and very wise even if it means walking to work and always taking sandwiches. If you earn a fair bit then the more you can set aside the better. I just try to save what I can in good months (am self employed) but I am not a high spender and not tempted to spend. Other people find it useful to have a standing order giong out to their savings account as soon as their salary is paid in each month so something is set aside automatically before they think of spending it.

whattheactualbleep Mon 12-Feb-18 09:21:20

This is the year we are finally able to start building a few contingency funds.
13 years and three dc and a wreck of a house we moved into 7 years ago has meant that we've been v close to the bone and any spare cash has gone on making our house our home.
The last few years we have managed to do the largest most expensive things needed so now for the next few years we plan on maintaining but no more big jobs.
I want to concentrate on savings.
We put £12.50 a week in two seperate cash tins which will be £600 in each by December. One will go towards Xmas and the other towards a structure we would like to build next summer.
I also put £50 a month into a holding account to cover dc birthdays,scho trips and uniforms,etc.

I only have 12 months left on my car payments which will free up £100 per month for me to put into personal savings,same as dh and once we finish a long term loan early next year we will put £200 a month into a joint savings account.

We have a small uk based holiday booked with friends for this year and we live in a beautiful area so day trips and entertaining dc isn't hard to do frugally for us.

I just sat and went through our monthly food,sundries spending as I set a budget for it and the last two months we have gone over a bit so going to rein that in and meal plan more.

Before I make any purchases I think if I need them or want them and by doing that I'm just January I saved over £100 that would have just been wasted. That's been transferred to an online saver account aswel and it's great watching it all build up knowing it's dead possible.

WTFIsThisVirus Mon 12-Feb-18 09:25:18

If you just want general savings, 3 months salaries worth is the recommended amount.

The first thing you need to do is write down your current expenditure on EVERYTHING. if there is anything you pay for yearly, then take the annual amount and divide it by 12. That could then form part of your monthly budget, or it can be part of your savings.

Once you've got your budget, see what you can cut down on. I think it's also a good idea to allocate yourself some fun money for the cinema, nights out, etc. Saving does not mean sitting at home all the time!

After that, anything you have leftover can be savings.

shartsi Mon 12-Feb-18 09:46:41

Besides putting money aside every month in savings accounts, me and DH are putting £4 each in a tin everyday. We will empty both tins once a year.

specialsubject Mon 12-Feb-18 12:01:25

if money is tight then FORGET XMAS. It DOES NOT MATTER.

sorry, but it is really not a priority over roof, food, bills, insurance etc etc etc.

tell all adults in your family that all presents are stopping. Budget a tiny amount for kids. Or feed and clothe them rather than buying tat if that's the choice.

JoJoSM2 Sun 18-Feb-18 22:33:01

You need to know what you’re spending at the moment to work out if we can spend less to save/invest more. For example, shop around for best phone or utilities deals or spend less on clothes etc.

We’re high earners so we save/invest most of the money coming in. But a low earner, might only set aside £20/month as they can barely make ends meet anyway. So it all depends.

And what are you saving goals? As mentioned above, is it something short/medium/long term? For example, if you’re saving for a holiday next year, a regular saver with a direct debit can be a good option. If you’re saving for retirement, you’d look at pensions or stock and shares Lifetime ISAs etc.

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