What do you use to save money?

[TokenGinger]

I had contemplated using Park this year to save for Christmas but the vouchers are so limited and I like online shopping. The Mastercard option takes a percentage, too.

I know I could save it in a bank account, but I'm not disciplined enough to not dip into it if needed. Though, I suppose many saving apps etc probably have the same ease of transferring back to myself if needed. I'm hoping that psychologically it being moved out of bank accounts will mean I don't touch it.

What do you use for putting money aside each month to save up for Christmas, or any other big expenses?

Companies like this went bust one year a while back and everyone lost their money so had nothing for present buying.

@JustLikea

Companies like this went bust one year a while back and everyone lost their money so had nothing for present buying.

Oh yikes! In which case, I think I'll stick to transferring to my bank account and be more disciplined 🙊

I had seen somebody suggest buying an Amazon voucher each month but again, you're then tied to buying from one company so I'm not sure how I feel about that.

I save money in a few different places. Mainly:

Monzo pots, I have one specifically for Christmas which I keep locked until October.

A savings account with a different bank to my debit card - I use Marcus. The fact that it’s with a different bank, in a completely different app, means that I’m less likely to withdraw from it.

I also use Vanguard for longer term savings/investments.

I definitely wouldn't use park or anyone like that! As above they could go bust and you'd lose your money, and they're limited on where you can shop anyway.

Monzo have saving pots but if you don't think you're disciplined enough to use those could you set up a new bank account with a separate bank so it doesn't link to your usual one and put money into there? Obviously you can still transfer money between them but if they're with a different bank and the accounts aren't all sat together in one banking app then it might be more of a case of "out of sight, out of mind"?

Ah, Monzo sounds like exactly what I need. Or a separate bank account that's a different app like you suggest. I like the idea of locking the Monzo saving pot, too. I'm going to Google that and have a little read into it.

I think just being a separate app altogether is exactly what I need so it isn't so easy to transfer from one account to another.

A Leeds building society instant access ISA. They have no app, you have to log into a Website like in Olden Days
Limited to a couple of withdrawals a year and it takes a few days so no dipping into it on a whim

I use PLUM. Highly recommend

Revolut and the credit Union

Premium Bonds - you can get the funds within a few days & you might win something.

I have various savings accounts in Halifax and use online banking for that. Helps me save and keep on track

@converseandjeans

Premium Bonds - you can get the funds within a few days & you might win something.

I came on to say exactly this.

I have a savings account with Marcus that I transfer to every month. It doesn't have an app, just a website and its a pain to login so my money just sits there till I really really need it and then I transfer it back to my current account.

I also use Plum. I don't really notice it going out and I've not dipped into it yet as it's completely separate.

To steady myself I initially put it into cash into those sealed tins
One for Xmas, one for bday, holiday.
Then physical envelopes for weekly sending money, food and petrol etc.
Physical cash.
Because we divided up food /spending /petrol etc then we didn't need to dip into Xmas, holiday or whatever.

I use Monzo. I actually round down my bank account every day to the nearest fiver or tenner and stick it into Monzo. Eg if we have £169 in the bank I will put £4 or £9 into Monzo

You could try a regular saver account.
It's a bit late as they are usually 12 months, but if you are disciplined enough you could use a credit card in December and pay it off with the maturing regular saver in January, you'd know how much would be in it when you were spending in December.

Near instant access: £25 a week DD in premium bonds, you can get money in your account within 48 hours but harder to access than a normal bank account.

Mid term: £50 a month in to a Help to Sace account, can't get access for 4 years.

Long term: Auto bank account roundups into a LISA, amount varies between £5 - £30 a week no access until I retire.

I save into Chip. Managed to save over £4K in the last year. It automatically saves and I do a once a month save on payday too. Longer term I have some investments with Vanguard.

@UnicornPoopsRainbows

I use Monzo. I actually round down my bank account every day to the nearest fiver or tenner and stick it into Monzo. Eg if we have £169 in the bank I will put £4 or £9 into Monzo

That's such a good idea!

There's so many suggestions to look into - thank you so much. I'm going to look into them all this weekend and get something set up ready for pay day.

When you look into them LISA and Help to Save account are both government initiatives with some great benefits.

LISA is age dependent and aimed at first time buyers or to be held on to until you retire. I think you have to be under 35 to open one.

Help to save accounts are income dependent and you have to be on a lowish income to set one up, if your income increases over the 4 years though you don't lose it.

I use Monzo and I have a personal budget for the year (on an excel sheet).

Moneybox

I have a plum account and I've just opened a credit union account specifically for next Christmas. I also have a building society account plus a demi-John for change which holiday spending money.

Is there someone you trust enough to look after it for you?