Make it a habit
One of the hardest parts of saving is remembering to do it. You could make it easier by automating it. For example, you could set up a standing order to move money straight into a savings account on payday.
Multiple savings accounts for different savings goals
Separating your goals into different accounts could make it easier to track your progress. Give the accounts nicknames that are meaningful and actionable. The more specific the better - for example, “Honeymoon July 2028”. It can help reduce the temptation to take a little from it for something else.
Saving your change
Some banks can help you move any change you get from purchases into a savings pot. For example, if your coffee costs £2.50, they'll transfer 50p from your current account into your savings account. Ask your bank if you can set up this feature. Over time this can add up to a decent amount and help you with one of your savings goals.
Other tips
- If you have any repayments on debt that are coming to an end, you could arrange to continue setting aside this money - but put into a monthly savings pot instead.
- Try meal planning to keep track of food spending and waste.
- Tackle a savings challenge. Set up a standing order to your savings account for £10 a week, and you'll have £520 after a year.
