How to save money, according to people who actually manage it

The Monzo Saving Squad share their best tips on how to save money.

Join the group here if you haven’t done already! :point_right:


Is the answer: Get Monzo? Because that’s what’s done it for me!


Put pay rises straight into savings

This is a tip that really helped me to be honest - when I get a pay rise I’m always looking to how I can better save it.

Consider increasing pension contributions, LISA, and other savings! (but I also find it’s important to give yourself a little bit of a treat/allowance - ultimately you deserved the payrise!)


What is this pay rise of which you speak? :thinking:

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Yano if you have a job and do good at it, they sometimes (rarely) (very infrequently) give you a couple pennies more each month

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That’ll be it then. I’m enthusiastically average :grin:


Or you get asked if you’d like to work more hours and you finally say “Yes*”

I actually had a budget shortfall at that point, so a percentage of the extra pay went to covering the shortfall. Most of the remaining percentage goes to savings - initially bringing Marcus up to 3*salary again, and after that into Freetrade. Then I hive a tiny amount off at the end to allow me to do some social and/or recreational activities a couple of times a month.

(*no, I wouldn’t like to, but as I need the extra money the extra hours bring, I will :expressionless: )

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My primary method of saving is gamifying it. I track all of my incoming and outgoing in a spreadsheet (and I mean ALL, salary, direct debits, drunken kebabs, pennies picked up off the street). It tells me both how much money I have left and how much budget I have left. Then it tells me in real time how much more money I have than at the start of the month.
Started off as a tool to make sure I could afford a second year of car insurance after I paid for the first year in advance, but now I challenge myself to end each month with more than the previous month.

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It’s like a leap year. Every four years.

Although a leap year definitely occurs every four years, alas a pay rise may not.


Sounds very much like Monzo lol

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