Savings...

[Jon]

Now this is something I have never really managed to have as an adult.

When I Was renting I Wasn't earning enough to get any savings and right now it isn't possible either. I know I should do as when something goes wrong with the car we have to use a credit card usually and then pay it off the following month

Any of you guys have any savings and if so how do you manage accumulating those savings? There just never seems to be the cash spare each month to do it..

 

[alditoharrods]

I treat mine as a bill that comes out at pay day. The emergency fund is classed as a bill and is paid via standing order.

 

[Jon]

How much do you try to put aside each month just out of interest (I assume you have 2 full-time incomes?)

 

[Flitterbug]

We only have savings due to inheritance, but I think my parter puts in a small amount each month into it - about £100. Technically it's not my money at all but my partner doesn't see it like that

 

[Jon]

Do you not have a joint account where money is basically shared?

I've got a mate at work who is married and they have 2 incomes and the entire finances are kept separate apart from the major bills. They literally do their own food shops!!

 

[Chammy]

At the beginning of each year we discuss the husband opening a share save scheme at work but come April when he can do it we find that something else takes up that money for the month so miss the deadline.

we really wanted to start it this year at it can be taken on a 3 or 5 year basis and the payout would cover a house deposit. We're wanting to be ready to buy in 3 years, guess it'll be 4 now :

 

[Darcey]

Now this is something I have never really managed to have as an adult.

When I Was renting I Wasn't earning enough to get any savings and right now it isn't possible either. I know I should do as when something goes wrong with the car we have to use a credit card usually and then pay it off the following month

Any of you guys have any savings and if so how do you manage accumulating those savings? There just never seems to be the cash spare each month to do it..

Hi Jon, I agree as in my case there is little left over after all of my living expenses.

My savings are not long term investments, rather short term funds where I'm saving towards another expense (eg the boiler). I do have an ISA where I deposit £50 a month which was meant to be 'savings' but I tend to dip into that once a year and it's not very big and interest not so good. I'm thinking of moving most of it into one of those TSB Plus accounts where they pay 5% interest on up to 2.5k and you don't have to switch banks or move your direct debits over to it. I think many people use several current accounts now instead of savings accounts where they send money from one to the other to the other and so on each month (to fund the monthly income requirements) and then skim off the interest into say another account.

I have a set amount to cover bills and living expenses and have set up automatic transfers of an amount per month for each of these like a savings pot (for example setting aside money for future bills such as MOT). I keep a reserve of £200 in this account should the resulting bills be over the predicted amount.

Then I send so much to another account which I use as my day to day spending account - Food, petrol, clothing, drinks, entertainment, leisure. In my head I have a set amount for each category but obviously I may spend more on food one month and so less on another category. It's not such a drama if I don't stick to the budget regimentally as if it would be if I overspent in the bills account as it's only me I have to answer to.

IF there is anything left from this I put it into my savings fund same as IF there is anything over after transfering to my money pots and my spending account then this also gets put into my savings fund.

In the past 9 months I've also written down everything that I spend my money so I know exactly where my money goes.

 

[Flitterbug]

Do you not have a joint account where money is basically shared?

I've got a mate at work who is married and they have 2 incomes and the entire finances are kept separate apart from the major bills. They literally do their own food shops!!

We do, he has his own account where his wages go in, he puts enough in the joint account to cover all bills and general expenses plus a small amount more. I use that account to do everything with (my wages used to go straight in the joint account but I'm not earning at the mo) and my partner uses his account to buy us treats like meals out or day trips etc.

We know a couple who are constantly going "you owe me this/that" even for a £1.20 coffee o_o

 

[Jon]

yeah my mate came out with us on a work doo and he had to 'borrow' £30 off his wife.....which he had to pay back

was like wtf

 

[FreeSwagSites]

What is this strange "savings" concept that you speak of - never heard of it!

 

[alditoharrods]

How much do you try to put aside each month just out of interest (I assume you have 2 full-time incomes?)

Our emergency fund is actually only £50 a month, but we are having to put a lot away for the wedding fund and driving lessons too. But that emergency fund has been a lifesaver.

 

[RedAlix]

I've been saving £10 a week, I'm 14 weeks in and don't seem to miss the money.

We actually have around 3k in a joint savings account but technically its not ours as we owe that amount to my parents. Its great having an interest free loan that they aren't in a rush for us to pay back!

 

[usa1]

I have an ISA which I save £40.00 an month into. But in general, savings, IMVHO aren't worth it after inflation. I would rather over pay on my mortgage or increase payments in to my pension.

 

[stellajose]

I have about 7 savings accounts that I set up for various things. e.g. wedding last year, holidays, car, Christmas. I add funds to them now and then and then switch the money around depending on what crops up. So the wedding account was emptied and then all the other savings accounts were raided to add to the wedding fund, and that was in October last year and the savings accounts haven't recovered. We saved manically to buy a car and then manically to pay for a holiday and now there's a bit in the holiday fund and nothing in the Christmas account, which I have literally just thought about now, writing this.

Instead of saving for a holiday, we're going to book next year's holiday soon and have it paid off by Christmas so next year we can save properly. That's the plan.

 

[Quilla]

All I have is a single ISA account which I use for holidays and similar things.
I always try to ensure I put the money I take out back in when I do have some spare income, so the amount is normally around the same all year.

 

[queen81]

We are always broke - so cannot afford to save

The OH's wage goes into our joint account to cover the bills and when I worked I got paid in cash (not cash in hand - declared) and I used that money to buy our shopping, treats, etc. Now that income is gone, we are really struggling

 

[Jon]

are you not supplementing the lost income with 63336?

 

[queen81]

are you not supplementing the lost income with 63336?

In a way, yes. But, the lost income was anywhere from 800-1000 a month and I'm not making anywhere near that on 63336 (I know you find it easy but I'm a lot slower).

 

[Jon]

you will build those speeds up, chammy started same time as you and her speeds have come down.

You just need to go with the flow on it, rattle those replies off and it will all mount up.

Is there anything you can change in how you answer questions to speed it up at all?

 

[queen81]

you will build those speeds up, chammy started same time as you and her speeds have come down.

You just need to go with the flow on it, rattle those replies off and it will all mount up.

Is there anything you can change in how you answer questions to speed it up at all?

I'm getting better, slowly, my average time is 4.42 lol. I need to stop overthinking things and crack on with it. Oh, there is something you can help me with though - I'll PM ya