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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

How do you motivate yourself to save?

13 replies

OhioOhioOhio · 04/03/2020 21:34

My financial situation is changing. Its better because I'm getting rid of an idiot wasteful husband but there won't be as much actual money. I want to get my head in the right gear so as to enjoy saving, rather than grudge it.
Any tips?
And how do you organise still having treats?

OP posts:
Ellisandra · 04/03/2020 21:46

I don’t really try to find additional motivation (I’m motivated simply by the fact I want savings - and you sound like you are too!)

The best tip I can give is one that was also in Nationwide adverts recently - transfer your set amount of savings on pay day. Don’t think “I’ll have a careful month and save everything that’s left.” There will be nothing left Shock

Ellisandra · 04/03/2020 21:47

Re the treats... I do a proper budget. I know that my set savings amount isn’t going to leave me with nothing extra through the month.

LuluJakey1 · 04/03/2020 21:54

We have an automatic 'sweep' on our current account and the day DH's salary goes in it 'sweeps' anything over an amount we have set into our savings account. Example - if our set amount was £3500 in our current account on 1st of the month, and there was £300 left on that day from the last month, plus DH's salary of £5,500, it would sweep £2000 of his salary plus the £300 into our savings account or the ISA- whichever we had asked for it to go into. (figures made up as example)
It is a really useful way of saving because it disappears at the start of the month and we set the level at what we thought was a decent monthly amount to live on.
We also have an account between the savings type accounts and the current account which is called a 'pot' by the bank and it is kept at £500. If the current account falls below £200 it tops it up from this 'pot' and tops the 'pot' up from savings. It means we never have an overdraft.

Aquicknamechange2019 · 04/03/2020 21:56

Who do you bank with @LuluJakey1 ?

Darbs76 · 04/03/2020 21:59

Do a budget plan and allow yourself an amount for things you like to buy too / treats. Work out how much you can realistically afford to save and move that money on payday. Monitor your accounts daily.

Choose something you want to save for. I’m saving for a house of my own, so a big deposit. I’ve set myself a target and I am determined to reach it. I’ve also allowed myself to save a set amount for holidays too, so be realistic with what you can save too, don’t go without too much or you’ll end up not bothering

wherehavealltheflowersgone · 04/03/2020 22:00

By knowing you can avoid future debt when the boiler / clutch / washing machine / kids winter coats all pack up in the same month!

Purplequalitystreet · 04/03/2020 22:04

Treat savings like a bill and have it go out of your account on payday. I know some people like to have a chart of little squares and colour them in as they reach every £50 so they have a visual incentive

JuanSheetIsPlenty · 04/03/2020 22:05

I’m motivated by the fact I’ve paid out enough in rent to have bought a house already and I’m sick of working my ass off to buy other people’s houses for them. So everything I have spare is going into deposit saving.

cafenoirbiscuit · 04/03/2020 22:08

10% of everything which hits my account gets saved. Even a cheque for £30 will give me £3 to put away, and it soon mounts up. I find it oddly addictive- & very satisfying

Turquoisetamborine · 04/03/2020 22:09

I have a no access savings account linked to my current account so I can easily transfer money into it but don't have the function to be able to transfer it back. I've only managed a few hundred so far but it's very motivating and there isn't much I would dip into it for.

SomeHalfHumanCreatureThing · 04/03/2020 22:10

I have two separate savings pots. One is for spreading out big expenses (broken washing machine, car service, house repairs). I find this means that I leave the proper savings account alone, and don't dig into it for anything.

ToLiveInPeace · 04/03/2020 22:10

I pay into myself on payday, which is the most important thing. After that, everything else is budgeted - usually by slightly too much, so I don't run short and can enjoy sweeping any extra money into savings throughout the month. The budget includes treats too - I have a holiday fund, clothes fund and eating-out-once-a-month fund. I saved the deposit for our house by doing all this.

BertieBotts · 04/03/2020 22:10

I like the wish Farm idea from YNAB. Also deciding exactly what those savings are for, giving them a job if you like. It's no fun to just squirrel money away with no sense of what it's for. Whereas if you know you're saving for a specific thing you really want that's motivating, or if you work out what various emergency situations would cost you (for example household appliance needs replacing, unexpected bill, car insurance excess, cracked phone screen, etc) and then rank them from cheapest to most expensive. You can start saving for the cheapest emergency and build up to the more expensive ones.

Also bigger costs that happen predictably but less often, like children's birthday parties or Christmas. Saving for those year round means you don't have to scramble to pay for it at the time.

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