Hi Canarius,
I really think that some people are born good with money, whereas others aren't. I fall into the latter category, and would much rather get a round in at the pub if it was my last £20 that take my own beer on a night out.

I naturally find it quite difficult to save, however, I'm also averse to debt and don't have a credit card, so I can be good if i have something to actually save for.

Do you have a goal? A car, house, trip overseas? An incentive is a good start.

Try to put money in savings at the beginning of the month instead of promising yourself to save what's left at the end (they're won't be anything!).

Older Not Wiser!
At 71 I try not to spend on inessentials. I shop at Aldi, & Netto for basics and avoid branded foodstuffs where I can. Plan your car route in a circle to cover those shops / supermarkets where you know you can get a bargain and try not to accelerate so as to save petrol. Make sure that you have maximum insulation in the house and get a water meter if you are a single occupier.
Spoil yourself occasionally with some Salisbury's Duck Breasts when they are on offer, pan fried with red wine & orange sauce cheers you up a lot.
Add up what you spend on booze, fags, or makeup and fashion( if you are female) and buy only what need not what seems a good idea at the time!
Keep your current account small and transfer any excess to a higher interest E-account. ( Nationwide are worth checking out)

I manage to save, but I suppose I am lucky in that my mortgage is paid up and I am single. The old adage of not spending more than you earn works for me.

Best of luck. 

Thanks for your tips guys!

I've got a real hefty student loan that I'm still paying off 3 years after I graduated. So I'd really like to try and clear that. I know it already comes out of my salary, but I could really do with that each month. Would certainly come in handy for paying my bills.

Guess I should start cutting down on going out...that's gonna be tough

Hi Bobarella,

No offence taken. The problem I have with student loans is that the Government has changed the rate of interest they charge on them. When I took it out it was on the understanding that it would be at the rate of inflation as measured by the CPI - which was around 2.5%. Recently they changed it to RPI - which is well above 4%! How can they do that?

I really want to clear it as soon as possible and start building up an emergency fund as you point out, unmeployment is going to go sky high soon!

I agree that it was out of order that they changed the goal posts. I also find that the SL admin is absolutely appalling. They seem like the worst run company there is, apart from Transport for London who I loathe. But since no other establishment would offer those rates in the first place, the lowest I've seen personal loans for recents is in the 7s, we are sort of stuck with them.

I also find it irritating that when you earn a bonus at work the SL take a massive chunk of it. None of your other debtors can do that and its very demotivating. Your mortgage wouldnt just decide to take extra that month, nor could they. The SL's argument is that they take a % of your annual take home and obviously if you get a good bonus then this pushes that up significantly. But I've come to see it as clearing my debt with them quicker so I will accept it. As I say I have 2.5 years to go based on my standard monthly repayments of £194 but I will probably clear it sooner than that as I will get a bonus next April and the one after that.

I cant wait for the day when I get that extra cash in my pay packet, it will feel like a pay rise!

Dont get too down hearted about it all. You dont know for sure that unemployment beckons, but it is wise as you say to start building up your rainy day funds.