Other Saving Money

Hi All,
Well, it looks like I might be on track to saving £200 this month. I have 26 days left, and I've paid for food, rent, bills etc. This will be the first time i've had money left over in 4 years!

One problem:

How the hell do I stop myself from spending it?

Savings account is a no no, because i'll just draw it out.
Cash is evil, i'll spend it!


I don't usually blow money. I don't spend it on pointless s**t. But I do spend it.


Any ideas?

 

give it to me?

or just spend it... can't spend what you don;t have

 

Self control is all you need.

 

The thing that sorted me out was to set up a new account at a different bank. I said no cards wanted/needed, just online banking access.

Then I set up a standing order right after payday, to tuck away some money each month into the new account.

I found that after a while of watching my savings go up, it became addictive and I was always transferring the odd bit into my savings.

Start off with £100 a month and if you manage to get to the end of the month ok 2 months in a row maybe up it by £50.

That worked for me anyway, being able to see the balance in a different account made me keep wanting to top it up.

Good luck matey

 

There are a few savings options you could use.

Many banks have reward savings accounts where you desposit the money in to an account and have to give notice to withdraw, with the notice being anything from 30 days to 6 months.

It depends on quick you would want access to your money when you needed it.

 

Premium Bonds?

 

I know a chap who owns a mountain because if he had it in a savings account he'd just spend it.

I'd say: Buy a mountain. Failing that, land or shares. If you're not into risk, government bonds from a safe country are fairly reliable and unspendable.

 

Open a savings account, ISA or what ever.

Lift X ammount that you want to save at the start of the month and insert into the savings account and forget its there.

Thats what I try and do and it seems to be working

 

Lend it to someone or draw it out and give it to a family member to hold onto

 

Learn some self control?
As others have said, put it into an account where you can't access it, or something similar, you could invest it.

 

Stick it in a jar and hide it away out of sight, you'll soon forget about it.

 

Get another job or volunteer. You won't have time to spend money because you'll be too busy, and as a bonus you'll get experience.

 

We went back into recession today, savings isn't going to give a good return TBH.

Premium bonds, for the amout of interest you'd lose out on you may as well enter a risk free competition every month.

If you fancy a bit of risk then investing is always good in a recession, if you know what to invest in that is.

 

Expensive, no?

Forget about money? How?

My family will spend it before it hits their account.

I have the self control. What i lack is the ability to say no to family members and friends who want to borrow money.

Broken jar will be found broken!

This seems like a plan....

 

If you have the self control, and they just want to borrow money, then it shouldn't be an issue since they'll be paying you back?

 

If you don't have self control pop it in a 30/60/90 day access account, will restrict your access and give you a cooling off period for impulses and means you won't be able to lend people money as you don't have access to it.

 

I found once I got through the first month it got much easier. It turns into a game to see how much you can stick away

Top tip.... and this is a terrible tip btw..... get engrossed in some sort of MMO. I tell you, the amount of money EVE has saved me by having something to do instead of going straight to the pub after work is incredible!

I realise I am a massive lame nerd.

 

With loads of money saved up! Acceptable!

 

Taking into account what was said earlier about the fact the Economy is "technically" in recession, that the incentives for saving (interest rates etc) are so low and you have to ask yourself: why not spend it.

If your in debt, then logic dictates you use the money to pay off the debts. If your in a happy situation where you credit cards are paid off and our overdraft is simply there "just in case", then by all means spend the money.

Just don't spend the money on sometng that depreciates in value or outdates (computer components)!. Instead buy a capital asset. Something that will hold (or even increase) in value over the medium to long term. It might be an item of jewellery or furniture for example. Classic example obviously is a house, but £200 hasn't helped there since the accession of Queen Victoria!

Also spending is the best way for the public to get this country out of recession so you'd also be doing your patriotic duty

 

The plan is to save up until the latter half of the year and use it on a plane ticket and holiday.