Do you save money every month?

[Telecaster]

I do but I often wonder why I bother as it seems like a useless pot of money, neither enough to afford a house deposit or buy a nice car, or do anything useful with at all. Don't get me wrong I wouldn't give it away but it just seems completely useless.

I can understand it if you maybe earn a decent wage and have a good portion left over that can go towards something nice, but what if it's not, why bother?

 

[dlockers]

Wahhh wahhhh wahhhhhhhhhhh

 

[andy_mk3]

I never used to really. I am saving more now though, mostly want to save up a decent emergency fund. I also want to save to have a pot for buying things rather than financing it now I have paid it all off.

 

[SideWinder]

I never used to really. I am saving more now though, mostly want to save up a decent emergency fund. I also want to save to have a pot for buying things rather than financing it now I have paid it all off.

Ditto to this. I moved back home so saving more than ever but wow...will be odd going back to London and saving barely anything a month or so after rent.

 

[Worthy]

Is this cheesefests alt?

Also yes I do. I like to have a pot of money if I want to treat myself to stuff. If it’s in a dedicated account I consider my pointless purchases a bit more. I also have a separate account for ‘spends’ every month.

 

[cheesyboy]

No. I earn reasonably well, though not loads, but with two kids, a mortgage, my wife only working part time (albeit as an NHS radiographer, so still somewhat well paid) there's not tonnes of spare cash.

Generally, we spend all we earn. But the mortgage is paid down by £1,000 per month, and a few hundred goes into the pension pot.

Youngest will turn 18 as I turn 51, and the mortgage ends about 2 years after that, so that's when the good times roll

 

[ChocAndGray]

I save each month across 2 different savings accounts. One where the max is 300 quid at a higher interest rate, so have a standing order set up, and then another savings account where I put what's left over at the end of the month.

I wish I had saved £500 a month when I was 18, which would have been very easy whilst living at home. I'd have had over £100,000 sat in my bank now.....

 

[Telecaster]

Is this cheesefests alt?

Also yes I do. I like to have a pot of money if I want to treat myself to stuff. If it’s in a dedicated account I consider my pointless purchases a bit more. I also have a separate account for ‘spends’ every month.

When you say 'treat' are we talking occasional/big one off kind of stuff or just small regular purchases? I've never really got this multiple accounts for different things, I just use one current account as I find it easier to keep track of everything.

 

[neilw]

Yes. I've saved 4 months worth of Salary and keep it in Premium bonds to be used as emergency funds. Any spare after that which tends to be about 20% of my monthly take home page I make overpayments on the Mortgage. I have no loans (other than Mortgage), no car lease etc.

 

[andy_mk3]

Ditto to this. I moved back home so saving more than ever but wow...will be odd going back to London and saving barely anything a month or so after rent.

I wish I saved more whilst living at home, especially when I was younger with no real commitments. Thankfully I dont live anywhere near London, I don't think I'd be saving a penny if I did.

 

[montymint]

Normally I would but post move has hit we with continual small costs for things for the house.

 

[Worthy]

When you say 'treat' are we talking occasional/big one off kind of stuff or just small regular purchases? I've never really got this multiple accounts for different things, I just use one current account as I find it easier to keep track of everything.

Yeah just the big purchases like TVs, house furniture, cars etc. The smaller stuff comes out of my spends. When I get paid it goes into one account, and I know pretty much exactly how much my bills are every month. So I put x account into savings and x amount into my spends account leaving just enough for my bills.

 

[explicit4u]

A house deposit or a car are on the upper end of nice things to buy with leftover cash, there's about a billion things you could do...

When I was living at home and earning mostly disposable it all went on holidays and hobbies, had a buffer account too that was left untouched. Always find it baffling when people don't know what to do with spare money, complete opposite of a problem.

 

[BennyC]

Yes, plenty. Be that in to general savings, pension, holiday funds, car funds etc.

I treat saving like bills or fixed commitments.

 

[Simon0001]

No because hyperinflation is happening.

 

[builder22]

why bother?

because when you suddenly need to spend on something like a new washing machine/oven/boiler!/car repairs etc you don't need to put it on a credit card and/or go without something else

I don't have seperate accounts for neccesities/luxuries etc either btw, think you need to either be really strict or be earning enough it doesn't really matter to do that

 

[lookitsjonno]

Pffff, I wish. Other than paying enough into my pension to get my company to treble it, there's little left to save with 3 kids and a mortgage

 

[McBain]

I spend every penny, unnecessary spending is my forte

 

[Telecaster]

A house deposit or a car are on the upper end of nice things to buy with leftover cash, there's about a billion things you could do...

When I was living at home and earning mostly disposable it all went on holidays and hobbies, had a buffer account too that was left untouched. Always find it baffling when people don't know what to do with spare money, complete opposite of a problem.

Well it's not enough to buy the stuff I want, I wasn't boasting I have tons of cash lying around, quite the opposite. It was more what is the point of saving when you save an amount that there's nothing really to do with it? The only two things I'd save for are a nice house and/or a nice car, and at the rate they're going they outstrip what I can save ha!

I get the emergency fund thing, thankfully I don't own anything that will break down, all the appliances and stuff in the flat aren't mine.

 

[Uther]

Always try to put some by for a rainy day, because, well, it's not looking good is it.