When it comes to saving money, everyone has a different idea of success. From saving up for a dream holiday to settling down in your dream home, it can pay to know the ways to save money each month. No matter your budget, starting to save can help you now, and in the future. Here are some easy ways to save money, from starting out to going strong.
Money saving tips
Start a high interest savings account
When you start saving, you’ll want to make sure your money is working as hard as you are. Setting up a high interest savings account can help you earn money on your money each month, and get you closer to your goal. Make sure you do your research, so that you can find rates and terms that work for you.
Make a budget
Next, it’s time to pay some attention to your spending. If you find it hard to keep track of what money goes where, a budget can come in handy. Sit down and look through your finances for a few months, and categorise your spending. Once you know your outgoings, you can create an amount each month to save, and a little extra for some social spending. If you need help with creating a budget, visit our handy guide.
Be a savvy shopper
If you go the supermarket only to come out with lots of last minute trolley additions, you’re not alone. Supermarkets are set up to influence your buying. There’s an easy way save money, and that’s sticking to a list.
Before you head out to shop, simply write down what you need. This means you’ll be shopping with focus, and less likely to be swayed by deals. A list can really help if you’re planning meals for a week, as you can combine ingredients, and feed the family for less!
Take a packed lunch to work
Once your shopping lists have helped you squeeze your spending, there’s another way to save money. And that's by simply preparing your lunch at home. Taking your lunch packs a whole lot of benefits, from eating healthier to saving cash. You could even celebrate your week's success and treat yourself with a bought lunch on Friday.
Make some simple cutbacks
One of the simplest money saving tips is to make simple cutbacks. Swapping a morning latte or walking to work can provide some surprise savings. While you’ll still want to be social, you could even invite friends over rather than a night out too. These little savings could help you save for a holiday, a car, or even see you well on your way to a deposit in the future.
Compare your plans
Finally, have you ever noticed how much money your direct debits are adding up to each month? A simple phone call could unlock some serious savings. Make sure to call and compare your phone bill or insurances, as you may be able to negotiate a better price for your loyalty. You could even streamline some subscriptions, to help you set aside more money for your goals.
When it comes to successful saving, it pays to have a plan in place. Whether you’re just starting out, or a seasoned saver, these tips can help you reach your goals sooner than you think. If you need further help, talk to our experienced staff about the best savings account for your needs.