i can be really bad and saving

so i am asking how do i get my save on

saving only really works when i have a lump sum so its easier to split it to say some here some there some spend spend spend

i was thinking to set up a dd so i at least i know i am saving 20 quid a month and whatever loose change i have i would save it aswell ya get me

anyway i need major help to save

any advice

First: Open an account - say, a savings account at a bank/buiding society.

At the end of every evening go through your purse/pockets/handbag or whatever, and take out all the loose change in coin denominations under £1 (if you can stretch to the £1's even better).

Put said coins in a jar or other container which you can then stash in a cupboard until the end of the week/month.

At the end of the week/month, gather up coins from stash-jar and take down to the building society to deposit into account opened at step 1.

Every pay day, draw off £10 from your current and pay into aforementioned savings account. Do this for 3 months, then from the 4th month, double the amount to £20. Keep doubling every 3 months for as long as you can manage/stand it without feeling the pain of taking out so much from your bill-paying money.

Ideally if you can set up the monthly sum as an automatic transfer from account to account, so much the better.

Try to set up one of those 'no withdrawals for 'x' number of months savings accounts, so that you are not tempted to take out at periodic intervals.

Oh by the way....(should have said this first actually)....Determine and 'write down' yourreason for saving e.g. to take a cruise in 2009 or whatever...and set a date which is the earliest you can take any money out barring some life threatening or major castrophic event.

If possible don't even check the balance on the account until a certain date, say after 9 months or so. Ok, this may not be too practical, as you may have to for security reasons, to check your money isn't being taken out without your knowledge.

Respect

i like that strategy. its something i do fo rmy sons money which needs checking in to his account

i always have loose change and try to stretch it so i dont withdraw but from next pay day i believe i can implement that but will try

i have a savings account

i will write that down.

Good post Ladyday clp)clp)clp) save those dollars and pounds

Ladyday.

Just like yourself I'm terrible with money saving. So I decided to set up one of those ten year saving plans, where I get a lump sum once the ten years are up.

At the mo, I'm saving £50 per month. Money comes straight out of my salary, so really I don't miss it. Been doing it now for 5 years, only 5 more to go.

In addition to what backatya mentioned I'm also saving all my loose change e.g 1p,2,5,10,20pences etc and put these in a tin. You be amazed on how much you do accumulate over time.

Never too late to start.

indeed. i will have to set up a standing order so money goes straight to my savings account. i also have to curtail frivilous spending

I find it easy peasy to save. Yeah depends on the type of person and lifestyle. I'm forever telling others how to do it becausethey know Ifind it a doddle!

Here's one: Why not open a passbook only account. That way you can only access money during work hours and you'll have lessways to take money out. You may only have break/lunchtimes. Use that time to put money in and if you have other things to do try to make sure it's the last thing you do before you have to go back to work.

Another way is to look on saving is as a bill you HAVE to pay - save so much every month and just as with real bills you don't get any money back - look on what you have saved as 'gone' or 'paid'. Only once you have reached your target can you take money out.

The old adage 'saving for a rainyday' for me is a hard one to beat because that way you can save indefinately. Then when (and I mean WHEN) the 'rainy day' does come you'd be able to sort it out. It should give you incentive to carry on saving for the next rainy day.

Backatyagave you some very straight forward and easy methods to starting asavings account. One thing that you really need to do iscreate a budget or spending plan. You have to track every dollar/pound that you spend.Once you do that for a couple of months you will quickly see the areas where you can cut back.

I would open a direct depoist savings account and have 10 or20 dollars per month drafted to that account. You want to start off with an amount that you will not miss.You can increase it once you get comfortable saving that initial amount. When you get raises at your job put the increase or a portion of it in savings before you ever spend the first dollar.

update: i have since opened a savings a/c with my main bank. each time i use my debit card the change goes to my savings a/c. i have also set the ac so that that 10 quid a month is saved auto from my main ac. once i get better at this i will increase the amount.

with my other savings a/c i will just save as and when i have funds to do so

MarcusGarveyLives wrote:
Totally agree.............Sharesave schemes are probably THE best saving schemes for those who want guarenteed investment.

I wouldnt leave home without one.