saving

[stylinsam]

help needed!!

i cant save money!!! for the life of me!!

any ideas on how i might beable to save money without spending it all the time!! and dont say the bank co siv tried that !!

this is a genuine question ! thanks SSx

[teag1rl]

Sam. The only way i can save is by direct debiting some from my wgaes each month into a saving account or ISA or something. Get it to go out day after your wages go in, so if it's not there for long you don't miss it and if it's done by DD you don't have to think about it. The sum just builds up on its own.

[stylinsam]

thanks teag1rl !!xxxxxx

[BigMac]

When you get paid, put say 10% straight away into a Notice Deposit account. These offer a higher rate of interest and the beauty of them - for you - is that you have to give notice (a month, three months, six months, whatever) to make a withdrawal. Some will allow an instant withdrawal but you will lose any interest you have earned.

After a number of weeks/months doing this you willl not notice any more.

Then, just a suggestion, give the relevant notice to make a withdrawal in November (for Christmas) and June (for a holiday)!

'Best Buy' tables for notice savings accounts appear in all the broadsheets at the weekend, online (thisismoney.com; motleyfool.com, to name but two) and you can probably even trust the information in the tables in the Daily Mail.

[mountainboo]

You might also perhaps look into premium bonds. You can get the form from post office and while the money is sitting in premium bonds you have a chance of winning every month from between i �50 i think and there are 2 �1 mill prizes also. Unfort I don't think you acrue interest but you are always guarenteed that you will get the same amount that you put in back to you.

[curiouskatie]

Set up a standing order to a savings account that you can't access with a card. If you have a building society book and you actually have to make the effort to go into the branch it's a lot less tempting!

[PinkFizz]

I have a big jar,and every day I put in a single pound coin,and then all my loose change.At the end of the year I regularly have over �500.!!

[loobie]

Ooo pink, I'm gonna do that!! That's a wicked idea!! Thanks hun!!!

[PinkFizz]

Your'e welcome loobie - I do it without even thinking now,and If I get b/f to do it there would be over �1000 every year - holiday sorted!!

[sue11]

This may be an obvious answer, but if you have any reasonable size debts, you need to get rid of those first before you even think about saving. The interest you pay on debts is far higher than any that you gain on savings and therefore will be far more cost effective to get rid of those first. As the rest of the reponses have advised, once you get into the habit of saving, it will become much easier over time. Best of luck, Sue.

[fayelc123]

Hey Sam,
As you know i've had serious problems with money & debt!!!
I agree with the idea of a savings account by DD, that's what i'm doing at the mo & it's really helped me.
PinkFizzs' idea is great aswell, my brother does this & he has always saved 1 & 2 pound coins & i'm so surprised by how much he saves! But me personally, couldn't keep this in my home as i know i would just end up spending it again!
& also, try to leave your bank card at home as much as poss! I know it's hard but once you get started it will get easier!

[dzug]

Send your money to me. I will look after it for you and promise not to give it back.

Well I will after 5 years, less a small fee for looking after it.....

More seriously, put it somewhere where you can't get it back easily - a notice account, or (shudder) an endowment policy. The latter were oversold in the past but can be a valid option

[EverClean]

Some employers have schemes where savings can be deducted from your salary direct to an account of your choice - speak to your employer and see if this is the case.