Saving money whilst serving?

Discussion in 'Finance, Property, Law' started by London_native, Nov 8, 2010.

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  1. Now im due to start training very soon and would like to get some invaluable advice on how to save a wad of cash whilst serving. I know i wont become rich serving, however im not looking to piss my money up the wall every weekend either and have nothing to show for myself when my times done. So any tips on general saving rules, investments etc would be greatly welcome as im guessing with no utility bills, cheap food and accomodation(which most people spend their money on) i can save a bit of cash. Thanks in advance.
     
  2. At this early stage, its not really where you put your money that matters, its simply getting used to putting a sum away every month without blowing it.

    I would suggest you have a separate account to the one your pay goes in to, and set up a standing order to put some money in automatically each month. Dont get a cash card for this account, and there is less chance you will make a drunken withdrawal/spending splurge you may regret.

    Dont get carried away at the start, there is no point in putting away too much and leaving yourself short, you are young, so live a bit! Maybe £100 a month and if you manage that with no issues for a few months, bump it up £50pm and do the same again in a few months time.

    In my opinion there is no point looking at interest rates/ISAs etc until you have proved that you can put away without leaving yourself short, and also there will be better options once you have saved a few thousand.
     
  3. I wish someone had given me sound financial advice when I joined up. All I can suggest is saving up for a deposit on a property whilst you are still single. Once you have enough then buy a property and rent it out.
     
  4. Agree with lewiscollins, it is v. important to get into the savings habit, what about premium bonds, to start off with, we all know interest rates at the moment are crap, £100 p.m. standing order premium bond, for 12 months = £1200 saved and a chance (small ) of hitting a prize each month,the money is available with a little bit of notice if you do need it , do what i did any winnings tell them to add to the pot as bonds. Once you have a nice little stash you can then look at other options ISA's etc.
     
  5. Premium bond payouts have dropped twice in the last few years... if you want a little excitement might be best buy a few lottery tickets each week!!!!
     
  6. Or you could drive down the M25 throwing tenners out of the window, at least with the bonds he will not LOSE any money, the object of the game is to save!!!

    Amended to add.. her indoors has bagged 5x£50 and 1x£5000 over the last 22 months for an investment of £1000
     
  7. Your missus has been VERY lucky! Yields on PBs now are around the 1% mark.

    BTW the lottery comment was taken to mean buy a couple of tickets a week, not to plough in serious money.

    As I said in my first post start simple and low, and build up as you go along.
     
  8. I agree with Lewis, save at least one days pay a month, everybody MUST be able to save at least that much and if you can't you are spending too much. Make sure you know exactly where every single penny goes. Don't spend on a whim, think hard before any purchase and think can it be got elsewhere cheaper. If you really have to buy something and it's somewhere you can haggle do so or ask to have something else thrown in e.g. buy boots ask for some free polish, might only save a £1 but it's your £1. Learn to be thrify then when you do drop on hard times it'll come second nature. If you don't have fillet steak wages, eat shin beef or brisket, learn how to make low cost nutritious food. Learn how to freeze vegetables as you can easily throw half away un-eaten. You spend a lot of money on food - spend it wisely. If you go to takeaways stop - add up how much the food costs and for one takeaway price you could probably eat better and for a few days.
     
  9. My bold, had to laugh. Seems these days most crows live on Haribos and pringles, dont see too much fresh veg in the NAAFI and have no idea what meat is in a steak bake!
     
  10. Jarrod, you've just turned into your Dad :)
     
  11. Too true I have I saved £15 in electricity in just one month! How cool is that. The old fcuker was right all along. Now I just need to get the gas fire out and a log burner in and free fuel! My Dad burns telegraph poles not so sure it's legal in a smokeless area but it's free.
     
  12. Jarrod,

    Does your Dad consult with BT's customers before he disconnects them with a chainsaw?:)

    Shiny
     
  13. Just read a magazine article about the saving to be made using a log burner, i have a small chainsaw and woods nearby!!!
     
  14. I've no idea where he gets them from and it's probably best not to ask, he's 80yr old and I think the only thing that keeps him alive is the threat my mother has about having gas central heating fitted when he dies. I don't think he could stand the thought of his money being spent on things that actually cost money. I know he was burning some hefty plastic coated copper wire at one bit I expect it supplements the pension.
     

  15. Go for it! Gas will only get more expensive and eventually they will be opening up new mines. I'm reducing my bills and having more of that cash in my pocket. Free fuel is the way to go.