Any money saving tips?

Originally Posted by dizzyblonde

ermmmm, stop spending it!!!!!

Just as well I read through the thread before replying, I was going to say just that.

Inherit a property abroad and rent it out, put all proceeds into a bank in the same country and save it as your pension fund. Buy and sell motorcycles and bike spares, do odd jobs that pay well, haggle on everything - even in Tesco, buy rolling baccy with Spanish tags on the packets from a bloke your mate knows down the pub, don't drink, keep a couple of cheap girlfriends with low moral standards within short driving distance and don't get emotionally involved with either, ignore xmas, birthdays (except for your kids) mothers day, fathers day and valentines day...works for me.

[Stu]

Originally Posted by Lozzo

Inherit a property abroad and rent it out, put all proceeds into a bank in the same country and save it as your pension fund. Buy and sell motorcycles and bike spares, do odd jobs that pay well, haggle on everything - even in Tesco, buy rolling baccy with Spanish tags on the packets from a bloke your mate knows down the pub, don't drink, keep a couple of cheap girlfriends with low moral standards within short driving distance and don't get emotionally involved with either, ignore xmas, birthdays (except for your kids) mothers day, fathers day and valentines day...works for me.

Originally Posted by Stu

Beats working for a living. I'm quite enjoying this semi-retirement lark.

Don't drink or smoke

Get a traders vehicle insurance policy covering the use of any vehicle - saves separate car and bike policies.

Make your main mode of transport a works van with free mileage allowance and diesel. Save the cash you'd normally spend on fuel for the bike and acccessories. That's how I afford to run a 2.0i 16v car... and a ZX9R

Use 2 banks, and open high interest ISA's and high interest current accounts with each bank.
Minimise spending on credit cards, use loose cash. Use cash back free credit cards if you can pay the monthly balance off in full.

Own a house - rent out a room.
Lorry drivers with a shell diesel card and a V-Power loyalty card get massive points every day they fill up at the pumps. The points at the end of the year paid for all my christmas pressies and a cracking argos bike cover.

Broadband - use the pay as you go 3 mobile service if you're tight.
Payt vodafone - get the family deal added, and all your mates with a vodafone number can talk to each other for free all day 24-7. Lorry drivers are the worst abusers of this cheap money saving deal Especially if you're doing a long haul trunk, bored at 56mph and want to talk to your pals for ages.

If you rent - then find some place cheaper to live. Don't be proud, it ain't forever.

And those credit cards. CUT THEM UP!!!!!!!! I did that to mine some years ago now, YOU DO NOT NEED THEM!!!!!!!!

Instead - pay cash. If you haven't got it, don't spend it!!! Simple!!! You'll find that you will become the tightest wotsit on God's earth.

Ditch all Credit Cards. If you can't afford it now, you won't be able to afford it later either.

Do you need a Mobile phone on a contract at all? Or just a PAYG for the odd call?

Housing - can you get cheaper to rent or to run (esp. to heat).

Internet - do you need it?

No Takeaways ........and cook your own food. from scratch (i.e. using the main ingredients that have not been processed or have had "added value" from the supermarket. Not only is it cheaper overall, it tastes better - and is more healthy).

Stop smoking (more of a note to myself that one )

And finally, the BIG secret to saving money is..........

........work more When working you are not only earning money but have less opportunity to spend it. The only downside is that you have to work more But it works.......

Finding a chepaer place than I have right now in London would be a hard one to do, though will be looking at something to buy may be in the next year. Along a good train route, so that would save a small amount on fuel.

Blue things aren't that tight right now, but trying to be proactive I just worked out my outgoings and whats left after tax and bills, I would say about 50% of what I earn I never see. But I worked out in that money can can be saved off that. The student loan is really weight to be carrying around but what can u do about it?

I don't smoke, don't drink that much, hard to another job, with what I do.

As for using public transport to save fuel spend, er I don't think so. It's cheaper to use the bike as you have to pay insurance, road tax & finance anyway. Depreciation - well maybe.

Unless you kip in a shop doorway it's hard to see what else you can do

Bank Account / Money Management
A two tier saving system works for me. This sounds poncy, complicated and people expect you to loaded when you tell them you have two savings accounts, although I wish that was the case.

Its based on a system i read from moneysavingexpert, but its slightly simpler because it allows me instant access to any money rather than having ISAs and other multiple accounts (thats the next step im going to look at). http://www.moneysavingexpert.com/sav...ng-account#the

You need 3 accounts (preferably with the same bank with internet banking for instant access should it be required).

1 Current bank account
1 Standard instant access savings account (whatever interest rate)
1 High Interest savings account (preferably one that wont pay interest if you take money out).

Work out how much you need to spend each month on food, water, a roof, fuel, etc, etc all your outgoings. When you get paid leave that amount in your current account. Transfer the rest to the normal savings account.

Spend whatever you need to during the month from your current account.

If you need more for an emergency take it from the standard savings account (You should try and build this up to a level where should you need a new fluxcapaciter for your wotzit then you can take it from this account).

Anything over your "safe/emergency" level should be transfered into the high interest account at your next pay day, along with any excess in your current account. Do not withdraw anything from the high interest account, it is your long term savings, and you will not get paid interest if you do.

You will be surprised how well it works. You have a limit on what you can spend because its in different accounts and you think twice before ****ing it away on gadgets, toys and hoofdoops.

One more thing, if you have debts work on paying them off rather than saving (although try and tuck some away for contingency). This is because the borrowing rate is usually more than the interest rate your receive on savings. Which means your loans cost you less and you get some free money back on your savings eventually.

I hope that helps a little, the above works for me and has for the past year or so. It just helps you keep track of what you are spending each month.

Dan