AdZ9
Member
Registered: 14th Apr 06
User status: Offline
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Just wondering if anyone else uses a similar system of what i'm going to try and do for the next month or 2 to save me money and stop me spending unneccesarily.
I'm going to limit myself to £60-70 (haven't decided yet) a week to spend on myself, and what I will do is on the Friday of each week i'll take the money out of my account in cash and then i'll leave my debit card at home when i go to work and out etc.
I (like many others) hardly ever uses cash, i always put it on my card and find it hard to track how much i've spent/got left etc. So i'm hoping this system will help me save better, as the way I see it is i'm kind of "paying" myself every week. If i want to get something say a new PS3 game, or want to go out at the weekend clubbing (highly unlikely) then i'll have to save throughout the week to give myself enough money to do it.
what do people think, have you done it before, did it work? I'll save about £150-200 a month through this system as i usually have £100 a week spare so if i limit it down in theory it should save me money.
I'm also a freelance graphic designer outside of my full time design job, so any work/money I earn on the side i'll keep untouched too, so looking at around £400-500 saved a month hopefully (depending on how much work i do)
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Half Pint
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Registered: 25th Mar 02
User status: Offline
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i'm thinking of a simular thing, my main problem is that i go out far too often and even though i already save £1500 a month i want to stop my money wastage.... beleive me when i say i do not know where the rest goes, but have pretty good hangovers for some reason?
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Xs
Member
Registered: 12th Apr 02
Location: Lanarkshire
User status: Offline
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Save 1500 a month and your saying you waste money... must get paid a hefty wage!
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Kyle T
Premium Member
Registered: 11th Sep 04
Location: Selby, North Yorkshire
User status: Offline
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When I was saving for house deposit, I just had a standing order for £XXX to go into my debit card each month, I spent that and only that - rest of the money stayed in my main bank account which also houses direct debits for various shit.
Saved up £5000 in half a year, which is fucking great for me 
Lotus Elise 111R
Impreza WRX STi
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drbeansri
Member
Registered: 10th Dec 06
Location: Hertfordshire / Plymouth
User status: Offline
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i try but it never wrks for me.
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Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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quote:
Originally posted by drbeansri
I try but it never works for me.
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ed
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Registered: 10th Sep 03
User status: Offline
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I've hopefully got a job for when I get back to uni. But I think I'm going to limit myself to only paying the rent and setting aside £40 a month for water and electricity and then give myself £65 a week. Not done the sums yet, but in my head it ought to work out. I just don't want to finish with a £2k overdraft 
Think if I setup standing orders off of my savings account then it might make it easier to do...
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a_j_mair
Member
Registered: 23rd Jan 04
Location: Scotland
User status: Offline
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quote:
Originally posted by Kyle T
When I was saving for house deposit, I just had a standing order for £XXX to go into my debit card each month, I spent that and only that - rest of the money stayed in my main bank account which also houses direct debits for various shit.
Saved up £5000 in half a year, which is fucking great for me
Thats waht i do my wages go in my current account every friday, i then hav a standing order for X amount to iasa and another to my isa
leaves me with just about £40 a week for paper shopping shite etc
IASA is for all the bills etc
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Neo
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Registered: 20th Feb 07
Location: Essex
User status: Offline
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I have another account with a different bank. On the first of the month (so the day after im paid) £750 leaves my account and goes to the second. I then have about £75 a week to cover petrol, going out and dinners etc (after dd's for phone etc) . End up very tight come friday morning however if i didnt do it, i'd just keep spending. Saved over 5k since i started my new job 7 months ago so im chuffed.
When i get a pay rise i plan to move the extra i'll be earning so will need to live on the same i am now, however will be saving about £500 extra a month.
[Edited on 03-09-2008 by Neo]
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ed
Member
Registered: 10th Sep 03
User status: Offline
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That's a piece of advice I was given once. If you can live on £x now, then if you are given a pay rise then carry on living on that amount and save the extra.
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nathy_87
Member
Registered: 14th Aug 08
Location: West Mids. Drives: koda Fabia VRS 5J
User status: Offline
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ive got all my direct debits sorted and going out and still got £305 to last me for the month,  just need a rise now
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