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    I don't mean, getting discount on things, I mean how do you actually save your money?

    I have two savings accounts and two money pots.
    First, I have my ISA, in which I put £180 per month.
    Then I have my basic savings account that I put £25 per £100 that is in my ISA in, plus any commission that I make at work. I use this a bit of an emergency fund really. If something unexpected comes up, then it comes out of this money

    In my terramundi pot, I put any £1/£2 coins or £5 I have left in my purse on a Sunday night and in my other pot I put any other coins I have in my purse each night. Once this is full, I change it into £2 coins and put it into the terramundi pot and start again.

    My friends all think I'm crazy, but I can't imagine not saving money for the future, how does anyone expect to support themselves with no savings? (this only applies to people that have the means to save but choose not to)

    Your turn. How do you save your money?
    Do you have any savings goals or do you just want to have some money for the future in general?
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    (Original post by GoingToBurst)
    how does anyone expect to support themselves with no savings?
    With salary and then pension?

    I've filled my ISA, £250/month into a normal account and the rest is filling a 123 account with Santandar. But I need to find somewhere else as I've maxed out the interest on that. I have a buffer account and have previously saved coins but I'm not right now.
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    (Original post by Quady)
    With salary and then pension?
    A pension won't help you buy your first house though. Likewise with a salary, you need to have savings to at least put the deposit down.

    I wish I could save as much as you! Are you working full time?
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    (Original post by GoingToBurst)
    A pension won't help you buy your first house though. Likewise with a salary, you need to have savings to at least put the deposit down.

    I wish I could save as much as you! Are you working full time?
    Yes.

    It takes a lot of savings to buy even a first house, although it makes more sense than getting a mortgage.
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    I just make sure I don't spend all that I've earned. After a few months or so I'll move some of the money over to another bank account, one which I promise myself not to touch and it's like my piggy bank.
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    I judge what is worth spending money on.

    I'd spend more on things I want to get lots of use out of, so it will be a while before they need replacing.
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    If you save enough, hard and are very lucky who employs you you will be able to retire at 55 with a fully index linked final salary pension.
    I did.

    It's a license to print money.

    Everyone else had virtually no increases since the crash. I received RPI every year until last year since when it's been CPI. Nevertheless I have never had less than 2.2%, one year it was over 4%.

    Just under the average salary for doing nothing now.

    Luvvly jubbly.
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    (Original post by balotelli12)
    and are very lucky who employs

    Everyone else had virtually no increases since the crash.
    These days you'd have to massively engineer your aplications to get a on a final salary scheme.

    The difference between you as a pensioner and employees is they can get promotion as well as cost of living increases. You're stuck with that income in real terms.
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    (Original post by Quady)
    These days you'd have to massively engineer your aplications to get a on a final salary scheme.

    The difference between you as a pensioner and employees is they can get promotion as well as cost of living increases. You're stuck with that income in real terms.
    If it is CPI or RPI linked, then his money becomes worth more..
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    (Original post by beaver_tron)
    If it is CPI or RPI linked, then his money becomes worth more..
    No his money becomes worth the same.

    Hence me same 'You're stuck with that income in real terms.'
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    (Original post by GoingToBurst)
    I don't mean, getting discount on things, I mean how do you actually save your money?

    I have two savings accounts and two money pots.
    First, I have my ISA, in which I put £180 per month.
    Then I have my basic savings account that I put £25 per £100 that is in my ISA in, plus any commission that I make at work. I use this a bit of an emergency fund really. If something unexpected comes up, then it comes out of this money

    In my terramundi pot, I put any £1/£2 coins or £5 I have left in my purse on a Sunday night and in my other pot I put any other coins I have in my purse each night. Once this is full, I change it into £2 coins and put it into the terramundi pot and start again.

    My friends all think I'm crazy, but I can't imagine not saving money for the future, how does anyone expect to support themselves with no savings? (this only applies to people that have the means to save but choose not to)

    Your turn. How do you save your money?
    Do you have any savings goals or do you just want to have some money for the future in general?
    I thought that if you kept putting money in an ISA then you don't get as good an interest rate? I thought it was best to put it in, in one big lump. I have an ISA with about £5k in it. And apart from my student finance money, I have another £800 or so. My student finance is plenty enough to live off. Which is good as I'm trying to save up for a trip in my third year, which I'm on track to do.
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    Okay, my savings are relatively complicated right now..

    - I have my regular current account which is on a 5% for the first £2,500 from Nationwide (for the first year, about half way through that now).

    - Instant access ISA that I put the full amount in every April 6th. It's not the best rate of all my savings accounts, but it is instant access which I like, and I get about 2% on it. This is where I keep money that I'm saving for my flat and that I could in theory need pretty quickly at some point.

    - ZOPA.com which is a peer-to-peer lending website. I lend any "genuinely spare" money on here, i.e. money that I'm not likely to need for a good while. It has good rates, around 4%, but there's a 1% charge if you need to take money out before it's returned to you by the borrowers (and if you haven't had it in for long enough this could actually lose you money - although after maybe 6 months you're fine) and would take a little while to get to you, so you have to be completely sure that you don't need the money for the full term (3-5 years) or risk losing a little of your profit.

    - My regular savings account, which the rate is RUBBISH on. It's literally about 0.5%, but I'm saving for a car and the money has to be separate so I've put it in there for the time being so I know where it is and what it's set aside for.

    ..I also have my change box at home, which I save up and then once a year I take it to the supermarket and pour it into the self scan machines (NOT CoinStar. They take a fee that can mount up if you have a lot of change, and the self scan machines can count it for you anyway so go for it. You could always just keep it in your wallet/purse and take it every week if you don't want to have too many at once). Usually I can save it up to the extent that I'll get an entire week's shop for free, which is nice.

    I HATE keeping ANY cash on me, because I know I could be getting interest on it somewhere else. Every little helps & all that!
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    I have a money tin which I put all my coins under 50p in. The tin can only be opened by using a tin opener. At the end of the year, I will take it to the bank and put the money into my account.
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    (Original post by Quady)
    No his money becomes worth the same.

    Hence me same 'You're stuck with that income in real terms.'
    So, when you said, someones income may increase because of cost of living. but his staying the same. If the cost of living increases and then they get more because of that.. but so does the pensioners.. SO THEY GET THE SAME.

    So the only difference is that after you retire, you cant get pay rises. But think about it. when you reach retirement, you will no doubt have reached all the pay rises you could get.

    So compared to youre younger counterparts, they are getting pay rises. But really, who cares, because you will have peaked, they will have not. So in real terms, they are earning no more than you wouldve been at that point in youre career.
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    (Original post by GoingToBurst)
    I don't mean, getting discount on things, I mean how do you actually save your money?

    I have two savings accounts and two money pots.
    First, I have my ISA, in which I put £180 per month.
    Then I have my basic savings account that I put £25 per £100 that is in my ISA in, plus any commission that I make at work. I use this a bit of an emergency fund really. If something unexpected comes up, then it comes out of this money

    In my terramundi pot, I put any £1/£2 coins or £5 I have left in my purse on a Sunday night and in my other pot I put any other coins I have in my purse each night. Once this is full, I change it into £2 coins and put it into the terramundi pot and start again.

    My friends all think I'm crazy, but I can't imagine not saving money for the future, how does anyone expect to support themselves with no savings? (this only applies to people that have the means to save but choose not to)

    Your turn. How do you save your money?
    Do you have any savings goals or do you just want to have some money for the future in general?
    Interesting OP.

    In terms of saving money i only currently save my 1p, 2p and 5p's in a pot (once had £16) however over the next five student loan payments and two bursaries (Jan, April, Sep, Jan, April plus bursaries) i am aiming to control my spending and save £500 from each student loan payment resulting in savings of £2500 plus around £1500 from my bursary, so that's an aim of £4000 by May 2015. In addition to this i am currently looking for a part time job that i actually like (non-retail/bar) and so bar summer 2014 when i want to stay in the city (rent plus outgoings should be around £1k) i should be able to save almost all income gained from said work, at near £100 per month this yields almost £2k by May 2015 however i actually think it's feasible to average earnings around £300 so that's around £6k by May 2015. Essentially i am aiming to save £10k by May 2015 which will probably all go on paying for a Masters.
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    I commute, so far I've saved a lot of money.

    You need to budget and think before you spend.

    Put your money in a savings account and only have what is necessary on your debit card.

    Don't use credit cards.

    Use Microsoft Excel to create a monthly budget etc.
 
 
 
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