Savings discipline


(Dan) #1

Hey,

I’m sure this has been discussed numerous times. I feel I have seen every money saving trick out there. I feel my problem is that I work in retail, so I am surrounded by shops everyday and near enough, I spend money everyday, even though I know I shouldn’t. Adding up my daily coffees on a yearly basis does not shock me. Selling stuff and completing online surveys is all very well, but it soon gets spent. Also, I hate cash and prefer plastic, which I know is probably bad. Moreover I don’t really want to harm Monzo by using ATM.

I’ve started using LOQBOX and putting away a small monthly payment that I hardly notice, while building my credit score at the same time. It seems to be working because I don’t really want to withdraw the money. However I cannot add a lump sum to it and I want to save faster and budget harder.

How do you save and forget about it? How do you have the discipline not to touch that money? How do you set a budget and make sure you don’t go over that budget?

Looking forwards to hearing your thoughts! Also, if you want to consider joining LOQBOX, I’d appreciate it if you let me refer you. All I need is your email address which you can PM to me.

Dan


(Leonard) #2

I opened a savings account with another bank and asked to not have a card for it. I was also told that I wouldn’t be able to use the app because it wasn’t a current account (not sure how true that is but it works in my favour!). I have a standing order for a couple days after I get paid to transfer money into that account which I can’t easily access.

The only way for me to get money is to physically go to that branch, queue up etc. and having a full time job, the time window I have to do so is also reduced.


(Dan) #4

Interesting! Thank you so much for sharing! Out of curiosity, what bank do you do that with?


#5

If easy access to your money is a concern, wouldn’t a fixed term savings account, or medium-term investment be a better choice? You usually get much better returns on those.


(Leonard) #6

It’s with Barclays, although i’ve been really bad in the sense that the interest rate is now really poor (I mean bad). I just haven’t got round to assessing and comparing my different options.

Absolutely! 100% agree - I’ve looked at a few but just havent spent enough time comparing to find the best solution for me…it just ends up going lower and lower on my priority list of things to do frankly.


#7

Fully understand that! Consider these as a starting point: I’m sure all of them offer better interest than Barclays :wink:


(Pete) #8

I use chip to put a bit away from my current account
I do a 52 Week Challenge thing
I use the Monzo Coin Jar, then transfer that to a saving account once it hits £25ish

I think I can save almost 3 thousand between chip and the 52 week challenge. The 52 week challenge may get harder though :weary:

my goal is to save but also have fun, that way I’m not sitting on a pile of cash and I’m not skint from too many adventures. I guess I don’t feel I’m missing out so saving isn’t such a pain.