How To Save

Mr L and I have never ever been savers, it has always been a thing that we have talked about and we have thought about but we have never actually done. We always have these grand plans of how much we are going to save each month, and we do put it away and then we spend it before it gets saved.

Now that we have Baba we both feel that we should really have some savings behind us, so in the past few months we have been trying to teach ourselves to save. It is a hard thing to teach yourself, but there is no point us getting savings accounts unless we know we can save some money in them.

So how do you teach yourself to save?

We started a very simple system. We brought a money-box, not just a money-box with a lid but a money-box that can only be opened with a tin opener, so we can’t keep opening it and dipping into the money that is there. We have agreed together that we can only open it at the end of the year, or when we have filled up the box and then transfer all the money into a savings account. Each week we empty our purses and wallets and put all of the spare change into the money boxes.

Do you know what it is working! It is the most simple system that is fool-proof and something that a child can do but we are getting there.

As it is easy for a child to do we have brought a money-box for Baba as well so that he can save all of his pocket-money. We are going to teach him to save, even if it has taken us years, hopefully he will get it from an early age.

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2 Comments (+add yours?)

  1. supersinglemum
    Apr 17, 2010 @ 08:21:46

    I never have an issue with saving – I think because I was taught how important it is from a young age. My ex was the opposite though so we never had the money to save and I got out of the habit. I save by working it into my budget and set up a standing order straight to my savings. I send money to the girls trust funds and savings accounts and opened a regular saver for me which is due to end next month. When the girls get old enough for pocket money – which for B will be fairly soon, I will encourage her to save a portion of it each week in order to save up for bigger things. I would definitly say set up a standing order so that you dont have to physically remember to put money in a savings account and also if it’s what you can afford you don’t notice it. £10 to £20 a month is all I manage but it has paid for this years holiday!

    Reply

    • andthenallithoughtaboutwasyou
      Apr 17, 2010 @ 08:28:16

      We used to have a standing order, but it was always the first thing that was cancelled when we had no money and then we never reinstated it. So it never really happened. It is something that we need to work on and improve on as I would hate Baba to be like us. So watch this space!

      Reply

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