3 ways to figure out your savings strategy

Figuring out the savings strategy you need in your life is key in order to nailing savings to the floor. Personal experience highlighted to me that the allure of money and material things is easy to get sucked into.

You need to ask yourself questions like this:

  • Do I need to have it?
  • Can I live without it?
  • What are the most important things for me to have
  • What do I really need?

When you understand your goals, you can start to implement your savings strategy.

Here is one way in which you can do it.

1) Make a list of 5-10 important things you want to achieve in your life. This could be absolutely anything from owning a Mustang convertible to skiing.

2) Assign monetary value to the things you want to achieve. In case of a Mustang, it could be $30,000. Or if you want to save a healthy sum for your retirement, work out how much you can afford to save in your budget.

3) Now is the hard part, saving itself. If you have a job, you may want to consider getting freelance income in order to get you to your savings goal.

It is important to always think of your savings goals in monthly terms. Instead of thinking this year “I will save X amount of pounds”, think this year, “there are 12 months where in which I will save X amount each month on a specified day for my goals.”


Fixed Rate Savings Bonds: The Pros and Cons

The pros

  • You know your money is safe for a certain amount of time
  • There is a fixed rate of interest on your savings
  • You can’t touch it, so no way of impulse spending

The cons

  • It can be locked away from any time from 5 years to 30. This is not practical if an emergency happens and you need to release the liquid assets.
  • Different banks have different minimum investments that they expect. This may not be useful for you if you don’t have a lot of money saved away to begin with.


I can see the appeal of fixed rate savings bonds. They would be practical if you are saving for a long-term goal, such as if you want to save for a round-the-world-trip in five years time or you want to save for your wedding. What do you think?

Savings Account of the Week: West Bromwich

Savings Account Deal

This looks like a good deal from West Bromwich.

  • You need a minimum of £1K but…
  • …you get branch access
  • The rate iss 2.92%

How this could work

I think if you are a student or have recently graduated and have an overdraft to pay off (that is interest free), you could put £1K into the account and look at the interest grow, and then use it to pay off the overdraft.

Do you think this is a good savings account?

Pension: Stakeholder Pensions

Even if you are in debt, should you be thinking about pensions?

My pension pot is small at the very least, but there is something comforting about knowing that it is exists (for now).

Here are some providers:

What do you think? Would you do a personal pension? I think they are a good idea. If anything, it makes your portfolio look more varied.

This is all I saved last week

….3 quid.

Pathetic I know but at least it was still something!!

I really need to giddy up with my saving because it is just paltry sums I am putting away!


On Sat, I went out to Pizza Express with a friend of mine. I know what you are thinking, I should be saving my pennies. But get this, I had a voucher!

My £10 off voucher if we spent more than £30 meant that my friend and I spent £10.35 on a pizza, drink, and a dessert.

I must say I am proud that I learning the usage and importance of hanging onto vouchers! Does anyone else use vouchers?

Keeping a cash book

I have been keeping a cash book for a few months now. It is one of the only positive things I have been doing for my journey to get rid of debt.

I can see that I have the following patterns:

  • I’m an impulse buyer. I will randomly decide to buy Company magazine, as I did today (argh!)
  • I buy chocolate when I’m at university but I buy it less on the weekend.

Sometimes, I wish I could just stop spending money!