I’m really rubbish at saving money… so much so social services took responsibility of my finances, its called a appointeeship… this means they receive all my benefits and pay my bills. They give me a weekly allowance of £100.00, out of this I have to buy my weekly food shopping. I’m currently blowing it all in the first day…
This is what I would like to do with it… Do you think its workable?
That’s going to be hard. You have to bite the bullet and save 10% every month. Pay yourself first. You should start auto-drafting a portion of your paycheck to a saving account. If you’re not disciplined enough to resist transferring funds (like your savings and checking is under the same Barclays umbrella or something), then you should auto-draft that portion to a savings account at a different bank. You need to set realistic goals (S.M.A.R.T. goals) and you need to establish a habit (either 21 or 28 straight days of discipline).
Psychology (although I hate to use it as a source of factual knowledge) believes that people are more likely to spend money depending on the medium of transfer. Basically, you should start using cash more often than your debit card. If you can see your money going away, you are less likely to use it. So try just carrying cash (I know there’s ramifications for it) for awhile until you learn to cut stuff out of your budget.
Saving money is a mindset, so maybe reading about methods people go about doing it will help you. The Law of Success: From the 1925 Manuscript Lessons is an awesome book and includes a chapter about saving money. Other little sources that might help: There are numerous podcasts that can give you tips on saving money such as: The Clark Howard Show, Money Planet, Millenial Money. I’ve listened to the first two before and found them helpful, maybe you will too.
Saving requires serious discipline. You should address this issue like you would a gym regimen or a diet regimen; it’s difficult to start, but once you can do something for 28 days, it becomes a habit.
I used to save money by living with my parents. now that im on my own all my savings are gone. I have enough money for rent and groceries and little else, it kind of sucks, there are things i’d like to buy. hopefully will get some additional ssi on top of my ssdi soon. or else I may just try to go back to work, then money wont be a problem.
I like your strategy on paying yourself first and paying yourself at another bank where you are less likely to get your hands on it. I also like your idea of operating with cash where you are less likely to spend it than with a debit or credit card.
Is there a food closet or pantry near you that gives low income people a bag or two of free groceries once a week or once a month? Groceries were always my biggest expense (after rent) but my case worker suggested I go to the local food closet. I felt kind of guilty and weird about getting free groceries when I pull up in my nice car and I work but I told the volunteer this and she told me don’t worry. I honestly filled out all the paperwork and declared my income and I qualify for food aid under their rules so I go there for groceries and save some money.