What helped you start saving?

[ttcchapter1]

Any tips.. I'm bad at saving and want to start putting whatever I can aside. Bad habits are mostly clothes for myself and the kids that are always extra. Not much issues around food shops etc.
anything you find helpful when starting to save??

I don't know if this will be possible for you but what I did was to not change my lifestyle when I got pay increases. So instead of increasing my spending I would increase the amount going into various savings accounts. I have several:

• a S&S ISA - in my name but intent is that this will be to support DD when she's grown. Either for Uni or housing
• a JISA for DD - only a small amount each month and any birthday/Xmas money. This will automatically become hers when she's 18 and while I hope she'll be sensible I don't want to hand over more than a few thousand if it's all just gonna be put behind the bar during freshers week (ahhh fond memories)
• a premium bonds account for me
• a premium bonds account for DD
• an instant access savings account which I use for big purchases, this is for holidays, car repairs/replacement/ house repairs or improvements.

What this means on an every day basis is that my spending is similar now to o what it was when I was earning half as much but I have better access to money when I need it for large items and I've been able to do some nice home improvements.

Saving a small amount on pay day so like a bill take the cash away. Also seeing something build up is really rewarding or it has been for me! Round ups on banking apps too.

Online banking transferring funds to savings account every-time I get paid.

This.
The peace of mind that we get from having savings beats any feeling of (short term ) gratification from shopping.
I also don't buy on a whim.I have a Monzo account and i create pots for pricey items that I want to buy . I like the idea of working and saving towards something beautiful that I will use for years. I also sell the clothes we don't wear anymore on Ebay and the money goes in our ISAs.

Save at the start of the month.

If you can afford to, open a restricted access savings account with a higher interest rate. This means you're not allowed to touch your money for a fixed period or else the interest rate drops.

Start small. I've got a £20 standing order that goes into an old student account. I never notice that money but it does build up and comes in handy if I want to treat myself

Looks like the OP has spare money ...she is spending it on clothes.

Stop using the word 'savings' and instead use 'spend later'. Think of what you'd like to work towards. Christmas, holiday, new car? Work out how much you need to put aside each month then set up standing orders so the money is moved to another bank account on pay day.

I review the previous month's statement to calculate how much I wasted on luxuries & frivolous spending. I then transfer that amount at the next payday to my fixed term savings account. I have less money the next month to spend on rubbish & more savings.

Decide on a set amount and when you reach it give yourself a reward. Then repeat but each time aim for more.
Split money between long term and short term savings.
Split any gifts bonuses and pay rises into three- one third to spend, one third each into your savings.
Think of saving as a game and enjoy it, rather than a chore. You are putting your finances first by not by unnecessary items, not someone else's.
Don't save for the sake of it, if an amazing opportunity arises spend on that, experiences are just as important as financial stability.
Understand you will never get rich by just saving alone, look into what you might invest in, in the future.

Simplify all banking:

• 1 account for direct debits, all set to come out at least 4 days after pay day

• All monthly spending on a credit card (srick to budget), set to pay in full by DD at a fixed date.

• On payday, transfer fixed amount to DD account and the remainder to savings. Credit card DD set to come out of savings.

Figures would work like this:
28th Payday £3500
28th Transfer to DD account £1000 and £2500 to savings account
1st DDs paid £1000. Credit card DD £1500 paid = £1000 left in the savings account.

I found knowing that my spending was coming out of savings easier to stick to not wasting money.

Short term goals, how quickly can we get to £500/ £1000/ £5000 etc.

I've been doing the 1p challenge where you save 1p day one, 2p day 2 etc. Also I have saving posts for £1 every time I finish a book, 1 for every week I don't drink, 1 for every pound I lose in weight and a round up pot.

The round up savings accounts are good too, mine is with NatWest and I've linked it to my current account so anytime I use my debit cards it rounds up to the nearest pound and puts it in a savings account. Mine has been running in the background for about a year and has £1.5k in it.

I started using You Need a Budget which has helped me transform our finances.

It helped me focus on reducing our outgoings and we are now saving just under 25% of our monthly income. I will take the tip of moving the money at the beginning of the month, I normally wait until the end.

You just have to have a focus, mine is some decent holidays and early retirement. I’ve also been doing a low spend 2023 and have actually found it very easy. I think seeing my budget on YNAB makes me think about every penny I spend and I am much more mindful and considered. It’s working for me.

Be realistic about what you can save and also make sure you have spending money, after bills, too cause I think you're more likely to break it if you try to restrict yourself too much.

My salary is split into bills that come out by DD, then "fun money" for clothes/make up/dinners out or new stuff for the kids, which is budgeted by the number of weekends in the month (generally when I spend more) and any excess goes into my ISA. There are months where I need to dip into it for unexpected costs but largely I stick to my budget. In months where I am being extra strict, I'll put any weekly under-spend into my savings too.

For me it was setting challenges for myself. I got fed up of looking at my bank statements and seeing how much was going out every month so I set off to pay things off.

I set up a direct debit so that the day my wages went into the bank, money went into my savings. I had to live on what was left.
I then challenged myself to keep £10 or £20 in my wallet and try not to spend it on incidentals. That meant no coffees, magazines, clothes, lunches out etc. I set this challenge for 6 months and agreed with myself the exception to the rules would be a particularly special occasion.

I met friends still but we went cycling, to the gym, out on walks, took picnics etc.
It soon became easy to not spend on 'stuff' All the spare money went into savings. It became an obsession but I kept check on myself not to go to far with it.
I ended up paying my mortgage off 9 years early and with what would have been the mortgage payment put the equivalent into savings and investments.

I have carried on saving and have saved £10,000s in the last couple of years. However I have hardly bought any clothes as I have not needed anything. I ask for perfume and specific cosmetics for birthday, Christmas, Mother's day etc. I do reasonably cheap exercise activities eg outdoor swimming, cycling , running, mountain walking and I already had all the gear.
Once you get the habit it is addictive. Personally I found I only wanted things if I went into town and saw things or if I looked on Silk Fred or Nancy Mac!! If I didn't see things I didn't want anything!
Other things I do is use TopCashback for virtually everything. I have over £600 in my Topcashback account.
I took out Meerkat insurance for a daytrip I did and it cost a couple of quid but I get cheap cinema tickets and meals out. I split the cost of these with my friend ( who also does the same with her friends) so it is a cheap night out.
I know everyone can't cut back any further. 20 years ago I had bailiffs at my door and was considering killing myself over money issues (seriously) but things have turned around for me.
Having enough money to save. It sounds simple to do all of the things already mentioned, but if you are on a low income then sometimes there just isn't enough spare. I understand. I have been there and it is extremely challenging and worrying.
There's loads of really good suggestions on this thread and what works for you will depend on your personality. I know I get obsessive about things so saving took over my life for a while but the result gave me comfortable cushion.

Wanting be a home owner before I was 30!