UK Savings Week is back!
The 9th to 14th September marks an opportunity to highlight the benefits of saving money, whilst providing tips and tricks to help those who might be new to it.
This year, the theme is Savings. They’re what you make of them. Whether you’re working towards booking that dream holiday, building up your emergency fund or just wanting to make sure you have enough money to say ‘Yes!’ to more opportunities, taking control of your savings can help you get there.
But between complicated terms, the huge range of savings accounts available and the day-to-day expenses that build up, thinking about savings can be stressful. So, how can you get started? Here are some of our tips to get your savings off the ground:
Take a look at your essential monthly expenses
How much is your rent/mortgage? How much do you pay in bills? What’s the cost of your food shop? Do you have any loans that you need to pay off?
How much do you spend on non-essentials?
Things like streaming services or meals out for example?
How much do you have left over after all that?
It might only be a £1 a month or it could be more! You could always see if there’s something non-essential that you could cut back on and save that too, but even if you can only afford to save a little bit every so often, remember that it will build up as you add more to your pot and earn interest.
Top Tip: This might all be a little overwhelming but there are loads of resources that will help you with budgeting. This could be a spreadsheet or a budgeting app that will help you find out how much you could save each month!
Now that you know how much you can afford to save, it’s time to find the savings account that best suits your needs. Would you prefer to save a little bit every month, or do you have a lump sum that you’d like to deposit? Different accounts are created for different purposes.
But there can be a lot of information to sift through and it might be a little overwhelming. To help you with this, UK Savings Week have published plenty of helpful information including answers to frequently asked questions, a jargon buster, and a guide to all the main types of savings account - click here to find out more.
To take a look at our range of savings accounts, click here!
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