To ask how people built up savings of £5k to £15k?

[ThatOpenPoet]

For those who’ve managed to build up savings of around £5k, £10k, £15k - how did you actually do it in practice? Was it consistent monthly saving, cutting back, a one-off boost or a mix of things?

I would like to hear what realistically worked for people rather than just general advice.

Thank you.

Consistent monthly saving. And saving first on pay day, rather than saving whatever is left at the end of the month.

Direct debit to savings as soon as salary goes in.

surely the method is simple - you put aside money each month - usually at the beginning for self control reasons!

the bit that’s variable is how quickly you can save it as that depends on how much you’re putting aside.

Consistent monthly savings and keeping eye on best interest.
DH was gobsmacked when I got him into saving properly after we tarted living together and how much he could save if he kept on it... Even on nmw

Put it away on payday, be realistic about what you can spare. I tried to save more than I could afford and was always annoyed with myself for dipping back in. Now I save less but leave it alone. Less mental drama!

Constant monthly savings of a set amount, plus top ups when I have money left at the end of the month. Also, shopping around for the best interest rates and moving the money around to maximise this. This has meant I've got a nest egg of over £10k that I plan to leave alone and keep building. I've also got a short term savings account with my bank for holiday or Christmas savings. My bank has that thing where when I use my debit card, it rounds up to the nearest pound and puts the difference in savings so that goes in the short term savings account.

Putting the money away on payday is key
Having the right high interest account
Shopping around for things that you need. Not spending money on silly things like regular take away coffees or lunches

I could only do this if nothing ever broke in my house or car. Boiler went last year, oven and car now looking iffy.
I don't have holidays, pets, nails, alcohol, sky etc.

I started saving the money i previously spend on shop sandwiches, snacks and coffees, i was spending around £20 per week, as i earned more i saved more.

It took a while but i eventually saved £10k in a PEP, forerunner to an ISA, which was a handy deposit on a house.

However, i had no real outgoings and no dependants and earned a reasonable amount, for some people, none of this is possible.

Also look around your home for things to sell if you want to kick-start. I've made a couple of grand on ebay and vinted selling clothes I wasn't wearing, a digital piano, and some nice jewellery.

Consistent monthly savings, as well as the occasional slightly bigger addition (eg bonus or Christmas gift from parents). Get the standing order to go out on 1st of month along with all your other bills (assuming you get paid at the end of the month).

Also regularly check best interest rates, often from locking away for eg 2 years if you can afford to.

These days we’re able to save larger amounts as well as spending a bit more to enjoy life but in the early years we were pretty frugal with holidays etc and always shopped around for the best deals on groceries as well as broadband providers, insurance etc.

I used Moneybox for their round ups - it really quickly added up. Also paid myself immediately after payday with a monthly amount. I also got into the habit of paying stuff I’d skipped or missed out on (eg instead of a costa or a glass of wine, put the £ into the account for that week).

Pay myself first. £350/m goes into a couple of savings accounts. I only dip in to it when absolutely necessary.

Consistent monthly saving a regular amount. I view it was an essential, like paying bills and tax.

Put money in a savings account or fund as soon as you get paid and save every month if you can.

As others have said, consistent monthly saving. Transferring savings as soon as I've been paid. I also keep a detailed monthly budget which I update every few days. If its a month where spending isn't so high then I'll make myself add a bit extra.

What I'm not so good at is moving my money around to ensure I'm getting the best rate. I need to do this.

I stop spending on unnecessary things. On pay day, I check the balance of my current account before pay goes in, then move that to a savings account.

Cut back on obvious things - no longer paying £4.30 for my latte whilst mooching round the shops , £5.95 if I wanted a slice of dry cake
Saved direct debit on pay day into as high interest account I could get
Found best mobile and broadband contracts
Sold and bought on Vinted when necessary
Stopped shopping mindlessly- filled that pleasure hit for all of 5 mins
Cut down on small things at home - telly on all the time even when not watching - now switched off
Full loads into machine
Shower daily at the gym
Shopping at Aldi , batch cooking , freezing lots , less takeaways
Bulk buying things like loo roll, washing powder , coffee , tea bags etc.
Comfortably saving about 350 a month , it soon adds up .

Same as custardscream, then investing it rather than putting it in a bank account. From my first pay cheque I was encouraged to save 50% of my earnings (changed once I started paying rent etc) the minute it hits the bank, you don't ever see it as available spending money. I tend to have a pot that I'm saving for something (short term) and then a long term/emergency fund.

Mine's a mixture - profit on selling a secondhand car (the balloon payment on the PCP was less than the car was worth post Covid), bonus from work, pension related tax refund and I try to save monthly from my salary. I've had a couple of chunky pay rises over the last few years and have been saving the additional salary.

We save 2k per month into long term savings.
Child benefit goes straight into savings for Dc
500 into our holiday account.
we do this on payday- no excuses, no exceptions

Agree about putting money into savings on payday. Then when my pay rises came through (public sector so they were always late which meant backdated) I put the lump sum away into savings and then half the additional pay increase also went into savings.

Don’t forget the 2 months you don’t pay council tax (although I always put that towards the mortgage) but that can also go into savings as you won’t miss it.

Then shopping around for the best savings rates etc.

Wow, genuinely amazed you can save £2k a month and are still eligible for child benefit!

Transferring money on payday and using multiple saving ‘pots’. Having separate spaces means we have money specifically put aside for holidays/events/home/car so don’t automatically dip into our rainy day fund

we are in Ireland but I have had this conversation before on here. I think even if our finances were based in the uk we still would get CB yes.