Community: Real Life

My secret savings

Hai-man, 23, tells us about her money-saving skills and why she's got a secret stash of cash under her bed.

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A tower of coins

I've always been good with money management - it comes to me quite naturally. My parents taught me how to look after my finances from a very young age. They used to give me £5 pocket money a week and I'd always put aside a few pounds. Over the years my savings grew into a big stash, which I've still got under my bed.

Treating myself

As I got older I worked part-time in the summer holidays and invested some of my wages in an ISA. I calculated how much money I needed for travel, bills and food each week and saved anything that was left over. Every now and again I bought a luxury item to treat myself.

My parents know that I've got some money saved up, but they don't know that I've been saving since I was 11. They still talk to me about putting money aside for different expenses and how to control your spending, so when I go shopping and see something I like I access whether it's a necessity or a luxury - if I can't afford it then I won't buy it.            

"My friends always say how skint they are and I end up saying I am, too, because I don't know how they'll react."

I'd like to put all this money I have under the bed in the bank, the question is how - I don't want to be arrested for money laundering. I don't think they'd believe me if I told them I've been saving for 12 years. I'm planning to take it to the bank in batches of £200 at a time and transfer it to my ISA.

Staying out of debt

Knowing I have money saved up for different expenses helps me to relax about money. Lots of people take out loans and spend the money on things that have no value, but that just gets you further into debt. Keeping control of your finances helps you stay out of debt and gives you peace of mind. Sometimes, however, a loan is a good thing to have because there's good debt and bad debt. I took out my student loan because I knew the interest was low - it's the best loan you're ever going to be offered.

I don't tell anyone how much I've got saved up because this separates me from everyone else. My friends always say how skint they are and I end up saying I am, too, because I don't know how they'll react.

In some ways I'm a bit embarrassed about my finances because I'm the only one in my circle of friends who doesn't have debts. It's something that young people aren't really taught about because they're carefree and don't have lots of commitments. It's always better to think about what you're spending your money on before splashing out. I now have enough money to put a deposit on a house; it's a good position to be in, especially in the current economic climate.


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