I'm really trying to build up my savings this year. The Low Buy year will hopefully help with that, once I finally get my shit together! I still can't believe how much extra I spent in January. I've been using Monzo savings pots for a while now but after getting multiple TikToks on my FYP about them, I've decided to make some changes.
I originally had four savings pots; Christmas, Birthdays, Beauty and Driving Lessons. I have since moved Christmas into a proper savings account so I gain interest on it every month. I'm adding £100 a month into Christmas, which I started adding into from my December pay. I did only gain £4.57 in interest but I only started saving in July so I'm excited to see how much I gain by the time I want to start shopping!
I did originally open a savings account in my main bank but I only gain interest yearly, so I'm keeping the £111 in there for now and not adding into it. This is my emergency savings account so it's a bit risky but I'm hoping my explanation makes sense! This is because I opened another savings account in Monzo, which I will be using to save up for our July holiday. Josh and I are going halves on it so I really only need to save £331 for it. I have until May to save that and I'm planning on adding £100 a month which will give me £400 plus interest. I'm also hoping to save extra for spending money!
Now onto my non-interest gaining pots. I have deleted my driving lesson pot for now because I have currently lost all interest in driving but I'm planning on starting to save up again after I've paid for the holiday.
I still have a birthday/events pot, which I'm adding £30-£50 into a month. Unfortunately I don't have many months where I don't have any birthdays to pay out for and most months have multiple birthdays! Birthdays actually stress me out so much, I hate trying to find money for these because I do tend to spend a minimum of £25 on everyone.
I also now have a pot specifically for Charlie. I'm constantly having to buy him new water bottles, lunch boxes, and various other bits for school so I'm now planning on adding at least £20 a month to this. I'll probably add more when spare money comes up because I also need to save up for his birthday in July but I feel like £20 a month is a good starting point currently.
I also now have a Dental pot! I have to pay for my appointments and even though I go every six months, it still comes as a surprise to me. So after my appointment this month, I'll be adding £10 a month here too.
I did end up deleting my Beauty pot which was for hair appointments and waxing appointments but I have decided to start it up again. I tend to only get my hair done once or twice a year so I could start saving up for my next haircut. It currently costs £30 for a cut and blowdry so again, I could just pop £10 a month in there. It's also £10 to get my eyebrows waxed so maybe £20 a month.
I have already mentioned it but I'm definitely going to have to start selling on Vinted again to find the extra money!
How do you manage your savings? Let me know in the comments!
Until next time,
Saph x
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