Bad saver how to improve :(

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Ammz_123
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#1
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#1
I'm currently 20 years old and don't have alot saved up , ive always spent money carelessly and never been good at saving it up . My first 2 years at uni the maintenance loan i had spent it and now think how stupid it is and always think where has it all gone .

My friends seem to have a good amount saved up and just general people around me . I'm not broke or anything but just wish i had saved up more then i have because i could have thousands but guess as i got older i realised .

Is anyone else the same or maybe used to be and improved ? Also if any tips on how they do it / specific %s

Thanks
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Blue_Cow
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#2
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#2
(Original post by Ammz_123)
I'm currently 20 years old and don't have alot saved up , ive always spent money carelessly and never been good at saving it up . My first 2 years at uni the maintenance loan i had spent it and now think how stupid it is and always think where has it all gone .

My friends seem to have a good amount saved up and just general people around me . I'm not broke or anything but just wish i had saved up more then i have because i could have thousands but guess as i got older i realised .

Is anyone else the same or maybe used to be and improved ? Also if any tips on how they do it / specific %s

Thanks
Make a budget and stick to it. You need to plan your outgoings.

Of course there is only so much a budget will do. You also need to increase your income by working/finding lucrative internships.
Last edited by Blue_Cow; 1 month ago
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Ammz_123
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#3
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#3
(Original post by Blue_Cow)
Make a budget and stick to it. You need to plan your outgoings.

Of course there is only so much a budget will do. You also need to increase your income by working/finding lucrative internships.
Thanks for the reply , yes your right i need to plan a budget or cash flow to see everything. Im a person whose easily spends and if i want something ill get it but obviously thats not how it should be done !

i have current left uni so i will look to see what my future holds and also use that to plan ahead
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martin7
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#4
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#4
(Original post by Ammz_123)
I'm currently 20 years old and don't have alot saved up , ive always spent money carelessly and never been good at saving it up .
On top of Blue_Cow's suggestions. On the day your income appears in your bank account, move some of the money that your budget says you don't need into a separate savings account.

You do need to make sure you don't run out of money before the next pay cheque comes in, but if you're one of those people who will happily spend until their current account is empty, taking the savings money out as soon as it comes in might help.

Make sure you resist the temptation to take money from the savings pot if at all possible. (Obviously unforeseen events might mean you need to raid your savings, but this shouldn't be a routine thing.)
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londonmyst
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#5
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#5
How much is your maintainence loan and your rent?
Do you regularly cook your own meals or rely on catered halls/restaurants/takeaways?
What extra items does the majority of your income after rent go on?

Try to save a small amount each week in a savings account that you never touch.
Start small, maybe £5-£10 a week.
Make a sensible weekly/fortnightly budget for booze, food, clothes, travel and nighlife events.
Then stick to it and don't allow yourself to go 1p over budget.
Good luck!
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tinyperson
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#6
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#6
Find a paid job
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Jack22031994
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#7
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#7
Just adding to what others have said. Some banks offer a 'Save the Pennies/Change' feature where every time you spend it'll round the difference up to the nearest £1 ans put it into a Savings Account. Its a very passive way of saving and I do it. It adds up quicker than you think, and you dont even have to think about it. See if this is something your bank has
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Zarek
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#8
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#8
I didn’t save a penny until I started work. Until you have an income that exceeds your outgoings it’s not so easy, unless someone else sponsors it. However as soon as you can, putting aside some of you income each month, say starting at a minimum of 10%, is a great habit. It grows faster than you think to allow you buy things without borrowing and to have an emergency fund. As your income increase put more aside on the basis you won’t miss it. Getting some work and finding some decent longer term investments help too.
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