The Student Room Group

Saving

What is the best way to save money?
Reply 1
Regularly each month, put away as much as you can afford and minimum 10% of your income. As your income increases increase the amount on the basis you won’t miss what you haven’t been spending. Find some longer term investments that beat inflation. Building up a pot of savings is key to feeling secure and being able to buy some decent things without being lumbered with debt
Reply 2
I have always found this as an ideal way, unfortunately I find myself spending even before I save. It is so discouraging. Maybe some other strategy can work.
Original post by Topo144
I have always found this as an ideal way, unfortunately I find myself spending even before I save. It is so discouraging. Maybe some other strategy can work.


If you have a job, set up a standing order to happen a couple of days after you get paid to transfer a sum to a separate savings account. That way when you check your current account balance, that money is no longer there. If you need to spend your savings you've got to go through the additional step of transferring the money across -- and that might hopefully be enough of a hurdle to deter frivolous spending.

Obviously only transfer an amount that won't leave you struggling to make ends meet at the end of the month, or which would lead your current account going overdrawn.
Reply 4
Original post by martin7
If you have a job, set up a standing order to happen a couple of days after you get paid to transfer a sum to a separate savings account. That way when you check your current account balance, that money is no longer there. If you need to spend your savings you've got to go through the additional step of transferring the money across -- and that might hopefully be enough of a hurdle to deter frivolous spending.

Obviously only transfer an amount that won't leave you struggling to make ends meet at the end of the month, or which would lead your current account going overdrawn.

Thanks for the insight
Reply 5
Original post by Topo144
I have always found this as an ideal way, unfortunately I find myself spending even before I save. It is so discouraging. Maybe some other strategy can work.


Get a cash ISA or even better stocks and shares ISA and standing order set for the day you get paid.
Original post by Topo144
What is the best way to save money?


Have a realistic goal for how much you want to save in a month and open up a savings account to help motivate you to save more
Reply 7
Original post by dgupt
Have a realistic goal for how much you want to save in a month and open up a savings account to help motivate you to save more


Thanks so much. I appreciate
It will help your saving goals if you can focus on not spending.

Buy only the things you need and things you have wanted for a long time.

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