Raise your hand if you wish you had more in your savings 🙋♀️
If you asked me that question my hand would shoot in the air. I always want more money in my savings! However I am quite good at saving my money so I thought I’d share a few of my tips to make your savings account grow bit by bit
TIP 1 : Have Goals and Reasons
It’s all good and well saving money for no reason just to have some money for a rainy day. But if you’re short on money one week are you going to think twice about dipping into those savings and taking a chunk? Probably not. However if you know that that money is for the holiday you’ve been dreaming about, or a new car or a house deposit you’re much more likely not to take the money back out! If you know why you’re saving money you’re actually going to save it!
TIP 2 : Have more than one savings account or method!
Personally I’m an online banking kinda girl. I never carry cash and everything I do is digital money. So I have two savings accounts. One is for my general savings for those big things that I want to buy, holidays, products etc. And the other is my ISA which is eventually going to make up a house deposit. Having this separation is great for three reasons. First it helps you organise your money. Secondly it helps you remember those savings goals we were just talking about! You’re not going to take any money out of your house deposit for a pizza are you?! And the third thing is that you can take advantage of different interest rates and savings account benefits depending on what you need to use it for!
TIP 3 : Automate some things
Imagine if you didn’t even have to think about saving money and you saw your savings balance go up? This can be as simple as setting up a direct debit so that when you get paid a certain amount automatically goes into your savings account but there’s also so many other ways to do this! I know a few bank providers that do a Save the Change feature, so if you spend say £2.60 they’ll transfer 40p straight into your savings! Doesn’t sound like a lot but it can really add up! Do some research into your own bank and see if they offer anything that makes saving easier!
TIP 4 : Go for a higher interest rate
I’m no Martin Lewis (seriously, watch some of his stuff if you’re serious about saving money!), I don’t know all the tips and tricks on getting a high interest rate but I do know that you should have one if possible. This just means that you get more money that you didn’t even put in! In a similar vein to making things automatic having a higher interest rate means that you get to watch your savings grow without even thinking about it!
TIP 5 : Save More!
Harsh reality time. If you’re only going to commit to £10 a month then that’s all your saving are going to grow to. And if you’re going to put £100 away only to take £50 out later in the month when you fancy ordering a takeaway then your savings will never grow! I admit I am one of the worst culprits for this. I always take money out of my EasySaver for things I fancy but I tend to still see my savings grow because I use all the other tips in this post!
So what do you think? Are you on a mission to make your savings grow? Let me know how it’s going and if there’s any tips you have that I haven’t put!