save some money every month

I’ve been doing quite a bit of budgeting and projection over the last week and it’s been enlightening.

I cancelled cable and my cell phone since I rarely use either of them, and paid off two credit cards this month. I should be able to pay off my last two in May. I’m planning to use the money I used to spend on payments for all these things for savings—shockingly this will be about $300.

So, while I’m not going to be able to save anything substantial this month I’ve laid the groundwork for saving next month and beyond.

Another issue I’ve been considering is how much should I save and how much should I use to pay off debt? I have a car loan and a loan against my retirement that I used for a downpayment on my house that I want to get rid of before I start prepaying my mortgage. Should I save a bit first and then start paying down debt or jump right into the debt? I don’t have an answer for this question yet but I’m pondering.

Saving money will help me feel more secure and help me relax.

I saved my tax return and that will cover my present expenses for 1-2 months. My goal is to have enough money saved to pay my expenses for 6-12 months.

I still need to prioritize this goal with my other financial goals of paying off my (low balance) credit cards, paying extra towards my mortgage to pay it off in 15 years instead of 30 and travelling.

I’m working tomorrow and friday.

I get approximately 20 pounds a day.

EDIT apparently I get around 35 pounds a day :)

So for July i’ve saved 45 pounds.

My birthday’s in August, and i’m working, which means i’ll have a lot more to put into my account next month :D

I’m not really bothered by how much I put away as long as I always put away something.

Every little helps, right?

I’ve got 2 bank accounts.

After I changed up my spare euros from rome, I put 30 quid into one account and 45 into the other one :)

i’m working too, so that money will go into one of the accounts.

my birthday’s coming up, so I can put money in from there.

:)

Well, i know a lot of people that never really care much about saving for the future, but i just am not able to let this idea go… I make an effort to save up a bit every month and now i’m starting to invest the money.

My reasons for investing (as obvious as they may be…):

1- Protect the money i save from inflation
2- Add a bit more money after each year from interest
3- Be prepared in case of need.
4- Save for some bigger expenses (traveling, etc.)