Failing every single month

[Coffeephile]

so I really want to save more money each month. At the start of every month I tell myself that I am going to be careful so that I can put a chunk of money into my savings account. Each month I just don’t manage to achieve anywhere near the level of savings that I should. This month is a good example of this. Admittedly we did go away for a weekend at the start of the month. I get paid next week on the 26th of June. I have £280 in my account this morning. I need to do a top up good shop and also put some diesel in the car, so in reality This is going to drop to £180 by the end of the week. I am sick and tired of failing at this.

Have you worked out a proper budget breakdown of what costs you what and when, especially essentials? Start there, with your income, any debt repayments, rent or mortgage, food, fuel, and then when you know how much you have left out of your income. And then transfer your savings target amount into a seperate savings account on payday, and leave your essentials money and fun money in your current account. Then if you overspend you have to transfer it back across and it'll help you see what you are spending the extra on.

Work out what you think it might be reasonable to save in a month.
Put this money in your savings as soon as you get paid.
Yes, it's still there if you need it but you will see less money in your bank account so psychologically you might find it easier not to spend.

How much do you want to save each month? Put it into savings when you get paid rather than waiting until the end. You also need to make choices if you want to save more, going for a weekend away will mean you can’t save as much, what is more important to you?

You need to put the savings in when you get paid rather than later on.

Move the money into savings on day 1.

Then print off your bank statement from last month and identify every single entry.

Cross out the ones that are essential - mortgage, council tax, insurance etc.

Categorise the rest into Necessary, Sensible, and Frivolous.

Then decide what are of least value to you. Stop buying a coffee on the way to work. £3.50 x 20 is an extra £70. Magazines, subscriptions? Move your phone to a cheaper provider.

Don't buy things on the spur of the moment. Add to a shopping list and get everything at the supermarket at the weekend. Much less expensive.

Put savings in the day you get paid

You're not failing.

You are supporting yourself and your family with the money you earn and buying things that you need or want in that process.

It's only on MN that I see this entitlement to savings like even people on benefits are somehow entitled to stash away £500 per month.

In RL, lots of people don't save. They don't earn enough. Savings are a luxury for high earners, older people who've paid off their mortgage or those who have no outgoings because they're supported by others.

But your approach leaves the OP with no safety net, no savings for a rainy day or a special holiday. Nothing to fall back on in an emergency.

It's not very sensible advice.

I agree with previous posters that it's very hard to save just by deciding you're going to be more careful. You need a proper budget (using a spreadsheet or an app) for each spending category, based on previous months, so that you can see where you're over spending.

This! Also how about making a proper plan about how to generate more cash that can be put away? Eg. Selling old clothes/toys/things you don't need on marketplace or Vinted? Going through all your bills and seeing if there are any switches that can be made to save money? Going through Direct Debits etc? Also, making a meal plan and only shopping once a week (it may not work but at least you could give it a go).

At the start of every month I tell myself that I am going to be careful so that I can put a chunk of money into my savings account.

What exactly does this mean? Define “careful”. If you’re simply looking at what you’re spending, this will get you nowhere. You get paid next week—sit down and give every single pound a “job” before payday. £x for mortgage, insurance, car, fuel, kids’ clubs, clothes, groceries, pets, meals out, phone, pocket money, birthday gifts, beauty, etc. Track how much you spend throughout the month in each category and when it’s gone, it’s gone. If the meals out category is gone, then you don’t eat out or get a takeaway or a coffee out until the next payday. This is the only way I’m able to have lots extra at the end of the month—otherwise I fritter it away without thinking. It’s all about conscious spending—if I have these three coffees out this week, will I have enough for the takeaway I want on Friday? Make yourself make the hard choices and stick to the spending plan you set yourself on payday.

If moving it all to savings at the start of the month seems too much to begin with, do it weekly. Work out a monthly total to save and then every Monday “pay” 1/4 of that into your savings account. I find that makes it easier to think carefully during the week. If you have more left at the end of the week, stash that too.

I have had the same realisation recently.

tried a few budgeting apps which didnt work for me.

opened a Monzo account now and created different pots based on my spending and hoping a few months of doing this my spending will be cut down a bit more- i would definitely look into something like this.

i know my problem is that i just spend without thinking sometimes so now I will be a bit more cautious