Save for something special
Now you’re getting older, you may have more money to manage – perhaps extra pocket money, earnings from a part-time job or cash from a birthday. You probably have more reasons to save too, for anything from driving lessons to new clothes or your first festival. So why not get into the savings habit? Here are our top saving tips:
Set a savings goal
It's a proven fact that people who set a savings goal save faster than those who don’t!
Choosing something to aim for, like a course of driving lessons or next year’s go-to festival, makes it real and helps motivate you to save.
Choose how much and how long
Work out how much you want to save and how long it will take you to reach your goal. Let’s say you want to save up for a series of 10 driving lessons when you turn 17. Here’s how your savings could add up:
Your savings goal:
10 Driving lessons at £25 per hour
4 hours work per week @ £4.20 per hour
Your weekly savings:
You save £6 per week and keep £10.80 to spend
Make it easy
Open a dedicated savings account and give it a name that inspires you to save, like 'First car' or 'Summer festival'.
Then, if you have a current account that you know will have a little money in, set up a monthly standing order from your current account to your savings account. That way you can’t forget to save or spend the money on something else. It’s easy to do online or pop into your local bank.
How long will it take?
Saving £6 a week for 42 weeks will give you £252
Enjoy and repeat!
When you’ve reached your savings goal, enjoy it – you’ve earned it!
And why not keep saving for a new savings goal too? It’s a great habit to learn.
If you can save more a week, you’ll reach your goal sooner. If you save less it will take you longer. Try an online savings calculator to help you.