Savings tips

[Combusting]

I'vegot into quite the savings routine over the last few years and thought sharing some tips - and collating tips from others would be useful!

Feel free to add :)

My successes have been -

1. Saving first: Automatic Standing Orders set up into savings accounts which are not visible to me as part of my main banking apps which go out on pay day. What I do not see, I do not spend.
2. Accounting for everything: Not just accounting for "savings", but accounting for 1) Savings I don't touch or see 2) Rainy day pot 3) Car/trasnport 4) Holiday 5) Birthdays.
3. Paying myself an allowance: Just as auto standing orders (overpayments, savings, bills go out) - I "get paid" by my own salary bank account into a separate Starling account. This is my "allowance" which I get paid (by me!) and I spend from inside that.
4. Pot up the allowance I "get paid": This allowance to myself I "get paid" into Starling, is divided into separate pots. 1) Work snack top ups 2) Eating out/takeaways 3) Personal fancies. If a pot runs out - too bad - I don't "get paid" till next month, so in my best interest to make pot last!
5. Paying ourselves an allowance: For our Joint Starling account, same - just as auto standing orders (overpayments, savings, bills go out) - we "get paid" by our own salary bank account into a separate joint spendy Starling account. This is our "allowance" which must pay for 1) groceries 2) kids' sundry extras 3) home and garden this and that. Run out? Too bad. Dont get paid till next month.
6. Put away some dinner each night in a box before sitting down to eat: Cos that's tomorrow's work lunch! Costs £0 from personal spending pot. Mrvellous no spend days accumulate at work, whilst tucking into yummy hot leftovers for lunch.
7. TopCashback everything.
8. Own brand everything
9. Get it off Vinted. Sell it on Vinted. Fancy things on wishlists for grandparents
10. Making sure a fun budget exists AND is used. That takeaway pot? Used. Personal fancies? used. Feels lovely and special.
11. Motivator spreadsheet: Revise budget as freq as need be. Come back to it as often. D financial projections and motivate myself with watching £ grow! (And reads lots of Dave Ramsey, Martin Lewis etc)

Your tips?

Thanks for the positive and inspiring post 😀

I wanted to add that what can help hugely with saving is enjoying saving, or trying to. To this end I like the wealth app Chip - it's so easy to use, and I like the feature.

I also have some small funds saved in Premium Bonds, but not won anything yet. It's like doing the lottery every month, but you don't lose the money you've 'played' with.

Also - limit the fun stuff. E.g. If you eat out twice a month, do it once a month, or every six weeks.

Christmas? Forget gifting to others, your loved ones will understand why saving money is more important than spending money on gifts (I realise this is pretty much impossible with kids!).

If you want subscriptions (aka the new direct debits), rotate them. The companies love the subscription models because they know many people are too lazy or forgetful to rotate or cancel and want the consistent income.

Each time you get a pay award (I am aware not everyone gets them) divide the increase in net income and add 1/3rd to mortgage payments, 1/3rd into savings and final 1/3rd into spending.

Oooh good ones …

Also - make it a fun hobby to regularly review and scrutinise finances! That’s the way you will find out all sorts of gems like -

1. An insurance premium that’s quietly shot up because you’ve not got fresh quotes
2. Unnecessary subscriptions
3. Unnecessarily premium versions of subscriptions that could be basic versions and would do (looking at your Netflix)

its like taking a sieve to your finances and sieving out the inevitable muck that accumulates time to time. For instance - recently we sieved out £16 of unnecessary stuff we were paying monthly - it immediately got redirected to kids’ savings and we didn’t have to pinch any pennies or cut any corners to get some £192 a year saved. What’s that over the next 15 years till DD turns 18? Stuff like that.

I have started putting 2/3rds of our disposal income straight into savings and drip feeding it back into our current account when we need it. We are saving so much more because it has to be a conscious decision to spend.

I also put my rent in there for the 12-18 days between payday and the standing order coming out of our current account. Otherwise it's just sitting in my account earning nothing.

It's nice to see the interest racking up faster than normal.

I also find saving fun and I hate shopping, so these things help.

You can get some.high rates by saving a few pounds each month into regular saver accounts.

I have some with YBS and Lloyd's. All over 5 percent but instant access if I had a problem.

I also do premium bonds which gives a fun element each month. And I was lucky enough to win a big prize in June, although I now have a full holding.

There aren't many accounts with monthly paying interest that are good rates but if you find one that can be a motivating factor too.

Few frivolous tips - top up a Costa card when you have some spare spends.. A treat for the weeks you are skint without dipping into other money.. Also have Greggs app. Get freebies (cake on birthdays and when you buy often) and can add on to a wallet there also.

I bought DH a bean to cup coffee machine at home. It was over £500 but for a big birthday. After about 18 months it's paid for itself. Before we go out we make a coffee to go. We very rarely buy a coffee out anymore. If we're going out for the day DH makes us a flash of nice coffee to take with us.