How can I save £1000 a month without dipping into it?

[DOTTYOB]

Hi guys
absolutely dreadful saver here & a massive spender my goal is to put away £1000 each month until mid December for some Christmas spends can anybody recommend any good ideas were I can’t dip into my funds ?

Open a bank account with another bank and don’t set up your online banking. Can’t spend it if you can’t access it

Treat it as a bill not a savings account. Move it somewhere you won't dip into it and do this as soon as you've been paid.

Sorry- £1000 a month! Is that a typo?

Open a new bank account, set up online banking and set a complicated password (random letters and numbers). Write the password down, put it in a sandwich bag and put in a bowl of water. Then log out of the online banking. Put the bowl of water in the freezer. Set up a £1k standing order to the new bank account. If it comes with a card, also freeze the written down PIN in the ice bowl.

Now the money is going to a separate account, and you’ll struggle to easily access it without defrosting/smashing up the ice. When you go take the bowl out of the freezer you will need to still show some self restraint and control, but hopefully this physical step will be enough of a blocker/flag to your brain to stop!

Well it really depends on your overall financial situation as to where is best to place it.

1. Pension not accessible at all missed that it was for Christmas spending so ignore this!
2. Cash ISA that requires a certain amount of notice to withdraw funds 3)Premium bonds requires going online and requesting a withdrawal that takes up to 5 days.
3. New bank account but cut up the card and don't add it to online banking so you can't just go on the app and transfer it.
4. Buy some gift cards each month for places you are likely to do Christmas shopping.

Buy vouchers only for the shops you will use for Christmas. Avoid vouchers for shops that you would usually go a bit mad spending in!

Just transfer it the day you get paid , that’s the theory anyway 🤣
Think about why you’d be likely to dip in to it, is it because you’re not budgeting properly?
I’m terrible for this too but deduct all dds and the 1k and divide what’s left by 4 , that’s your weekly allowance , come hell of high water .
Stay strong OP.

Open up a savings account with Spring . They have one which you can save up to 5K at 5% . You can see the daily interest rate and I find it quite motivating, maybe you would be less likely to dip into it 🤞

Why should it be a typo?

We save 2.5k per month on payday I transfer
500 into holiday fund
280 (child benefit) into children’s savings 1220 into main savings

Now our main savings is generally not touched unless for big house purchases when needed.

we have our own personal savings that we manage separately. I’ll pop all overtime pay into mine etc.

It’s a lot of money to be able to save. And a lot of money to spend on Christmas

And some people have a lot of money. You don't have to be a super-high earner to be able to save £12K a year - otherwise the ISA threshold wouldn't be set at £20K.

And? It is not your money. Plenty of people save £1000 a month or more.

We save this each month without it affecting the household budget . Obviously not 12k just for Christmas but 2k of it certainly

Thank you, I needed this as it was always my goal. Need to get motivated to stick to this again as too easy to spend in summer.

Well that told me 🙄😂. I better get saving.

I'm retired so am spending with abandon. Can't take it with me in my pocketless shroud now can I? I'm "SKIING" my way through my loot. Spending Kids' Inheritances. They just don't know this yet. 😊

Can you afford to save this amount and do you need to spend so much (£3k?) on Christmas?

The reason why a lot of people dip into savings is that they misunderstand budgeting ie miss out a lot of essentials like car servicing, insurance etc from their budget and need to take them from savings, then get disappointed when their savings get used and don't build up. But in reality that's what some of their savings are for and they should expect to have to dip into the money to pay for annual and irregular costs.

But if this is just genuinely spare money after you've accounted for all essentials, that you would otherwise spend on non essentials then crackers on.

Then from January, you only need to save £250 pm to save up the money you want. Depending on when you want to start spending the money you could open a 1 year regular savings account soon for next Christmas because I don't think you can withdraw money from those without closing them, they also pay the highest interest rate because you're usually limited in what you can put in, but it's often about £250 which would be perfect for your Christmas savings.

Are you the savings and Christmas police?

Absolutely love this idea!

Go for it & enjoy it !!! You deserve it
Id much rather my parents spend there money on enjoying themselves than receiving an inheritance