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How do you save money?

GreenTeaGreenTea ☕🌻☕MidlandsPosts: 11,156 An Original Mixlorian
Hello all,

I have a really bad habit of spending money! I'm not very good at budgeting but Im saving up for a big trip next summer, which is super exciting and I can't wait to be away travelling with my best friend.
However with my bad budgeting skills, I'm looking for some advice or tips on best ways to budget?

Thank you in advance!

GreenTea✨

The scars you can't see are the hardest to heal.     

Astrid Alauda

Comments

  • AidanAidan Clever idiot Posts: 3,023 Boards Guru
    Hey!

    You could open a savings account with your bank if you don't have one already, I have one which pays interest each month you deposit at least £50 but there's no fee if you don't put that much in.

    I used to have a bad habit of buying things on an impulse. Something I started to do was when I saw something that I wanted, I didn't buy it, I wrote down how much I'd saved by not getting it, and after a few months I'd apparently saved myself hundreds of pound which is a great feeling.

    Have fun on your trip!
    but idk tho
  • GreenTeaGreenTea ☕🌻☕ MidlandsPosts: 11,156 An Original Mixlorian
    I have a saving account already but I'm so useless at putting money in it!

    Thank you for the idea

    The scars you can't see are the hardest to heal.     

    Astrid Alauda

  • ThePigeonsThePigeons Posts: 199 Trailblazer
    I'm saving for a big trip aswell. It's hard, being a shopaholic and all

    I think the first step would be to see where your money is going. Maybe from the last month. Write it down or use Excel.
    Divide it into your mandatory expenses and variables. See where the unnecessary spending is going.

    Now you can budget for saving and spending money. One tip I have is to not make your spending budget too small, I found it hard to stick to, now I have a little bit of wiggle room.

    Keep track on your spending throughout the month, use the notepad in your phone for example. That way you can see how much money you have left from the budget.

    You could also do a weekly or daily budget. Another option is to withdraw the budget in cash and only use that to pay. See what works the best for you. If you overspend you could take that out of you next budget.

    In my experience the most important thing to budgeting is to know where you're spening your money.

    Hope this helps. Was that trip to Amsterdam? Maybe I could help you with some saving tips for when you're there

    Good luck!
    ᴛʜᴇ ᴍɪɴᴅ ɪs ᴛʜᴇ ᴋᴇʏ ᴛʜᴀᴛ sᴇᴛs ʏᴏᴜ ғʀᴇᴇ
  • GreenTeaGreenTea ☕🌻☕ MidlandsPosts: 11,156 An Original Mixlorian
    Thank you!

    I use to track money but gave up so maybe I need to do that again!

    And nah this trip is a trip to multiple countries and spending out birthdays in new York!

    The scars you can't see are the hardest to heal.     

    Astrid Alauda

  • ThePigeonsThePigeons Posts: 199 Trailblazer
    I used to do it everyday but it became too tiring, so maybe set a moment in the week aside to do it.

    Wow that sounds amazing! Maybe a moodboard can help to be a motivator to spend less
    ᴛʜᴇ ᴍɪɴᴅ ɪs ᴛʜᴇ ᴋᴇʏ ᴛʜᴀᴛ sᴇᴛs ʏᴏᴜ ғʀᴇᴇ
  • AzzimanAzziman The Mix convert Posts: 980 You're a wizard, Harry
    I think both of these are so key. Firstly, having some sort of financial or accounting app that allows you to track your spending is really important - having an idea of what money you have, where it's going, and what you want to do with it is crucial to staying on top of your money. Then, cut back where you can so you have more money in your pocket. Think about what you want to achieve (save for a mortgage deposit? buy a car? holiday abroad?), and save accordingly. I'd build up a rainy-day fund so you can cover expenses for atleast 3 months if something happens, and perhaps the rest goes into some sort of longer-term savings account. 

    Some banks (e.g. Revolut) allow you track all your spending and ringfence some savings into one app, so that's something to look out for. Above all though, it takes real discipline - be prepared to live quite frugally to build up savings, and stay off the spontaneous buying - as you're cutting back now so you can enjoy something greater in the long term. 
    ThePigeons
  • GreenTeaGreenTea ☕🌻☕ MidlandsPosts: 11,156 An Original Mixlorian
    So,
    Update!

    Each week Im going to put money into my savings account. So far I can budget shopping, stop buying things by walking around the shopping street after work, instead of through!

    So hopefully I can start saving! Wish me luck!

    The scars you can't see are the hardest to heal.     

    Astrid Alauda

    ThePigeonsAzziman
  • JordanJordan Posts: 315 Super Moderator
    Congrats @GreenTea on taking that first step towards saving. It can be really difficult to stick to budgets so take it a step at a time!

    My bank, and I know others do this as well, have a feature where they will round up transactions and put the round up in a savings account. So if I spend £2.70 in Starbucks, it’s rounded up to £3 with the 30p being put away. You might think that’s not a lot but if you use your card everyday it slowly builds up. 
    ThePigeons
  • AzzimanAzziman The Mix convert Posts: 980 You're a wizard, Harry
    Jordan said:
    Congrats @GreenTea on taking that first step towards saving. It can be really difficult to stick to budgets so take it a step at a time!

    My bank, and I know others do this as well, have a feature where they will round up transactions and put the round up in a savings account. So if I spend £2.70 in Starbucks, it’s rounded up to £3 with the 30p being put away. You might think that’s not a lot but if you use your card everyday it slowly builds up. 
    That's a really great idea that quite a few apps (like MoneyBox) offer. That way, you save automatically, but also helps you to think twice about what you spend on as things are effectively more expensive for you (helps to keep spending down!)x
  • carlysheldoncarlysheldon Posts: 5 Newbie
    I'm writing down and planning all of my expenses. The trick is to record everything, even the most little thing. Otherwise you get kinda lazy, start forgetting and eventually lose control over the situation.
  • GreenTeaGreenTea ☕🌻☕ MidlandsPosts: 11,156 An Original Mixlorian
    edited January 2
    Just thought I'd update. Since July I've saved so much Money and it's exciting!

    The scars you can't see are the hardest to heal.     

    Astrid Alauda

    independent_Azziman
  • coc0maccoc0mac Posts: 848 Part of The Mix Family
    Congrats @GreenTea, I'm proud of you! 

    What money saving tips do you think helped you the most? :heart:
  • independent_independent_ Resident Coffee Addict ScotlandPosts: 6,521 Master Poster
    Woo well done @GreenTea that’s amazing!! 

    I’m not really a spender more than I have to, so I try to let my savings build up. I hate spending money on myself haha so I tend to avoid big useless purchases. 
    “Sometimes the people around you won’t understand your journey. They don’t need to, it’s not for them.”
  • Lucy307Lucy307 UKPosts: 909 Part of The Mix Family
    Well done @GreenTea 🥳 Did you do it mainly by using a savings account? We might be able to learn something from your experience!! 
    Treat yourself as you would treat a good friend
  • GreenTeaGreenTea ☕🌻☕ MidlandsPosts: 11,156 An Original Mixlorian
    I moved a set amount each month at the start of the month into savings and whatever left the day before pay day was also moved into savings

    The scars you can't see are the hardest to heal.     

    Astrid Alauda

    Lucy307
  • GreenTeaGreenTea ☕🌻☕ MidlandsPosts: 11,156 An Original Mixlorian
    I'm still on it with the saving!

    The scars you can't see are the hardest to heal.     

    Astrid Alauda

  • Emma_Emma_ 🥦🌻🌿 Vibing with plants and vegan food Posts: 283 Community Manager
    This is super exciting @GreenTea !

    I've started planning a trip (hopefully at the end of the year 🤞) and I've started thinking £20 on takeaway or that money could be used for 2 nights in hostel. £40 on some new clothes or it could go towards some flights.

    Its working so far, I'm finding having specific things to save it for is really helping =)
  • GreenTeaGreenTea ☕🌻☕ MidlandsPosts: 11,156 An Original Mixlorian
    Love that idea @Emma_
    I a way that's how I'm remembering to save money, like I really want driving lessons so everytime I put money back, I'm a step closer to learning to drive

    The scars you can't see are the hardest to heal.     

    Astrid Alauda

  • JellyelephantJellyelephant Bpd bitch ✌🏼 Posts: 808 Part of The Mix Family
    i am using the "save your change" feature on my bank account - it saves the change from any transactions and puts it in my savings account. I didn't think it would get much but it is actually getting quite a bit in my savings account
    The sun will rise and we will try again 
    natalie_blovemimoon
  • natalie_bnatalie_b Posts: 45 Moderator
    I use a standing order to transfer a set amount of money into my savings account every month, that way there's no way out of it! My savings account is fixed with a high(ish) interest rate but I wouldn't recommend this if theres any chance you might need that money for an emergency as you lose your interest if you withdraw before the time limit (mines 12 months).

    Side note: if you like coffee, get the Pret subscription! its saving me so much money on coffee!! :)
  • natalie_bnatalie_b Posts: 45 Moderator
    Martin Lewis money saving expert TV show and website are both amazing for advice on money btw! (not sure if anyones mentioned it before but I'll put a link in the spoiler)
  • GreenTeaGreenTea ☕🌻☕ MidlandsPosts: 11,156 An Original Mixlorian
    I've done so good with this and I've gone higher than my original target!

    The scars you can't see are the hardest to heal.     

    Astrid Alauda

  • rainskyerainskye Leeds, EnglandPosts: 118 The Mix Convert
    When I was trying to save money, I used the app 'Cleo'. It uses personalised budgets and spending breakdowns which I find really helpful to see exactly where my money is going.

    https://www.meetcleo.com/
  • AbbyOwlAbbyOwl North of Watford GapPosts: 49 Boards Initiate
    It's great to hear that you've achieved your original target @GreenTea! Saving is easier said than done, so be proud of yourself :star: When I started saving more seriously, I set up a specific account and had a direct payment going into it every month. So when my pay comes in now, a proportion will go directly into savings and I won't be able to *accidently* spend it :blush:
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