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Saving money

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
I'm not really sure how to word want i want to ask.

Basically i'm not sure how much is a sensible amount to save say each week/month and how much is just being stupidely stingy when i could be spending it on enjoying myself.

I know people that have literally nothing in their accounts and survive but i always think what if something happens where i urgently need a couple of hundred quid.... but then is it a waste saving it?

I'm a student and at the moment i have a budget of £80 a week which will probably go down next year. i have bout £600 saved from working and i always try to save a bit each week and manage to whilst maybe buying myself an item of clothing. But if i dont save more than £25 a week i get kind of annoyed that ive spent my money.

So how much do you guys like to save? Do you have some stashed away for a rainy day or spend it all immediately? I'm thinking i might be a bit too tight with my money :confused:

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Lexi99 wrote: »
    I'm not really sure how to word want i want to ask.

    Basically i'm not sure how much is a sensible amount to save say each week/month and how much is just being stupidely stingy when i could be spending it on enjoying myself.

    I know people that have literally nothing in their accounts and survive but i always think what if something happens where i urgently need a couple of hundred quid.... but then is it a waste saving it?

    I'm a student and at the moment i have a budget of £80 a week which will probably go down next year. i have bout £600 saved from working and i always try to save a bit each week and manage to whilst maybe buying myself an item of clothing. But if i dont save more than £25 a week i get kind of annoyed that ive spent my money.

    So how much do you guys like to save? Do you have some stashed away for a rainy day or spend it all immediately? I'm thinking i might be a bit too tight with my money :confused:

    £80 a week budget?! There's your answer right there!
    I have a £40 a week budget! You'd be saving £120 a month that way!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Well i dont end up spending it all!!

    In the past 9 weeks i've saved bout £200 and i have a bit less from last semester. Usually each week i end buying a new bra or summat, and go out drinknig and stuff

    I just like to have money though and im worried that if i spend it all, then something will come along where i need it urgently.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Lexi99 wrote: »
    Well i dont end up spending it all!!

    In the past 9 weeks i've saved bout £200 and i have a bit less from last semester. Usually each week i end buying a new bra or summat, and go out drinknig and stuff

    I just like to have money though and im worried that if i spend it all, then something will come along where i need it urgently.

    I have an overdraft and two jobs and I budget myself to £40 a week (which includes going out). It's tough, but I have to do it. I worked my ass off over the summer and now I have the £2000 to pay off my first postgrad year tuition fees!

    It's tough, but definitely doable!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Just try not to buy any rubbish you don't need. Avoid the shops if you can. You'll soon see you can easily save money. I wouldn't set a fixed maximum for every week, just see how it goes. Like I often end up spending way more in the weeks I need to buy more shampoo or whatever cos those things really add up and therefore can't save as much those weeks.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I think definitely try avoiding the shops, do you really need 'a new bra or summat' every week?
    You will see your savings mount up if you cut back on things you dont need.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I have 2 savings accounts; one that automatically takes a set amount out of my current account each month (which i can't touch), and the other for emergencies.

    Even if you are only saving about £20 a week, it all adds up, and you're free to spend the rest on what you need/want.

    If this is something you think might suit, its worth talking to your bank.

    Overdrafts help as well, but only to prevent unexpected charges :S
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You sound like you're saving a fair bit as you are, I don't manage to save much at all, it all goes to paying back the overdraft that gets built up in the summer holidays :( but if you wanted to save MORE then as others have said cutting your weekly allowance of £80 down to £50 or so then £30 a week over the year will give you £1500 or so at the end of the year extra - not too shabby!!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I save about 15-20% of my earnings every month with anything left also going into a savings account, around £300-£400 a month.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I would say look at how much you need to spend (eg food, rent, travel, other necessary shopping, bills), how much you want to spend (socialising, extra shopping - clothing etc - be reasonable) and shove the rest into savings!

    If you can do it it's a really good habit to get into - even if you only blow it all on a holiday or whatever down the line, at least it you know you have earnt it and can afford it.

    I recently bought some furniture from my savings - its like it didn't really cost me anything! Ok so Ive lost a wodge from my savings but I'll build that back up soon enough. Also when I moved into this flat about a year ago I had enough saved to just buy all the bits and bobs that I needed - it was great! No stress, no credit cards, no loan - just SHOPPING! :D
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Will you be a student next year?

    How much you should spend and how much you should save is a question for you. It depends on where you get your money from.

    If your income is from your University bursary, as well as the student grants and loans, then save. Most bursaries are coming down for the next academic year (my university is cutting their bursary from £2500 to £1000) and the amount of student grant is being cut too.

    If your income is from generous parents, then it depends on how stable you think their income is. It's always useful to put some to one side for a rainy day but it depends on how rainy you think the day will be.

    We'd consider £80 a week to be a normal budget, it's not excessively tight.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I still can't get over people having an £80 a week budget! I can only dream of such luxury!

    Seriously, £40 a week does me just grand :)

    ETA: But I absolutely have to have that budget because all the money I 'save' goes straight towards bills and rent, not for luxuries.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Sound like a plan, its pretty much what i'm doing at the moment. I make sure i stay within my budget and make a note of how much i've saved.

    Also the idea of bringing my budget down £20 or £30 is also good, that way i make sure i'm saving some.

    I just sometimes worry that i'm saving too much and being too stingy. Like i wont get an extra tenner out when i'm out on a saturday to spend on drinks. Instead i'll just get enough for a few, rather than not worrying about money and enjoying myself.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I'm at uni at the mo, almost finished my first year. I've got a loan and everything but my aunt and uncle are also giving me so much a month thats why i have such a huge budget.

    I probably have enough saved for a rainy day but of course i dont know how much that'll be.

    From now i'm just going to try and not worry about it so much and focus on enjoying myself
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I still can't get over people having an £80 a week budget! I can only dream of such luxury!

    Seriously, £40 a week does me just grand :)

    ETA: But I absolutely have to have that budget because all the money I 'save' goes straight towards bills and rent, not for luxuries.

    Are you a student? If you are, and that £40 gets spent on your household bills, you should talk to your University about a hardship grant. That's really quite low.

    If by £40pw budget you mean £40 to spend in the pub, then that's about £35 per week more than I have:p
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote: »
    Are you a student? If you are, and that £40 gets spent on your household bills, you should talk to your University about a hardship grant. That's really quite low.

    If by £40pw budget you mean £40 to spend in the pub, then that's about £35 per week more than I have:p

    Nope, that's not counting bills. That's £40 on food etc and going out!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Lexi99 wrote: »
    I just sometimes worry that i'm saving too much and being too stingy. Like i wont get an extra tenner out when i'm out on a saturday to spend on drinks. Instead i'll just get enough for a few, rather than not worrying about money and enjoying myself.

    There's nothing wrong with being sensible. I'm finally paying off my student overdrafts and a credit card (0%interest thank god) with a big chunk of my wage each month and looking forward to being able to start saving. I did have a friend though at uni who saved every single penny and it did lose her a lot of favour when the bill came at a restaurant and it would always be short because of you know who. It's deinfitely noticed when you're tight with money! But there's a big difference between being sensible and being stingy :)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    lipsy wrote: »
    There's nothing wrong with being sensible. I'm finally paying off my student overdrafts and a credit card (0%interest thank god) with a big chunk of my wage each month and looking forward to being able to start saving. I did have a friend though at uni who saved every single penny and it did lose her a lot of favour when the bill came at a restaurant and it would always be short because of you know who. It's deinfitely noticed when you're tight with money! But there's a big difference between being sensible and being stingy :)

    I agree. In my second year of uni I was really anal about my spending! My friends had to remind me that I was actually allowed to use my overdraft and that it was actually okay to eat and drink once in a while! :)
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote: »
    Are you a student? If you are, and that £40 gets spent on your household bills, you should talk to your University about a hardship grant. That's really quite low.

    If by £40pw budget you mean £40 to spend in the pub, then that's about £35 per week more than I have:p

    Yea I think she meant grocery shopping + going out, that's how I budget things as they are not 'committed' costs whereas rent, internet, phone, whatever normally is so I don't really have a choice to cut it down or not.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Nope, that's not counting bills. That's £40 on food etc and going out!

    Ah, that is still the low side of normal, and you should be aware that if your budget gets lower you do have access to hardship funding. £30 a week on food and household goods (like antiperspirant and bleach) is about right.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote: »
    Ah, that is still the low side of normal, and you should be aware that if your budget gets lower you do have access to hardship funding. £30 a week on food and household goods (like antiperspirant and bleach) is about right.

    I do tolietries and household goods on a separate budget where I spend about £20 every couple of months or so.

    But yes, I have to be the low side of normal!
    Looking forward to having it lower next year when I do my postgrad! Hello hardship fund!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Nah, postgrad is different, you have to show that you had a sound financial plan before you started the course. That means savings or sound bursary!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote: »
    Nah, postgrad is different, you have to show that you had a sound financial plan before you started the course. That means savings or sound bursary!

    What?!
    No bursaries for my course :(

    Meh... guess two jobs is gonna have to cut it!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    EGAS it is then!

    And our postgrads aren't allowed to work for more than ten hours a week on a full time course.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Kermit wrote: »
    EGAS it is then!

    And our postgrads aren't allowed to work for more than ten hours a week on a full time course.

    That's English though. None of that for me!

    I'm doing it part time though, because I need a full time job to pay for it. There was no way in this world I could afford a full time postgrad!
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It's pretty much the same in Scotland.

    If you're not in the UK then everything I've said is not applicable:p
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