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Other Saving Money

Discussion in 'General' started by Nealieboyee, 25 Apr 2012.

  1. KidMod-Southpaw

    KidMod-Southpaw Super Spamming Saiyan

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    I managed to stop spending money, and managed to build up over a grand in the bank in about 4 months.
    I now spend so little, I even have a jar of spare change with *checks jar* £65.78!
     
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  2. sandys

    sandys Well-Known Member

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    If you are saving for a goal, start budgeting, once you see where you money is going you can do more to stop extraneous spending.

    Use a finance tool, I use the following

    http://kmymoney2.sourceforge.net/index-home.html

    Once in the habit you can see what money you will have in your account in 6 months time once you know your patterns, it'll help you plan for fun things, you can still be impulsive but will have the benefit of knowing its future impact or how to manage it.
     
  3. dancingbear84

    dancingbear84 error 404

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    KidMod, how can you have more money than me? You're a kid/youth.
    I'm off to find a dalorean go back in time and save money instead of going pub all the time. :)
     
  4. Boardoombob

    Boardoombob New Member

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    But it'll still give a return, even a £1 opening cash ISA would be worth something.

    Plus, as odd as this might sound, if you put it into a savings account then it might psychologically give you a target to go for (i.e up that £200 to £500 or so by x time).
     
  5. PabloFunky

    PabloFunky New Member

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    A cash isa whilst terrible rates now to what they were, any money saved from the tax man has always got to be worth it.
     
  6. Sloth

    Sloth #yolo #swag

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    This requires a bit of self control, but I'll tell you my strategy:

    Set levels which you won't allow yourself to go under. Once you hit, say, £500 don't go under that. Eventually you'll reach another milestone like £1000 which you again don't allow yourself to go under. Just keep going and you'll get quite the savings.
    It's actually a lot easier to save up money when you're younger. I worked for a few months when I was sixteen (two-three hours a day at minimum wage mind you) and saved up a couple thousand dollars. After I stopped working that money lasted me three years until I got my current job.

    Now I'm making almost twice as much and work about three times the hours but have a lot harder time saving up like I did then. Rent, food, gas, insurance, it all adds up.
     
  7. deathtaker27

    deathtaker27 #noob

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    I have an Isa where the only access is me going to the branch to get it with ID and everything, such a pain I dont ever bother
     
  8. KidMod-Southpaw

    KidMod-Southpaw Super Spamming Saiyan

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    Of course, about half my money will end up going on a nice Vespa and insurance later in the year. :p
     
  9. mecblade

    mecblade 14 year old Technophile

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    Government Bonds (especially the US and UK ones) are from what I've heard, a bad decision. Since the central bank is still printing an immense amount of money, inflation is outpacing any interest gained. Essentially, you're tying up money and watching it get devalued all the time.

    It's what the Gilt holders suffered from after World War 2 when inflation was slightly higher than target, yet even a modest overshoot diminishes any gains and potentially loses you any monetary gain.

    (I'm assuming that by safe, you mean the AAA rating countries who are generally applying Quantitative Easing in an attempt to lower their monetary value of their currency to pay back creditors more easily.)
     
  10. dancingbear84

    dancingbear84 error 404

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    I know what you mean, when I was 16 I earnt around 200 a month working part time. Now 12 years on I earn 5 times that but have around a quarter of what I earnt at 16 after everything is paid.
    Growing up sucks. I think Peter Pan had the right idea...
     
  11. KidMod-Southpaw

    KidMod-Southpaw Super Spamming Saiyan

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    Got to agree with that, it's obvious I have a fair pile at the moment, but when I want a part time job next year, I'll need something to get there (Vespa :D) and need to tax and insure it. Without thinking about petrol, that's going to take a fair bit away each year.
     
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  12. dancingbear84

    dancingbear84 error 404

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    Tax is peanuts at 15quid a year. Insurance is the killer though. Have a look at some older 50cc bikes? My first bike was an 80s yamaha dt 50, cost under 500 quid to buy, and only cost around 150 to insure IIRC. and fuel was under 5 quid a week and I racked through the mileage or thought I did back then, I think I only did, it was probably about 70 miles a week to be honest
     
  13. KidMod-Southpaw

    KidMod-Southpaw Super Spamming Saiyan

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    Yeah, I did have a look at some 50cc trials bikes, but the family won't let me with safety and all. :p I will just be getting a 49cc something or other, so I'm hoping insurance won't be too bad.
     
  14. dancingbear84

    dancingbear84 error 404

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    Fair enough, not wishing to undermine your family, but I felt safer on a bike than on a moped. I felt like a rider and behaved like one. I never got that feeling on a moped, and at 6ft 6 my weight made me pop wheelies without even trying
     
  15. KidMod-Southpaw

    KidMod-Southpaw Super Spamming Saiyan

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    I like both really, I've got a soft spot for Vespas and it'll generally be for getting around for a couple of years, of course, it's not going to be anything past 2004 as they all look crap. Once I get a bit older, I'm definitely going the way of a road bike.
     
  16. specofdust

    specofdust Banned

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    I said from a safe country ;). The common consensus right now are that Germany is the big daddy of this.

    That said, US bonds aren't that dangerous. If the US actually goes belly up and dies on us then we'll all have more to worry about than the loss of our measly savings.
     
  17. Showerhead

    Showerhead New Member

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    I think more the point he is making is that due to inflation caused by QE in these safe countries you'll actually lose more of the moneys value than you'll gain in interest on bonds.

    Course you'd still lose less than if you kept in in a current account at 0.5% interest.
     
  18. SuicideNeil

    SuicideNeil New Member

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    Good lord no- lending money to family is the biggest ball-ache imaginable; especially if they are borrowing the money because they can't control their own spending.

    I've always been extremely good with saving money and budgeting my self considering I'm a minimum wage earner & always have been ( hurrah for under achievement! ), my older & younger sisters however are quite the opposite; the bank of Neil has paid out loans on several occasions and it has taken years to get the relatively small amount of money back fully.

    Point being though, lending money to people ( family ) who don't have any but like to spend it will only cause arguments when you come to collect; squirrel the money you don't spend each month away in a separate account and put it towards something useful occasionally.

    It would help alot to work out all your outgoings each month ( taking into account anything like quarterly bills ), then you can budget yourself more effectively- I even go so far as to plot my income, outgoings & total savings on a spreadsheet so I can see if my savings are going up or down, and make sure my income is always higher than my out goings..
     
  19. Ljs

    Ljs Well-Known Member

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    Honestly? Spend it!






    I don't mean on crap though - use it to make more money. You won't have to worry about spending it on useless stuff because you won't have it, and your 'pot' will be bigger at the end of your saving period.
     
  20. DeadP1xels

    DeadP1xels Music Enthusiast

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    Split it up into small amounts to spend if your refraining from spending all of it and your like me

    you'll just end up seeing the first cool thing and impulse buying it!
     

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