Saving Money

[AdladUK]

The best way to save money is make more of it.

I know that may sound stupid, but the more you make, the more you are compelled to save.

When you're just scraping by on a few hundred quid saving is useless, you're way too anxious to spend it

 

[boxman2000]

At the moment, im sending him

£470 a month to clear my overdraft, will be gone in another 2.5 months
£260 a month to put towards savings

In 2.5 months, I will have enough free cash to save £700 per month, and im looking forward to that

Erm.... aren't the savings from paying overdraft off greater than the interest on your savings? Better to clear overdraft mate IMO.

Same with credit cards - no point saving if you've got credit card debts!


To the OP. May be worthwhile looking at ISAs or NS&I schemes.

I found having a standing order going into a different bank works for me (out of sight out of mind!)

For long term savings you are better to try and pay for things like insurance in one lump sum as insurers can charge anywhere between 5% to 20%+ interest for the 'privilege' of paying monthly! You wouldn't make up for their charges from the interest your bank/investment choice, will give you. Just a matter with being smart with your money really - if you don't have self control then get a joint account with one of your parents or relatives so you can't just spend it when you like.

A budget is a must to be honest - I literally know where I am to the penny at any given time and factor in every expense during the year and for the next 2 years.