Tag Archives: money

Saving Money – It’s not difficult, really!

One Pound Coins

I’m not sure what it is – but people seem to laugh at you when you’re serious about saving money. You’re chatting to someone and, quite often, they will remark as to why you’re not out every weekend or not always willing to drive a million miles to see them.

I started saving money as soon as I got a job, I set up an e-ISA account which gives you better savings rates, and started putting in a lump each month shortly after pay day. This way I would see the money go before I had a chance to A) spend it and B) budget for the remaining month without this money in my main Current account.

I have three accounts with NatWest as it stands. Partially for convenience sake, and partially because so far I’ve not had any problems with them.

I have a Current account with Debit Card – my salary goes into this and this is used for every day spending.

I then have an e-Saving account which is a ‘virtual’ account. I also deposit money in here each month. This is used for cars, and ‘toys’. If I want to get something that’s a little more expensive I will save money in this account for that purpose.

Then, as mentioned above, I have the e-ISA.

Anything I don’t spend or have left over at the end of the month / at pay day I then deposit in my e-ISA. So far I’m 3/4 of the way down to putting a 10% deposit on a house to the value of £100,000. I’ve been saving since 2008. It’s not hard….

I could be getting a better interest rate, if I shopped around. To get started take a look here: http://bit.ly/startsavingnow. It’s important to find a bank or building society that will let you open the account with a minimum of £1.

The importance of saving

I thought, seeing as it’s Christmas, I would post a useful and thought provoking post. You’re probably going to laugh at me.

It always amazes me how people can still be so immature when it comes to money… we’re in the middle of a double-dip recession after all.

I soon realized after becoming a car owner that I would be required to start saving. I made some right decisions (thanking my Parents) and I’m now in full time employment. I knew what I wanted to do with life, and stuck with it. Enough of that though, and back to the saving.

I have 3 bank accounts.

  1. Current Account (direct debits, car insurance, phone bill,every day expenses).
  2. e-Savings (online-only, general savings with higher interest, backup for expenses that can’t be paid from Current. Saving for ‘goodies’. ).
  3. e-ISA (£5,000 annual deposit limit tax-free, reasonable interest level).

I have a standing order which deposits equal amounts into both e-Saving and e-ISA accounts monthly, before I see it. Salary gets paid, money goes into savings, I don’t need to worry.

The e-ISA is a  deposit only account (money goes in but doesn’t leave). Saving for deposit on a house or something like that. You laughing yet? Thought so…

I’ll remind you that I’m 22… who’s laughing now.

Merry Christmas.

It’s been a quiet month

Which means I’ve not gone out as much, which means I’ve been able to get on with my web site (Blogroll), DCR and general updates on a few things really; which is good!

It also means I’ve had more money to go out to Club 85 in Hitchin, and drink…. maybe?

But anyway, I’ve got a whole load done that I wanted to get done, so in the sense of technical projects I’ve completed this month without requiring money I’ve been very busy!

Enjoy the rest of your night!