- Create a budget to see if you have any spare money that could be moved into a savings account
- Start saving with a simple savings account. Saving even a small amount will give you peace of mind and get you into the savings habit
- If you have more money available, consider a higher-interest account or invest in an ISA. If you already have an ISA, maximise your allowance for this year
- Try to set aside three months’ salary in case of difficulties and to help you prepare for the unexpected
- Start long-term savings as soon as you can. Speak to your employer about possible pension schemes to join
- If you get a windfall of money, think about putting a percentage of it into your savings.
Make saving money a habit
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.
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.
Short term saving tips
- Switch to cheaper gas or electricity providers
- See if companies offer discounted rates when you pay by direct debit
- Many companies (e.g. mobile phone companies, broadband providers, etc) offer short-term bonuses or incentives. Just make sure you know when these run out so you can check you're getting the best deal
- Look for a better deal on your home or car insurance.