How good (or bad) are you with money, saving, not wasting it

[Mobsta]

I'm convinced the ability to save is somewhat hereditary. Parents would buy sister and I sweets as a kid, I'd wolf mine down like a rabid tyrannosaurs Rex who hadn't eaten in a month, sister would count hers, hold them up to the light to scrutinise them, log them in a notebook and put them in her stores for safekeeping.

End result is she retains them. Mine will be expelled down the toilet.

I use the sister example as our respective behaviour patterns were established by the time we could walk and talk. Decades on, our traits remain largely unchanged.

I'm not a jealous individual, but do envy her natural and seemingly effortless tendency and unlimited ability to save money in favour of wasting it on frivolous purchases.

Money burns a hole in my pocket - I dislike this. Immensely.

[Miguel Alvarez]

This is me and the missus. The only time I save is when I want something, Watch, Car, Bike etc. I also envy her.

[funkyrobot]

I used to be terrible with money. I would spend it as soon as I had it and very nearly got into trouble when a medical condition put me off work for 3 months (I was thousands in debt on a credit card and had 0 money in the bank).

I then found other work and cleared my debts, but didn't get out of the money spend habit. This caused a lot of friction between my fiancee and I which resulted in a split early last year. Fortunately, we patched things up.

Roll on to now and I have totally changed. I've managed to save a good deposit to go towards our first house together, I've stopped buying rubbish, I've sold a lot of things I don't need and actually hate spending money now.

I am now so much better with money than I used to be. I need to be as we should hopefully be in our first joint house in a few months.

Edited by funkyrobot on Monday 24th June 11:31

[carreauchompeur]

I've realigned some of my financial commitments, paid off student loan etc in the last couple of years. Outgoings haven't dropped much though, I'm convinced it's in my DNA to spend roughly what I earn.

I've started paying things like insurance on a yearly basis which does save money and increases "monthly" disposable income.

I did think I was doing fairly well with my £100/month feed into a "Rainy day" account which stands at just over a grand now.

However I'm about to push the button on flights to Australia on a whim this autumn so I suppose that's now spoken for

[Mobsta]

funkyrobot said:

I used to be terrible with money. I would spend it as soon as I had it and very nearly got into trouble when a medical condition put me off work for 3 months (I was thousands in debt on a credit card and had 0 money in the bank).

I then found other work and cleared my debts, but didn't get out of the money spend habit. This caused a lot of friction between my fiancee and I which resulted in a split early last year. Fortunately, we patched things up.

Roll on to now and I have totally changed. I've managed to save a good deposit to go towards our first house together, I've stopped buying rubbish, I've sold a lot of things I don't need and actually hate spending money now.

I am not so much better with money than I used to be. I need to be as we should hopefully be in our first joint house in a few months.

Good job. You have a reason to save, which is good (also helpful).

I'm stupendously better with money now, than I was 10 years previous, and can relate to the "hate spending it" feeling. I'm at the point where I'm sensible with it 90% of the time, but still manage to fail by wasting it somewhere with the remaining 10% of my time.

I want the inherent ability to save it all. God damn it. And I want it now!

[funkyrobot]

Mobsta said:

Good job. You have a reason to save, which is good (also helpful).

I'm stupendously better with money now, than I was 10 years previous, and can relate to the "hate spending it" feeling. I'm at the point where I'm sensible with it 90% of the time, but still manage to fail by wasting it somewhere with the remaining 10% of my time.

I want the inherent ability to save it all. God damn it. And I want it now!

I've found that sleeping on things (ooh err) is the way to go. A lot of purchases can be on impulse. But, if you sleep on it and think about it, you really do weigh up whether or not you need it.

I guess it's just a state of mind. I go around shops now and nothing interests me at all. This will change soon if we get the new house, but it will be things like furniture and home improvements. A few years ago the money would have gone on trips to places, games consoles and games, magazines, gadgets, etc.

[GhiaX]

I go in phases. Normally quite careful with money but sometimes like of late I think WTF, I cannot take it with me and spend, spend, spend

[Mobsta]

funkyrobot said:

I've found that sleeping on things (ooh err) is the way to go. A lot of purchases can be on impulse. But, if you sleep on it and think about it, you really do weigh up whether or not you need it.

I guess it's just a state of mind. I go around shops now and nothing interests me at all. This will change soon if we get the new house, but it will be things like furniture and home improvements. A few years ago the money would have gone on trips to places, games consoles and games, magazines, gadgets, etc.

Sleeping on it, wise words.

I find there is a chasm between understanding wise words, and acting on them consistently.

[Big Rod]

I can only save when I inadvertently make more money than I spend, which isn't very often, but it can be a nice surprise checking the bank account and there being much more in there than I thought!!

[Life Saab Itch]

I hate spending money.

We didn't have any money growing up and my parents were very careful with what they had.

As a result I am very careful with it and apart from a mortgage, have never borrowed money.

[funkyrobot]

Life Saab Itch said:

I hate spending money.

We didn't have any money growing up and my parents were very careful with what they had.

As a result I am very careful with it and apart from a mortgage, have never borrowed money.

Should be entertaining a mortgage for the first time in a few months. Daunting, but exciting times.

[funkyrobot]

Mobsta said:

funkyrobot said:

I've found that sleeping on things (ooh err) is the way to go. A lot of purchases can be on impulse. But, if you sleep on it and think about it, you really do weigh up whether or not you need it.

I guess it's just a state of mind. I go around shops now and nothing interests me at all. This will change soon if we get the new house, but it will be things like furniture and home improvements. A few years ago the money would have gone on trips to places, games consoles and games, magazines, gadgets, etc.

Sleeping on it, wise words.

I find there is a chasm between understanding wise words, and acting on them consistently.

Thanks.

I've sort of been through the grinder to get where I am now. I guess you respect things more when they have been taken away from you before.

[PoleDriver]

My father and mother were very good at saving!
I didn't inherit the saving gene!
I spend it, then earn it. Time for a change now though. Negotiated some cash (without borrowing!) and paying off debts then start saving for what I want and leave some in reserve!

I wonder how long it will last?

[The Beaver King]

I am awful at saving money. Annoyingly I can easily make do when I don't have it, but burn through hundreds of pounds with little to show when money is readily available.

My missus is similar, except she squirrels money away and burns through whatevers left. She managed to save £420 in loose change over 3/4 months, whereas most of my change ends up down the back of the sofa

[simoid]

I am rather good at not wasting money.

I'm not sure if it's in the genes, but certainly from a very young age I'd be delighted if someone gave me 50p for some sweets or the like, and almost invariably it went straight into the piggy bank. I've still got the same piggy bank in the kitchen, and I usually stick loose change in there when there's any in my pockets.

There's something very satisfying about counting it all on a Sunday afternoon and taking it to the bank through the week

[captainzep]

Quite good at saving, -have trust funds for both kids, paying max into pension, and wife is doing corporate share-buying scheme.

Trouble is, we're quite good at spending too and often find ourselves in the red if not careful. I don't know what it goes on, I'm wearing a tired suit, knackered shoes and drove here in an increasingly rusty 100k+ Focus...

Actually I do know. The kids are money hoovers.

[z4chris99]

can't save, don't see the point at the moment.

[Fubar1977]

I`m good at meeting my financial commitments, bills always paid, never been in arrears etc so that`s good.

However, once I`ve made sure the essentials are all covered I tend to just blow what`s left without really thinking about it.
I`m getting better as I now have a separate account I try to squirrel away at least £100/month into as a contingency fund, mainly because I won`t have a credit card under any circumstances, I know full well what would happen if I did.

Now I just need my car to stop throwing £200-£300 bills at me every 3 months or so...

[Landlord]

Quite an apposite thread for me, this is. I have, for the first time ever, today started a calculated budget based on realistic spending and financial obligations. I am fortunate enough to earn a salary that most people would deem to be very good but I, without fail, manage to spend more than I earn month on month. I'm the type who doesn't look at my bank balance because I don't want to see the truth.

But I have MTFU and realised that it's not going to get better on it's own. I have a two-year debt repayment budget in place that will leave me a very modest amount each month for the essentials but also lets me save for rainy days.

[New POD]

I have a natural tendency to spend all that I have, except that having once paid my mortgage at 15.5%, (1990 to 1991 ), finding myself with no income, 2001, and 2009, and having children (1993 and 1996) I've become very very tight with myself.
I like to have a back up plan these days.