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>> No. 6142 Anonymous
13th February 2016
Saturday 3:23 pm
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Any of you lads got any frugal tips?

I want to give it a shot considering I'm in my first real job and don't actually make much over the 20k mark.

I don't want to be recycling teabags or anything but some little ways to cut back on money would be nice and I reckon there must be one or two lads that get a kick out of saving a few quid.


So far I've made relatively minor changes like cutting down my phone bill on giffgaff and buying a water bottle, which incidentally is saving me loads as instead of spending at least a quid a day on drinks at work I spend absolutely nothing. I've cut down takeaways and I don't really go out that much anyway and even if I do I'm not one of these people that wakes up and cries about having spent £200 because I'm not a muppet.

So yeah, any obvious money pits?
Expand all images.
>> No. 6143 Anonymous
13th February 2016
Saturday 3:26 pm
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>>6142
Go to the personalfinance ( https://www.reddit.com/r/personalfinance/ ) and personalfinanceuk subreddits and read all the stuff in the sidebar about budgeting.

You need to understand your own spending before you can start salami slicing, the best way to do that is to set a budget and measure your spending against it, whether it's using google sheets or with you need a budget.

Seriously lad, put the effort in and use the excellent resources that people have already put together for your convenience.
>> No. 6144 Anonymous
13th February 2016
Saturday 3:31 pm
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>>6143

I did actually try there at first, but it overwhelmed me a little.

I'm no idiot but I am new to this and this is the first time I've ever paid attention and there are so many deals and offers and routes flying around it's a bit tough to grasp until I've done my own reading.

I just wanted to cut my budget and just save, save, save until I had chance to read up properly hence the thread.

It also put me off a bit because I thought I was doing well, not a year out of uni and in a job in the early 20ks with bonuses and plenty of progression opportunity or ability to move to other jobs, yet they all seem to be around my age (21) and earning 35k+ and even up to 60k despite only having just left uni too, so it feels we're in different ballparks.
>> No. 6145 Anonymous
13th February 2016
Saturday 3:35 pm
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>>6144
Just focus on the budget to begin with, analysing your incomings and outgoings. Everything is basically ancillary to your management of your budget - including the setting up of an emergency fund.

This is hard work and takes a lot of research, unfortunately, but it's well worth it once you've got a system going. I've completely monitored and charted all my spending and saving for over 14 months now. It is the most important thing I've learned to do since leaving uni and starting work, I honestly don't understand how anyone could live with the uncertainty.
>> No. 6146 Anonymous
13th February 2016
Saturday 4:49 pm
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There's a few decent posts in the pensions thread. >>5595 is a good place to start. My tip would be to set up a regular saver. From April bank interest is to be paid gross, although this means cash ISAs are less attractive it's probably worth looking into the new Help to Buy ISAs.

>I thought I was doing well, not a year out of uni and in a job in the early 20ks with bonuses and plenty of progression opportunity or ability to move to other jobs, yet they all seem to be around my age (21) and earning 35k+ and even up to 60k despite only having just left uni too.

Don't compare yourselves to others. My first job when I left uni, six years ago this summer, was a four day a week council admin job for about £12k a year. I'm now on £35k plus bonuses; I know people on far more and far less than this, but it doesn't bother me. Focus on what's best for you, not trying to judge yourself on what others have achieved.🗽
>> No. 6147 Anonymous
13th February 2016
Saturday 5:05 pm
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The best introduction IMO is the Money Makeover on moneysavingexpert.com. It is a simple method to draw up a budget and find opportunities to save money. The site is my first port of call when I'm making a financial decision.

http://www.moneysavingexpert.com/family/money-help
>> No. 6148 Anonymous
13th February 2016
Saturday 5:39 pm
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>>6145
>>6146
>>6147

All very helpful posts, thank you.

Could somebody please check I am roughly on the right lines of how things work?

So an ISA (instant savers account) is basically a place to put your money to save it and they all have different interest rates which give you returns for your money?

The longer you agree to keep your money in there and the more you put in the higher your returns, right?

How whacky is it to suggest myself getting an account in which I can withdraw money almost instantly that keeps up with inflation?

What about starting two ISA accounts?

Finally, any very basic comments on a bank account ? I've been with Natwest since I can remember because my parents signed me up.

They've been very good to me as a student and very friendly when I've needed them, even now on my graduate account I have an interest free overdraft and it seems like a good deal.

I was just wondering if there were any major differences for small fry money people like me?

Cheers in advancce, I've googled most of this and think I know where I'm going but it doesn't hurt to phrase it in my own lexicon and seek answers.
>> No. 6149 Anonymous
13th February 2016
Saturday 5:40 pm
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Sadly I can save just fine but transport cost kills me. To get from zone 3 to zone 1 on the underground costs me £38/week.
>> No. 6150 Anonymous
13th February 2016
Saturday 5:45 pm
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>>6149

I have to drive to work and it costs me at least 50 in fuel before I've even paid car upkeep and insurance so I don't think that's too terrible if I'm honest.
>> No. 6151 Anonymous
13th February 2016
Saturday 5:57 pm
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>>6148
ISA stands for Individual Savings Account, the interest received is tax free for cash and equity ISAs. For equity ISAs there's no additional dividend tax or capital gains tax due, either.

Interest rates are shit at the minute, but the main point of a regular saver is actually accumulating the capital sum rather than the interest benefit. For most fixed term deposits you either can't touch your capital before the term or will be penalised if you do. What you want is a bank account and then a regular standing order into a savings account, I don't know maybe there's still decent accounts offering cash back on transactions.

>>6150
My fuel costs are just under £30 a week, but there's a Sainsburys near work so I always fill up there for the Nectar points.
>> No. 6152 Anonymous
13th February 2016
Saturday 6:39 pm
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>>6148

>So an ISA (instant savers account) is basically a place to put your money to save it and they all have different interest rates which give you returns for your money?

Yes. Think of the ISA as a tax-free wrapper for your savings. The wrapper can contain any kind of savings account, from an instant-access savings account to a stocks and shares investment. As long as the money stays in the ISA, you don't pay any tax on the interest you earn. Lots of different ISAs are available and there are advantages and disadvantages to each. See Moneysavingexpert for more information on the kinds of ISAs available and the rates of interest paid.

http://www.moneysavingexpert.com/savings/ISA-guide-savings-without-tax

>The longer you agree to keep your money in there and the more you put in the higher your returns, right?

Some ISAs do offer higher interest rates if you agree to deposit for a certain length of time, but there are usually penalties for early withdrawal. Some ISAs are instant-access with no bonuses or penalties. Others allow you to invest in shares.

>How whacky is it to suggest myself getting an account in which I can withdraw money almost instantly that keeps up with inflation?

Perfectly sensible. As mentioned in >>5595, having some instant-access savings is very important, because it can stop you from getting into debt if you have money troubles. Once you have a few months of living expenses in savings, you should look at investing in a pension.

>What about starting two ISA accounts?

Potentially a good idea. You could keep a grand or two in an instant-access account in case of emergencies, and the rest in a deposit account that pays a higher rate of interest.

>I was just wondering if there were any major differences [in current accounts] for small fry money people like me?

Not a huge amount, because interest rates are so low at the moment. The best bank account depends on whether you're always in credit and how much your normal balance is. TSB pay 5% on balances up to £2000, which is better than any ISA.
>> No. 6153 Anonymous
13th February 2016
Saturday 8:00 pm
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The best ISA at the moment, is Halifaxs help-to-buy ISA. It's only available to people who've never had a mortgage before, and the intention is that if you use the contents of the ISA for a deposit on a house, the government gives you a large bonus grant on top, up to a limit.

However, as long as you qualify, it makes sense to use this even if you don't intend to buy a house, as it gives a generous 4% interest and unlimited withdrawals.
>> No. 6154 Anonymous
13th February 2016
Saturday 8:27 pm
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Fucking proddys.
>> No. 6155 Anonymous
13th February 2016
Saturday 9:47 pm
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>>6154
U WOT M8
>> No. 6156 Anonymous
14th February 2016
Sunday 4:13 am
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Those notes are horrible.
>> No. 6301 Anonymous
17th May 2016
Tuesday 4:49 pm
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It's my modernist and republican tendencies showing, but I really like these. Gill Sans on the numbers, Helvetica Neue for the text.
>> No. 6312 Anonymous
17th May 2016
Tuesday 11:05 pm
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>>6301

Even as a republican I somehow feel the need for the monarch's bonce on the notes. It just seems right.
>> No. 6322 Anonymous
18th May 2016
Wednesday 1:14 am
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Save on going out with friends - don't shower.
>> No. 6461 Anonymous
8th July 2016
Friday 1:09 am
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>>6322
You ate your funny pills again.

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