How to get into the savings habit
Find out how to get started with a savings account and get into the habit of saving
Wednesday 04 April 2012
By working out how much you can save and keeping a close eye on your spending you can have enough money to put aside each month.
Set your budget
One of the best places to start when you’re thinking about saving is to set yourself a budget. Work out what you can afford to save each month by making a list of your monthly expenses. Make sure you include regular expenses like your rent or mortgage payments as well as other essentials like utility bills and food shopping.
Also, include some money for less regular spending like going out with friends so you know exactly how much you expect to spend each month.
When you’re setting your budget, be honest with yourself. Make sure your budget’s realistic and you can stick to it otherwise you won’t reach your savings goals. Once you’ve written down all your expenses, subtract that amount from your monthly income and you’ll know exactly how much you can put into your savings account each month.
Cut down your expenses
If you’re about to start saving, think about where you can cut down on your expenses to give you more money to put into your savings account.
Reducing the amount you pay for non-essential things is a great place to start. Simple changes like taking a packed lunch to work rather than going out to buy it each day or not buying a coffee on the way to work in the morning could save you hundreds of pounds every year.
And if you enjoy socialising with friends, you can make it cheaper by taking advantage of the many discounts and vouchers available online.
Then there are the essential things you have to pay for like your electricity, broadband and phone bills, your rent and your weekly shopping. You can cut these costs too, just by shopping around. With so many companies competing for your business you’ll often find there are new deals available which can reduce your costs.
Use price comparison tools online to make sure you’re getting the best deal for your phone, broadband, gas and electricity. And if you find a better deal, switch your supplier and use the money you’ve saved to top up your savings account.
Stay in control of your money
Once you’ve set your budget and worked out where you can make savings, it’s time to start managing your money.
It takes just a few minutes to open a savings account online. With just a few clicks, you’ll be up and running and ready to start managing your savings. With an online savings account, you’ll be able to see how much you’ve saved every time you log in. So you’ll always know whether you’re on track.
And with instant transfers between your current account and your online savings account, you can top up your savings whenever you like. So if you’ve got some money left at the end of the month, simply transfer it into your savings account and start earning interest.
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
30 August 2014 12:00 AM
05 September 2014 11:30 PM
30 August 2014 12:00 AM
The UK has slipped to 11th in the latest European league table of savers. Rob Griffin checks out the best options
22 August 2014 10:30 PM
Caroline Flint, the shadow energy secretary, says a Labour government would create a new energy regulator
22 August 2014 10:30 PM
16 August 2014 12:00 AM
16 August 2014 12:00 AM
08 August 2014 11:30 PM
- 1 Scottish independence live: Scotland gives a clear 'No' in historic referendum - as it happened
- 2 Scottish referendum results: David Cameron set to unveil major devolution of powers to England
- 3 iOS 8 is full of shiny new features - but it's terrible news for app developers
- 4 Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...
To £85,000 + banking benefits: Saxton Leigh: You will be expected to carry out...
Up to £90,000 + benefits: Saxton Leigh: Credit Risk Audit Manager required to ...
Day In a Page
A new seven-bedroom home built in Queen Anne-style with swimming pool and parkland views in Mortimer
A listed, four-bedroom farmhouse in the rural hamlet of Rushall with detached barn, four acres of gardens and paddocks
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000