General Savings Tips

06 Aug General Savings Tips

Consider any debts before you’ve even started looking at your savings 

If you have any debts which are charging you interest, start by working to reduce these outgoings first, by reducing the amount of debt and the associated costs on it, to immediately save money. Look at credit card and loan interest rates to see if they can be reduced and any fees you might have on your overdrafts. If you can increase payments to get debts paid off faster, this may help reduce long term costs and switching to a better rate will help reduce monthly payments and potentially allow you to pay more off your balance.  

Track every single pound

It’s the small costs that really add up and it’s important to keep track of your daily spends, if you want to hit your yearly savings goal. 

Get a receipt for every purchase you make. If you bank online, your app may have a tool to help you understand where your money is going.

Set a workable weekly budget

Stick to one method of payment e.g. your debit card so you can keep track of everything. 

If you can reduce your spending to a set budget each week, try transferring this amount only to an alternative payment method (e.g. Revolut or Monzo). 

Be realistic about what you can save 

Don’t overstretch yourself with your monthly savings target – you don’t want to fall short at the end of the month then enter your overdraft or take money back out of your savings account. 

Set up a savings account that cannot be accessed immediately and commit to a totally achievable monthly savings amount that you won’t miss. If at the end of the month you’ve got some excess cash then add this to your savings pot but don’t be overly ambitious – take it steady. 

Plan ahead 

Plan your weekly meals and grocery shop and go to the supermarket once a week. This should ensure you get everything you need and don’t waste anything. 

Track any bigger upcoming costs such as holiday payments, car MOTs and services and even family and friends birthdays, marking these on your calendar will allow you to plan accordingly for more costly months.