Saving momey

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Found 9th May
Whats the best method to save money and how much have you saved?
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Removing hukd from your RSS feed saves loads of money!

I've yet to try though. #bringonpayday
13 Comments
Removing hukd from your RSS feed saves loads of money!

I've yet to try though. #bringonpayday
Setup a standing order. I save £40 pm for new vehicle as I buy one every 8-10 years. I have another of £50 to cover vehicle repairs and mot. You get the idea... Pay monthly you don't miss the money. I have another of £70 for holidays. Plus a money Box I put change in but you need a tin opener to get in it. Bought from pound shop I think
Edited by: "wayners" 9th May
Occupational Pension.
My contributions + Employer Contributions + Tax Relief + You can't get at it til you are 55 = a decent lifestyle for the last 25 years of your life.
I work on the basis of a percentage of my wage. 70% bills 20% expenditure 10% savings.
I use a spreadsheet to track all my spending so I know how much I’ve got each month. I also set up standing orders with the percentages to savings. A percentage of my bills to another account and the remaining percentage is what I can spend
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wayners4 h, 29 m ago

Setup a standing order. I save £40 pm for new vehicle as I buy one every …Setup a standing order. I save £40 pm for new vehicle as I buy one every 8-10 years. I have another of £50 to cover vehicle repairs and mot. You get the idea... Pay monthly you don't miss the money. I have another of £70 for holidays. Plus a money Box I put change in but you need a tin opener to get in it. Bought from pound shop I think


This is what i do as well, it goes straight out of my account, i got money back from Quidco as well when i set it up
Someone told me that for every pound you borrowed you have to earn £2.50 to pay it back. I don't think that is correct but not far off. If I flash the credit card I will think to myself this will cost double the price paid
Edited by: "wayners" 9th May
Don’t have kids....
Tracking what you spend is key.I have separate accounts for direct debits, yearly payments (car, home insurance etc), savings and holidays.

I used to pay for as much as possible on my AMEX to get the air miles and then had a direct debit to pay it off in full every month. However I found I was over spending as I didn't have a clear view of what I had already spent that month. I'm now using a card called Monzo (https://monzo.com/) that has a great app showing a breakdown of every payment. There are other benefits like the no fees on spending abroad and notifications when charges are made.

When I was saving for my mortgage deposit, I was saving about 25% of my salary, but it meant I didn't go out much and reduced as much as possible (No Sky, no Spotify, No popcorn from the cinema!)
Robbie_Paulson14 h, 34 m ago

Tracking what you spend is key.I have separate accounts for direct debits, …Tracking what you spend is key.I have separate accounts for direct debits, yearly payments (car, home insurance etc), savings and holidays. I used to pay for as much as possible on my AMEX to get the air miles and then had a direct debit to pay it off in full every month. However I found I was over spending as I didn't have a clear view of what I had already spent that month. I'm now using a card called Monzo (https://monzo.com/) that has a great app showing a breakdown of every payment. There are other benefits like the no fees on spending abroad and notifications when charges are made.When I was saving for my mortgage deposit, I was saving about 25% of my salary, but it meant I didn't go out much and reduced as much as possible (No Sky, no Spotify, No popcorn from the cinema!)



Tracking every small spend is critical. I grew up with my mother making me write down the day's expenses in a small diary; I have now shifted to a spreadsheet myself. Recurring expenses or those that are on direct debit are prepopulated in the spreadsheet so that I don't miss them. Knowing what you are spending on is an eye opener.

I am yet to give up my Amex card because of the 1% cashback (better than zero or air miles whose value only goes down every year!). My preferred app is Money Dashboard which pulls in data from various banks and shows your financial situation in one place.
My mum taught me this exact same it’s the best way
Get a second job, this has the added advantage of taking up even more time, so your ability to spend money is much reduced as well as saving your additional earnings.
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