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How do you save money?

☕🌻☕Posts: 12,938
Born on Earth, Raised by The Mix
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✨
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✨
0
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☕🌻☕ Posts: 12,938
Born on Earth, Raised by The Mix
Thank you for the idea
Posts: 199
Trailblazer
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!
☕🌻☕ Posts: 12,938
Born on Earth, Raised by The Mix
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!
Posts: 199
Trailblazer
Wow that sounds amazing! Maybe a moodboard can help to be a motivator to spend less
Discussion Boards Moderator, Community Connector Posts: 2,223
Boards Champion
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.
☕🌻☕ Posts: 12,938
Born on Earth, Raised by The Mix
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!
Discussion Boards Moderator Posts: 343
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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.
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Wise Owl
What money saving tips do you think helped you the most?
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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.
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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
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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
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Side note: if you like coffee, get the Pret subscription! its saving me so much money on coffee!!
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https://www.meetcleo.com/
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