This year, I've decided that I need to get motivated and seriously start saving some money, hence the Low Buy/Spend year, I'm currently attempting. It's not got off to the greatest start, mainly due to LB's 18th birthday falling in the first month, but from here on, it should get better.
I used to be in the habit of putting money into my savings regularly after overhauling my finances a few years ago, and up until the first Lockdown last March, things were going pretty well. As we all know, Lockdown happened, and unsure whether I would be receiving less money on Furlough, I cancelled any direct debits into savings accounts, just in case. As a consequence, I ended up spending any spare money and not saving much last year, so it is now time to get back into saving habits again.
To aid me in this venture, as I've mentioned in previous posts, I've joined a Low/No Buy Facebook group, set myself goals with regard to the amount I want to save this year and started tracking my spending in detail again. I have already put aside some money toward savings this month and there should hopefully be som more money left in my account at the end of the month, which can be transferred over to a savings account, so it's not been a complete failure, but I know I can do better.
On the Facebook page I follow, group members have been posting visual aides that they use to help them meet their savings targets. I decided that I might like to do this myself. It's something I've never done before and I thought it might help to motivate me. I had a look at visual trackers that you can download or purchase, but as I can't print from my computer at the moment, I decided to just try to create a chart myself on my computer. It's very simple, just a grid of small squares. Each square represents £10 saved, and as I put money into savings, I put an 'x' in the equivalent number of squares.
I said it was simple, but more to the point, it was also free. I'm going to try to update the chart each month as I add money to my savings and I look forward to gradually filling up the squares over the months. I've probably been a bit over ambitious, as the grid I created comprised of 20 x 20 squares, which I've just calculated equates to £4000 worth of savings. Not sure I'll reach this, but aim high is what I say.
Have you got any financial goals in 2021?
I hope you do well with your saving plan - we have always been savers and we are glad of having something put by to fall back on now we are retired as I can truthfully say it has been needed - pensions do not go very far and I would say to anyone think about how you will live and what on when you retire. I was quite shocked to find we had eroded our easy to get to savings quite a bit already and we only stopped working two years ago.
ReplyDeleteMy financial goal is to try and save something from our pension each month and that is a challenge - food prices have gone up enormously and I never feel food is something I want to skimp on. Good luck - look forward to hearing how you are doing.
I keep track of my spending on my craft, garden, clothes and books, it does help to see how much you spend and more importantly where. For the past couple of years I have allowed myself £200 budget for clothes, this stops impulse buying, and I get to wear more of the clothes I own. We have 2 saving schemes, one which we put a set amount in every month and the 2nd we transfer any spare cash in our account. In November when I get my pension we will do anther structured saving in my name, often the savings are used on big stuff for the house. we have replaced most of our windows and doors and had a new boiler in the last couple of years. Being able to save is a comfort zone, because if things were ever to get tight we have that spare money each month to fall back on.
ReplyDeleteI am putting all spare change in jars (usually get quite a lot this way) and I am saving whatever is left from my allowance. Since I am still not smoking (fingers crossed) this is much more than other years.
ReplyDeleteGod bless.