please advice me on a good way of saving without it making my life a misery?

Question

I want to save some of my salary every month, but never seem to be able to do it. Can anyone give me any tips on what i can do to stop dipping into my salary all the time and never having any money after the first week that i have my salary. If anyone has a good idea i would love to know as i want to be able to save but not to be a miser. I have 4 kids,but they are not greedy, they dont expect stuff all the time cos they know that i dont earn a lot. but i just want to have some for a rainy day.

Answer 1

1. First thing get down to the bank and open a savings account

2. Look at your budget properly, look at things you could probably save on (buying cheaper versions) food, toilettries etc. How much goes on bills and how much is wasted on things like going out for lunch or take aways?!
Do you pay for school meals?Give them pack up!

3. Your car. Petrol/Diesel? Does it use a lot of fuel? May be an idea to change it if it does (just swapped mine to a diesel and saving over £120 a month) Do you drive the kids to school/friends house when they could probably walk or bike?

4. Utilities. try uswtich.com have a look if you can save money with your gas/electric/water/oil
The British Gas website has tips on how to save money by being more energy effeiciant -
https://www.house.co.uk/cgi-bin/house/house/jsp/app/home/EnergyEfficiency?BV_SessionID=HHHH1308347833.1166351112HHHH&BV_EngineID=cccjaddjjeikfifcefecfngdfhidfln.0&channelId=-1073756385&sTopLevelChannel=energy%20efficiency

5.How old are you kids?! Old enough to get a job? Paperound? This will give them that bit extra so they wont hassle you as much!

6. Do you have an talent/hobbie that could be put to use to make money? How about selling unwanted things on ebay? You probably have loads of stuff with ahving 4 kids!! Car Boots?!

7. Tax credits. Top up your earnings! http://www.taxcredits.inlandrevenue.gov.uk/qualify/WhatAreTaxCredits.aspx

8. Insurance. Have you really got the best deal for your car/house/life etc? try confused.com or moneymartket.com

9. Loans/Credit Cards. If your paying out quite a large amount it may be worth consolidating it (dont get an IVA/Bankrupcy!!) have a look at http://www.moneysavingexpert.com/ for tips on money saving etc

Having four kids and trying to save must be really difficult, but its really worth while incase anything goes wrong!
Dont use all of your spare budget for saving though...you need to live a bit!

Answer 2

I think an honest review of how you are spending your money would help. Obviously you have to pay for the roof over your head, gas, leccy, rates etc. but after that are you spending wisely on food or, because you work, just grabbing convenience meals etc. Involve the kids in shopping and cooking, at least you can alleviate the "guilt" burden because you are spending that time with them. My husband, fortunately, earns a decent salary but I still pick up good clothing from thrift stores, charity stores etc. Do you take your own lunch to work or pay for shop bought stuff? Do you buy a coffee on the way into work, this soon mounts up. Don't buy magazines/newspapers. Don't leave TVs etc on stand-by, check house/apartment is well insulated (you can get grants for this in the UK if you don't earn much), check if there are any benefits you could claim. You sound like a good parent who loves their kids, but its all too easy to buy them little treats when you work and feel guilty - been there! If they're 5 or 6 and older they'll be able to understand if you need to save money - ask them I bet they have some great ideas! Good luck.

Answer 3

Despite not being "academically gifted", I would still enroll in community college classes if I were you. There are counselors there who can help you decide what career path to pursue. It allows you to be socially active. Also, you can get financial aid and grants. There are work study programs that allow you to earn more money and will work around your class schedule and can help you decide on a career path. You can also take some physical education classes where you have an instructor stay on your back while you log in gym time. As long as you stay on it, these are easy credits that can add up toward your diploma and help you feel better about yourself. It may seem like hard work but at your age, you are no longer considered a dependent of your father financially even if you do live with him so the grants are based on your income and you'll be awarded more. Also, there are tutors and learning centers that you can go to for help in passing classes. Through your classes in school and subsequent accomplishments there, your self-esteem is going to soar. You are not alone with the worries you are having at this time in your life. This is normal. I know how hard it is to see old friends live their lives the way you wish you could. You have all the freedom in the world right now to create whatever future you want. Go to school. I'm sure you'll love it.

Answer 4

Open, if you don't have one already, a savings account. There are some around now for regular savers that pay a high interest. Fill in a direct debit form for that account and have a regular amount taken from your bank account every month. Start of at say £50 and as you get used to it not being there in your account then increase the amount. It is great as you can see it building up. Well done for considering the savings habit and I wish you and your 4 great sounding kids and I presume wife/partner a wonderful Christmas.

Answer 5

I was going to say look at your budget, but with 4 kids you have to. Still, you might look at ways to save without scrimping. Or better still, get the whole family involved. Sit everyone down and ask them how they think you could save money. It could be a teaching experience. A big one with children is to buy drink mixes not individual sodas.
Be sure you are also taking advantage of all the health and welfare progams that are available to your family.
If you do have a couple of bucks you can live without each month be sure they are deposited in a separate savings account. You will forget they are there after awhile.
Good luck. You are on the right track for just asking.

Answer 6

Here are some tips:

* Invest a set amount of money from each paycheck and put into a 401K (especially if employer matches) or Roth IRA for long term savings goals. You cannot spend what you don't have and over time that account (or accounts) will give you a nice retirement income and/or inheritance for the kids.

* Taxpayers with children usually get very nice tax refunds from the IRS. Put that money into a more liquid (rainy day) fund that you have access to but not in reach. A mutual fund or a few CDs with different maturity dates may be just your style.

* Make a budget that is workable for your lifestyle. The best way to wealth (or comfort) is by spending less than you earn, putting away money off the tax and more ideally tax-free, and using value when buying products or services. Arrange at least 10% of your income off the top to go to a long term savings plan that you cannot touch, 10% to a more liquid plan that you don't want to touch, and live on 80% of your income.

* Stay away from credit cards. It makes no sense to earn 5-8% on your savings while paying 10-20% in credit card interest. Do whatever you can to tackle current debts with payments over the minimum, consolidation at lower interest rates, and always pay on time. Don't cancel your cards unless they have annual fees but cut them up and forget about them. It's okay to have one card for emergency uses but no need to keep it on you.

* Use your local library. There are plenty of books on tax credits, opening a home business, investments, thinking like a millionaire, bugeting and money saving tips, etc. It's a free resource.

* Write down clearly defined goals. You'll have a better chance of achieving them. (books on goal setting are also at the library)

* Network with others. Money is sometimes a taboo subject and yet we all share the frustrations. Swap coupons with friends, arrange potlucks with co-workers for lunches, and join online discussion groups.

* Be patient with yourself and be realistic with your money... what you have and what you don't have.

* Get a trust fund and will set up regardless of your assets. Don't punish your kids into having to pay estate taxes by having your wishes known and transfer of titles before you are unable to transfer them. It will be well worth the money.

Answer 7

I recommend Forever Living Products - you can do as many or as few hours as you like and typically on 1-2 hours a day you will earn £1200 per month after 5 months and £30-£40k per year after 2-3 years - if you do more hours you should get more.

They are a $2 billion company growing at 25% per year and need a lot more people - no investment required also, regulated by Dti and Office of Fair trading and have investors in people award also.

link is: www.efi-international.com

Answer 8

Open a high yield savings account at HSBC Direct of Emmigrant Direct and have a portion of your salary automatically debited from your checking account, monthly. They are both earning a rate of 5.05%. It is liquid enough that if you are in a bind you can get the cash out, but separate enough that you won't need to use the account on a daily basis.

Answer 9

Start small and start by emptying your purse and pockets each night and putting the copper and five pence pieces into a jar. It sounds childish but you will find as the money begins to mount up you will want to put more in there. It won't come to more than £10 or £15 every few months but it is a first step.

Also look at www.moneysavingexpert.com/tips
and discover that you are not alone.

Answer 10

go and see a financial advisor or just get a rich sugar daddy and keep all your own money!!!! now on a serious note i know how you feel im in the same boat what ive been doing is saving 10 percent of my monthly money its been hard adjusting but well worth it and i have savings for the first time in my life good luck just cutting back on simple litte things make a difference most of my wasted money was on food