Monday, 19 January 2015

Getting Into The Habit Of Saving

Since our priorities changed from traveling to saving for a mortgage, I have been thinking about the ways I spend money and the changes I can make to help us on our journey. Here's just a few things we have set in motion to help us get our savings account off the ground - maybe they can help you too!

Old fashioned money box
On 1st January, we made a decision to save every pound coin which we get in change. At the end of each day if there's a £1 coin in my purse or Ash's wallet it goes into our money box, which is one you can't get money out of until its full. And then you have to smash it! I haven't been keeping exact track of what's in there, but I think we're already at about £30. I can't wait to see how much is in there when it's full!

Cash back websites
If you follow me on Twitter, you may have read the other day that since joining Quidco just a little over a year ago, I have earned £96 from cash back. It's so simple. Whenever buying anything online, I hop over to Quidco.com first, search the name of the website (mostly ASOS...), and then visit it through Quidco. Tracking is set through browser cookies, and once the transaction is complete you get an email to say what you've earnt.  Each retailer sets their own cash back amount, from 1% up to 15%! It also prompts you to use any live discount codes which may be on the website too, ensuring the best deal all the time. I think the most I got was £25 from First Choice when I booked our holiday to Greece. But all the other purchases soon add up!

Looking after the pennies
Whenever I log into my online banking, I transfer the penny amount from my current account into savings. At this very moment, there's an uneven pound amount of 51p. So, into savings it goes. This has meant that an extra £6 has gone into savings over the past two weeks. Not a HUGE amount, but something which will also add up. I don't miss it from my current account, and it makes my savings look nicer.

Spend with cash, not card
It's so easy to tap in 4 digits on a card machine and spend away your future. But it definitely registers more in your mind when you hand over the 'real deal.' After pay day, I withdraw in cash the amount of money I'd be happy spending throughout the month on extras - generally spent at the pub, food/toiletries shopping at the supermarket or any other unplanned spends. And once it's gone, it's gone. This way, I'm always mindful of what I can afford before the next pay day. And an extra bonus - I get pound coins back to put in my savings jar!

Reduce monthly bills
I've finally cancelled my gym membership. I liked the idea of it more than I actually liked being there, so now I save £32 a month by using YouTube for my workouts.
When my iPhone contract comes up for renewal this year, I am going to get a SIM-only deal and keep my 5C handset. It's more than good enough for what I need it for, and I won't be stuck in another 2 year contract.
Being thrifty with car insurance has paid off too.. when I got my new car back in November, it was cheaper by around £5 a month to add my Mum to the insurance than it was for her to not be on there. All of these monthly savings make a huge difference to the amount I can afford to put into savings, and in turn, will help our account grow.

Well - I hope these tips may have inspired a couple of you. If you have any other tips on saving, please do share!

6 comments:

  1. I have a terramundi pot and love it, I'm also signed up to Quidco and have made nearly £300 in a few years from stuff I was buying anyway. My biggest tip has to be to work out what you can afford to save (leaving some money for treats) and to move it into a different account as soon as you get paid. That way you're left with a ready made budget to stick to. If it's in my account it will get spent, moving it out into a different account helps.

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  2. IO think the cash thing is a great tip. I'm trying not to spend at all this year,but spending cash rather than a card even for the essentials like food shopping somehow makes me think more about things.

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  3. I love the moneybox tip, I have one but I always forget about it! xo

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  4. Some great tips here! We never really deal in cash, so saving physical money in a pot wouldn't be for us; same goes for paying cash only. I very recently joined QuidCo and am looking forward to reaping the benefits! Everyone should sign up. We reduced our monthly outgoings by not renewing our TV licence last year, as we can live without live TV and can still watch everything on demand, plus we have access to a friend's Netflix and the in-law's Sky on demand service! We are also working on our grocery bill and planning weekly online shops and sticking to meal planning. I have a pay as you go sim for my iPhone and it costs £10 per month (optional) for all the texts and web allowance I require. Happy days! xxx
    www.justemma.co.uk

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  5. Never actually knew what quidco did, will definitely give it a look, I'm also saving for a house, great tips, thanks! Meabh
    www.peachparade.com

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  6. Savings are not only a virtue, they are a pre-requisite for basic survival in this day and age. Yes, it may sound drastic, but that's the thing. We should really be prepared for all sorts of possibilities, and the main thing to do so is to be financially equipped. Thanks for sharing that, Rosie! I wish you all the best!

    Steven Keltsch @ Allied Insurance Managers

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