Saving money doesn’t have to be a chore. There are some easy ways you can get into the habit of saving money on a regular basis. Here's how:
With a standing order, you tell your bank to pay money from your chosen account to another account at regular intervals – for example, once a month. You could set up a standing order into your savings account once you’ve been paid, which is an easy way to save.
Some banks now offer you the ability to round up the amount you spend on your debit card to the nearest pound and transfer the difference into your eligible savings account. This is a painless way to start adding to a savings account.
Sorting out your finances seems so simple when you read about it, but when it comes to putting ideas into practice, it can be difficult to know where to begin. In fact, the more good advice you get, the more daunting it can seem to actually do anything at all. And that’s enough to put a lot of people off getting started in the first place.
It’s far more important to just do something than to try to do everything perfectly. The first step is easy – just write down one or two sensible things to do and put a date in your diary to do them. Here are a few suggestions:
Start asking yourself questions about where your money is going and why. By working through a monthly budget to see where your spending goes, you'll know where you can make cutbacks. You can then use any money you save to start or add to a savings account.
Give yourself targets for the maximum you want to spend in different areas such as transport, food, rent, bills and entertainment. You'll be amazed at how much you spend on these things when you add it all up.
Set up a standing order to go out of your account and into a savings account as soon as you get paid. And don't forget, if your income increases, by increasing the amount of your standing order at the same time, you will be able to save more without noticing it in your monthly budget.
Check to see if you’re paying too much for your gas and electricity bills
Make sure you’re not paying too much tax
Make sure you know which benefits you're entitled to claim
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