Saving Smarter

So I’m sure you’re all aware of the statistics being thrown around that only 50% of young people (aged 20-29) have any savings, and another large chunk of those that do have anything stashed away have less than £1000. Well it seems like no surprise to most as trying to save in the current rental market seems like an inescapable nightmare.

I have been able to save a small amount, putting me in that “above £1000” class, but I know the second I need to rent a new room or even flat (as if) come graduation, I can say goodbye to that effort. Buying a car also drained me a lot so my potential savings was a lot lower than I expected.

My main issue is that I am good at saving when I have something in mind. When I needed driving lessons, my car/insurance or a rental deposit, I was able to somehow stop spending and have the money needed within a few months. However, whenever I don’t have anything in mind for saving, my current account seems to be running dry month after month without fail. The bizarre thing is I don’t notice any difference in spending, but somehow I am using up that extra £300 a month somehow…

So I need to save smarter. Obviously I’m subconsciously spending more money as I know I don’t have to keep to a certain amount each month. I have only recently started saving for the future, having just enough in my account for a potential flat deposit and fees, but not even the first month’s rent just yet. However, this amount is worrying, because if anything comes up such as a dead laptop (I’m coming up on four years and it is slowing down a bit), then my savings would be mostly wiped out without any chance of affording anything else. My goal is for a savings account that can get me out of multiple scraps, rather than still worrying if two things go wrong, I’ll only be able to afford to rescue one.

My main money drain right now after rent/bills is food. I haven’t been doing my standard bulk food shop for quite some time now, and am always popping to the corner shop for some biscuits/cakes. It’s one of the reasons I have so many extra pounds I need to shift on my body, and pounds I need to retain in my bank account! If I can get back into my old method of bulk cooking I should be able to put aside some more money.

Another thing is I always think of saving an exact pretty number each month and if I can’t do it I consider the whole month a failure. I could always shift that goal to a weekly amount to set aside, or even readjusting the number to be more on a month I have little expense, to slightly less to make up for things like Christmas. I think if I go forward with a better view of saving, maybe like a year-long and an outline of methods to reach it, I wouldn’t feel so dejected every time I had to take a little bit out of my savings account when my current account inevitably ran dry.

It’s hard to think about, and everyone has their method. It’s still not socially acceptable to gab about money and specific amounts, so often times I feel like I have far less than I should and I’m falling into the generational stereotype of being stuck at home till I’m 40, eating smashed avocados on my bagels.

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