Why is it so hard to save money?

[ithinkimightbecrazy]

My DH has started earning about £100 a week more. Also, we have just paid off a debt that was costing us £200 a month. So we should have an extra £600 in the bank every month but we don't! How does it go so fast? Where does it go?

Only you can answer where does it go!
Can you reduce bills?
Need to examine outgoings and essentials.

start keeping note of ALL your spendings on a spreasheet and it will be very obvious.

It's likely to be that you think you have more, so you buy more "treats" and they add up.

Daft question really.

Can you not move £500 to savings as soon as paid? That gives you an extra £100 on what you were spending still. If it's not in your account you won't be tempted to spend it so much?

Put it in savings and then you'll know exactly where it is. That is how people save.

You save at the start of the month/week (whatever the payment period is) not the end.

Until this week I had two 5% regular savings accounts with different providers to my main bank, so the DD went out on payday and I didn't see anything more.

One has just matured so I have simply turfed it all into another specific account I had set up, which again I don't see unless I go looking. I'll do the same when the second matures as well. And meantime I'll probably set up another regular savings for those "spare" DDs as and when I find a suitable one.

yep, you are used to paying out your debts and bills, then managing on what's left. Now you are paying your bills, and managing on what's left, but still just spending what's there.

Go through your spending and check it all. Remove money at the start of the month to savings, set a budget for each week, not just for the whole month.

The other thing that might stay your spendy hand is a notice account, or a limited withdrawals one.

The only ‘saving’ we manage to do is overpaying our mortgage!

If you're anything like me, every single thing you pay for has gone up by 5% or 10%, so you are spending more without getting more.

Move savings over to a separate account at the start of the month and forget about it. They'll soon add up.

Instant fixes. stop buying take away food and drink. Stop eating out. Rein back entertainment expenditure. Stop buying non essentials. Makeup, clothes, shoes. Shop at less expensive shops. Take packed lunches to work. Try to drive less to save on fuel costs. Don't buy papers, magazines etc. No taxis.

Take cash out, and don't use cards. Don't swipe cards. Just pay cash. When the cash is gone, you don't spend any more.

The £600 is going somewhere. (some might be 30% tax and NI on your DH's extra £400 a month)

in due course, look at your regular commitments with a view to reducing them.

The only way I’ve ever managed to save is by treating it as a bill. If you get used to it going out you don’t miss it. I’ve never been able to save by saving the leftover at the end of the month- it’s just too easy to spend it if it’s there.

Save the extra as soon as you get paid . Do you spend money on magazines , coffees out , takeaways , buy lunches instead of taking a packed lunch to work ? These small purchase will add up quite quickly . Track your spending if you want to know where it goes or alternatively start saving it when you get it . It’s not difficult once you start .

Set up a dierct debit into a savings account for the same amount you were paying on the loan. You will see your savings grow in no time.

Work out budget based on takehome pay then withdraw cash on payday. Stop using debit/credit cards.

Also go through your utilities & see if there are any deals or savings to be made. You need to do this at least once a year to get the bedt value fir money even if it means making a few calls etc.

@BuzzShitbagBobbly a limited withdrawal account sounds promising.
Do you have one? What is it like

@Gth1234 bloody hell we arent big spenders anyway! And we dont drive and only buy secondhand anyway so im just baffled!

I suggested to DH that we put the extra in a savings account every pay day and put 200 in the same date that the old debt was due, but he said itd be better to just keep it in his account and let ot build up there.... well. Nothing has built up so far.
Not like an extra 100. Six hundred should be hard to frittle away with out realising it!!!!

@Fakenametodayhey sorry no I don't have any recommendations for limited withdrawal accounts, but if I see any that look promising I'll try and remember to come back and tag you for them.