Working out my savings

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Bristolbb
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#1
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#1
so im trying to work out how much I've been saving for the past 3 months in a new job. I organised all my budgets and put them into an app to help, but due to not sticking to the budget for unavoidable reasons, and the app seeming to get things wrong, I'm just confused about the actual numbers.

Simply put;, is it accurate for me to do this (example scenario)

I start new job with 1000

After a month, i get paid 500, so i now have 1500.

Next month, I get paid again, but this time i end up with 1700. Does this mean i 'saved' 200?

I'm basically trying to make sure i don't spend more than I'm earning, as i had some savings that i don't want to eat into but i had multiple income sources at one point so its all gotten confused now. I'm on a tight starting salary so not expecting to save anything significant until i can ask for a raise when appropriate
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Bristolbb
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Mintkoala
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#3
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(Original post by Bristolbb)
so im trying to work out how much I've been saving for the past 3 months in a new job. I organised all my budgets and put them into an app to help, but due to not sticking to the budget for unavoidable reasons, and the app seeming to get things wrong, I'm just confused about the actual numbers.

Simply put;, is it accurate for me to do this (example scenario)

I start new job with 1000

After a month, i get paid 500, so i now have 1500.

Next month, I get paid again, but this time i end up with 1700. Does this mean i 'saved' 200?

I'm basically trying to make sure i don't spend more than I'm earning, as i had some savings that i don't want to eat into but i had multiple income sources at one point so its all gotten confused now. I'm on a tight starting salary so not expecting to save anything significant until i can ask for a raise when appropriate
The next month if you got paid £500 again, then no you haven’t saved anything, you’ve actually spent £300.

As you started with £1000, then got paid and got £500, and then if you got paid £500 again then you should have £2000. So if you have £1700 then £300 is ‘missing’/spent.
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Bristolbb
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(Original post by Mintkoala)
The next month if you got paid £500 again, then no you haven’t saved anything, you’ve actually spent £300.

As you started with £1000, then got paid and got £500, and then if you got paid £500 again then you should have £2000. So if you have £1700 then £300 is ‘missing’/spent.
no maybe i wasnt clear... obviouslly i have to spend on rent and food and things

i mean i did not spend more than i earned last month, and did not eat out of the original 1000

sorry I'm confused does this make a difference?
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Mintkoala
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(Original post by Bristolbb)
no maybe i wasnt clear... obviouslly i have to spend on rent and food and things

i mean i did not spend more than i earned last month, and did not eat out of the original 1000

sorry I'm confused does this make a difference?
Well then how much are you rent and food and things? You need to know that so you can take those away from whatever you already have and how much else you are going to get paid. Otherwise you can’t work it out.
Last edited by Mintkoala; 1 month ago
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Bristolbb
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#6
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my questions doesnt even make sense as obviously i would have to spend from the original 1000 before the firs paycheck.


Basicallly: assume i had 1000 the day before i got paid. Then 1500 the day i got paid.

Next month, i have 1700 the day i get paid. which would mean i spent 300 from my paycheck but saved 200. is that right?
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Mintkoala
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(Original post by Bristolbb)
my questions doesnt even make sense as obviously i would have to spend from the original 1000 before the firs paycheck.


Basicallly: assume i had 1000 the day before i got paid. Then 1500 the day i got paid.

Next month, i have 1700 the day i get paid. which would mean i spent 300 from my paycheck but saved 200. is that right?
If all of your expenses/spending add up to £300, then yes you have saved £200. You started with £1500 after you got paid, then got paid £500 again making it £2000, then you spent £300, making it £1700.

So as 1700-1500 = 200, you have £200 more than when you first got paid.
Last edited by Mintkoala; 1 month ago
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Bristolbb
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#8
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(Original post by Mintkoala)
If all of your expenses/spending add up to £300, then yes you have saved £200. You started with £1500 after you got paid, then got paid £500 again making it £2000, then you spent £300, making it £1700.

So as 1700-1500 = 200, you have £200 more than when you first got paid.
Okay thanks

I'm trying to figure out if this technique is reasonable when I'm confused about whether or not I've saved overalll.

On this month's payday, if i end up with more than i had last month's payday, i assume there was a little bit that got saved. And so on/..Is that right?
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Mintkoala
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(Original post by Bristolbb)
Okay thanks

I'm trying to figure out if this technique is reasonable when I'm confused about whether or not I've saved overalll.

On this month's payday, if i end up with more than i had last month's payday, i assume there was a little bit that got saved. And so on/..Is that right?
Yes that’s right, because you will possess more money in your account than you started with in the last month before you got paid again.

Basically if you don’t spend more than the amount you get paid each month then you have saved.
Last edited by Mintkoala; 1 month ago
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Catherine1973
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Yes you have saved it by not spending it.

It’s more confusing as there is no transfer out of your account “into savings”
Maybe have a linked account where you transfer the unspent at the month end. Keep a buffer of day £1000 as what you have just before payday
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martin7
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#11
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(Original post by Catherine1973)
Yes you have saved it by not spending it.

It’s more confusing as there is no transfer out of your account “into savings”
Maybe have a linked account where you transfer the unspent at the month end. Keep a buffer of day £1000 as what you have just before payday
I used to do exactly this when I was younger, and it worked well for me.

I don't do this quite as regularly now, but I do still periodically check whether I should move some money from my current account into savings.
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