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> How good are you at saving money?, Are luxuries really needed?
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Oliver 🐱
post Jan 13 2017, 02:49 PM
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My 'buy nothing year': How one woman saved 22,000

Just read the article above and it got me thinking about how we all spend or save our money. Are you the type of person to splash all your hard earned cash or are you more frugal and save for a rainy day? And to go deeper, if you do save, are you able to save through personal circumstances (such as living with parents, using public transport etc.) or are you well disciplined and have greater will power to just not spend?

I'm kind of in the middle regarding spending vs saving. Some months I'm able to save a substantial amount of my wage just by not having a social life, and other months I think "f*** it, I'm having a bad time at the minute. I'm gonna buy a nice treat for myself, eat what I want and drink what I want". I do live at home though, and even though I work full time and earn considerably less than the "average UK yearly wage" I think it is due to the fact that I only really pay board and have stuff like food, drink and toiletries bought for me which has helped. God help me when I move out! laugh.gif

--

I will say after reading the article that she is in a very fortunate position, with the fact that she probably earns upwards of 60,000 a year, where some full households probably don't make that. It is interesting to see what she did cut back on to save the money that she did, but also interesting to see how she was spending it in the first place! laugh.gif
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Silas
post Jan 13 2017, 03:19 PM
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Woman from the article has a take home pay of 4K per month which is the primary reason it's absolutely f***ing absurd and devoid of reality.


I am shite at saving. At the moment I'm managing to put 200 a month into a help to buy isa but I'm struggling to stay afloat like.
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lewistgreen
post Jan 13 2017, 03:21 PM
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I usually put away around 40% of my wage into my savings each month. But then I'm fortunate/too poor to still be living at home. My only expenditures are my rent and provisions for myself leaving me with plenty to spend still. I am only saving for car, house etc and nothing else and I'm hopefully going to be in a position later this year to move out but it has taken nearly 3 years of saving!
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Jade 🐱
post Jan 13 2017, 03:28 PM
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I am actually quite good at saving! My money almost entirely goes on food and transport at the moment ~ McDonalds is probably the one thing I could do with cutting down on to save a bit of money on food kink.gif Otherwise, I barely splash out on myself regularly. Will pick up a record every so often as a treat but that's about it. Will also have a bit of a spending spree on clothes every few months in one go rather than buying them regularly. I'm actually finding myself spending money on other people more than myself at the moment - there seems to be so many occasions that are cropping up. tongue.gif In short, I am sensible with my money but mainly because I am easy to please with material possessions and don't drink alcohol, which automatically means I don't spend loads on nights out. Perhaps this will change when I have more adult responsibilities and want to pay for things like a house when moving out and holidays. I'm just generally a very sensible person!
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Oliver 🐱
post Jan 13 2017, 03:43 PM
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QUOTE(Silas @ Jan 13 2017, 03:19 PM) *
Woman from the article has a take home pay of 4K per month which is the primary reason it's absolutely f***ing absurd and devoid of reality.


Ikr!! I was reading thinking if she's putting aside 1800 a month for essentials AND saved 22000 then she must be on a at least 45k after tax! laugh.gif

I was able to save about 85% of my wage one month because I was in desperate need of a car. Basically didn't spend anything other than my board and phone bill. ohmy.gif


This post has been edited by Oliver: Jan 13 2017, 03:44 PM
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Liаm
post Jan 13 2017, 04:04 PM
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I am quite bad for spending laugh.gif I think there's only been a couple of occasions since I've gone to uni where I've really struggled for money though, usually the week or two before student loan which is of course the worst drama.gif It will hit me when I have proper expenses and live on my own though, I am good at keeping costs down for shopping and stuff that I need, I just splash out on material things for myself too often! For example since I got my student loan last Saturday, I've bought 5 PS4 games, loads of new clothes, had 2 nando's , a takeaway and I needed a new phone case and earphones. I just love to treat myself to things I've wanted when I get the big payment. We pay our rent termly which is easier so I pay it as soon the student loan goes in so it's almost like I didn't have the money anyway laugh.gif I've also had to pay the deposit for next year's house so not a great start to the term money wise lmao.

I think when I have the responsibilities and know I have to save money for like mortgages, bills (that's included in my uni house) etc. then I will be fine as I said, but at the moment I have a fair bit of disposable income if I want things and if I have it I like to be able to spend it. I'd have such a miserable time if I did what this woman did, even if I did earn as much as she did, to not go out drinking, buy new games, music or whatever, or have the odd meal out, I'd hate every second of that year!
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Rooney
post Jan 13 2017, 04:12 PM
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I'm pretty good at saving. It's easily done really, the key is just cutting out what I would call the 'extravagant' buys. Like do I really need this new shirt/jacket etc. - once you cut that out, you're saving yourself probably 100-200 a month. End of the day you can only save what you can afford to save, and I would never sacrifice social events etc. I'm lucky in that the fact that I've saved enough to have a substantial amount of money to put down for a deposit on a house, but I don't fancy buying anything just yet.
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post Jan 13 2017, 05:15 PM
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I'm crap at saving laugh.gif In short, I don't have any savings except the 100 odd pound that'll all be spent by Monday :,)
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Silas
post Jan 13 2017, 06:45 PM
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QUOTE(Oliver @ Jan 13 2017, 03:43 PM) *
Ikr!! I was reading thinking if she's putting aside 1800 a month for essentials AND saved 22000 then she must be on a at least 45k after tax! laugh.gif

I was able to save about 85% of my wage one month because I was in desperate need of a car. Basically didn't spend anything other than my board and phone bill. ohmy.gif

I was a bit suspicious going in about how she could save that much cash a year and then I saw that bit and rolled my eyes so f***ing hard. Of course you can save 20k in a year if you earn 20k more than your basic cost of living!
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post Jan 13 2017, 09:31 PM
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I am in the fortunate position of living with my parents, plus having been unemployed prior to getting a job for a while helped set up some good practices in relation to this. I could probably still find ways to improve, but I will work out the ways on Monday.
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Jacob.
post Jan 14 2017, 01:34 AM
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I've become a lot better at this recently through necessity, I wouldn't say I was a reckless spender but when I was living away from home I would get myself a lot of CDs, buy the occasional piece of music software/ an instrument, buy posters (!), spend a lot in the Steam sales, go for occasional meals out with friends and spend probably more than the basic amount on food because I really hate the idea of eating most of the 'basics' supermarket stuff if I don't have to (despite taking as many offers as possible and going to ALDI a fair bit). I'm living at home now though while going to uni and of course I'm lucky to be able to do that but that's in order to save because since you get a max of 4 years tuition funding, I've done two years on a foundation degree and I've started a BA I need to pay one year of tuition fees up front (thanks Tories), and it has to be the first year because rules. So I'm doing that through savings from the last couple of years, anything I've earnt from part time/ seasonal jobs, maintenance loan, uni bursaries and a big student (free) overdraft which covers most of it, then I'm getting some help (loans) from family to top it off. Weirdly one other guy did exactly the same thing and moved from my old course to the new course so at least I'm not alone. laugh.gif

Anyway this does mean I have to limit my spending this year severely, maybe it'll make me better at saving in the long term but right now it kind of sucks, especially since any money I get including Christmas money, birthday money and anything I've earnt from jobs goes straight towards it and everything I was saving for previously is a long way off right now. Not sure if I've overshared oops and I'm not fishing for a sympathy vote, it's just the way it is and I'm in a really fortunate position despite of it, I'm lucky to be able to manage it at all honestly.
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Riser
post Jan 14 2017, 05:57 AM
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QUOTE(Oliver @ Jan 13 2017, 09:49 AM) *
I do live at home though, and even though I work full time and earn considerably less than the "average UK yearly wage" I think it is due to the fact that I only really pay board and have stuff like food, drink and toiletries bought for me which has helped. God help me when I move out! laugh.gif
I'm in this situation too, and I'm not really ashamed of it because I've saved so much money by keeping expenses low. I am gonna start buying my own groceries this year, but other than that it's just rent, phone bill, credit card and car payment/insurance. I rarely go out or spend money on myself so that helps too, I'm always afraid of buying things and not using them or letting them go to waste.
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dhwe
post Jan 14 2017, 07:46 AM
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JSG
post Jan 14 2017, 07:58 AM
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I'm not good at saving money but I'm good at not spending it if you know what I mean haha! I pay all my bills, treat myself for the first week and then live within my means until I get paid the next month.
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Taylor Jago
post Jan 15 2017, 09:06 AM
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I'm 15, so currently I receive monthly pocket money (15 plus chore money, which brings my monthly earnings to 30-35). There have been months where I haven't spent a centime of that money, others (like December, obviously) where I've been a bit more loose, although on Christmas I received 95, so that more than made up for it. Which means I currently have quite a lot of money in a wallet, plus the money in my savings account (which I can't use until I'm 18).

My mother always writes down the money she spends and receives in a book, perhaps I should do the same.
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l♀tita
post Jan 15 2017, 09:20 AM
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I'm alright saving money for MYSELF but whenever it comes to other people, so like spending money to see friends or gifts I always go overboard laugh.gif first semester of uni was HELL, I had to use all of my savings so I've pretty much got nothing rn mellow.gif all of my earnings from my work rn has to go to living costs for semester 2 so I'm really hoping after working Easter (and maybe summer) I can try build up some savings again :')
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l♀tita
post Jan 15 2017, 09:22 AM
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Next year my house will be about 50 a week cheaper than halls are which is going to luckily make a huge difference *.*
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JSG
post Jan 15 2017, 11:03 AM
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QUOTE(princess lotita @ Jan 15 2017, 09:22 AM) *
Next year my house will be about 50 a week cheaper than halls are which is going to luckily make a huge difference *.*


I didn't think it would be so expensive to actually rent accommodation at the uni halls ohmy.gif I'm pretty sure you don't have to pay in Scotland at least.
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Dobbo
post Jan 15 2017, 12:16 PM
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I always think I am but when I look at my balance I'm really not.
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Silas
post Jan 15 2017, 12:36 PM
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QUOTE(JSG @ Jan 15 2017, 11:03 AM) *
I didn't think it would be so expensive to actually rent accommodation at the uni halls ohmy.gif I'm pretty sure you don't have to pay in Scotland at least.

Yes you do and it's expensive as f*** (tho usually includes bills which private accommodation doesn't)

I used to get 85% off the cost of rent at St. Andrews and I paid over 100 a month even at that heavily discounted price
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