Normally I would but post move has hit we with continual small costs for things for the house.
I do now but it’s not a lot.
Each day I automatically transfer £1 into a pot. That’s £365 a year.
Each day I also automatically transfer £1 into a second bank account. That’s another £365 a year.
On the first of each month, I automatically transfer £50 into a pot. That’s £600 a year.
I also do the 1p challenge. On the 1st of the year, 1p gets transferred into a pot. On the 2nd day of the year, 2p, etc etc. That adds up to £667.95. I did that last year and changed it this year to the reverse challenge so on the 31st December I saved £3.65, the 1st Jan £3.65, the 2nd Jan £3.64etc etc. I figured I was used to the high amount so rather than go back to a penny, I may as well work down. Next year I’ll go back to the normal method.
I also cancelled the monthly warranty payments I was making on the car and each month transfer that into a pot. I figured I may as well have it and then I can use it for the car if needed. That’s another £720/year.
Plus roundups go into a savings pot and I have an IFTTT tax thing set so if I buy a McDonald’s, £5 goes into my savings pot.
All in all, that’s nearly £3,000 a year that goes into ‘savings’. I hadn’t realised it was so much. The nice thing is that the large chunks go out on pay day but the smaller figures dribble out during the month and I don’t really notice them.
All the pots are hidden from view so I don’t even see them. I had to go and unhide them just now to see how much is in them.
I realise this is small fry compared to a lot of people. I’m quite sure that some of our members save/invest more than my entire annual amount every month but you live to your means.
The small pots are nice perks, like you said - you don't notice it. I started putting £25/mo into premium bonds and now I need the cash - there is almost £2k there that would have authorised been evaporated elsewhere.I do now but it’s not a lot.
Each day I automatically transfer £1 into a pot. That’s £365 a year.
Each day I also automatically transfer £1 into a second bank account. That’s another £365 a year.
On the first of each month, I automatically transfer £50 into a pot. That’s £600 a year.
I also do the 1p challenge. On the 1st of the year, 1p gets transferred into a pot. On the 2nd day of the year, 2p, etc etc. That adds up to £667.95. I did that last year and changed it this year to the reverse challenge so on the 31st December I saved £3.65, the 1st Jan £3.65, the 2nd Jan £3.64etc etc. I figured I was used to the high amount so rather than go back to a penny, I may as well work down. Next year I’ll go back to the normal method.
I also cancelled the monthly warranty payments I was making on the car and each month transfer that into a pot. I figured I may as well have it and then I can use it for the car if needed. That’s another £720/year.
Plus roundups go into a savings pot and I have an IFTTT tax thing set so if I buy a McDonald’s, £5 goes into my savings pot.
All in all, that’s nearly £3,000 a year that goes into ‘savings’. I hadn’t realised it was so much. The nice thing is that the large chunks go out on pay day but the smaller figures dribble out during the month and I don’t really notice them.
All the pots are hidden from view so I don’t even see them. I had to go and unhide them just now to see how much is in them.
I realise this is small fry compared to a lot of people. I’m quite sure that some of our members save/invest more than my entire annual amount every month but you live to your means.
I do now but it’s not a lot.
Each day I automatically transfer £1 into a pot. That’s £365 a year.
Each day I also automatically transfer £1 into a second bank account. That’s another £365 a year.
On the first of each month, I automatically transfer £50 into a pot. That’s £600 a year.
I also do the 1p challenge. On the 1st of the year, 1p gets transferred into a pot. On the 2nd day of the year, 2p, etc etc. That adds up to £667.95. I did that last year and changed it this year to the reverse challenge so on the 31st December I saved £3.65, the 1st Jan £3.65, the 2nd Jan £3.64etc etc. I figured I was used to the high amount so rather than go back to a penny, I may as well work down. Next year I’ll go back to the normal method.
I also cancelled the monthly warranty payments I was making on the car and each month transfer that into a pot. I figured I may as well have it and then I can use it for the car if needed. That’s another £720/year.
Plus roundups go into a savings pot and I have an IFTTT tax thing set so if I buy a McDonald’s, £5 goes into my savings pot.
All in all, that’s nearly £3,000 a year that goes into ‘savings’. I hadn’t realised it was so much. The nice thing is that the large chunks go out on pay day but the smaller figures dribble out during the month and I don’t really notice them.
All the pots are hidden from view so I don’t even see them. I had to go and unhide them just now to see how much is in them.
I realise this is small fry compared to a lot of people. I’m quite sure that some of our members save/invest more than my entire annual amount every month but you live to your means.