Tips to help you start saving

Once you have decided that saving is something that you want to do, it is important to take a detailed look at your options;

• Get all the information you have regarding your expenditure. The best way to do this is by looking at your last 3 months bank statements.

• Use our on-line budget calculator to break down your outgoings. This enables you to highlight any bills or payments you can reduce or stop.

• Are there any savings which can be made? Can you change your Utilities supplier, for example, to reduce your gas or electricity payments?

• Maybe you have a regular payment which is about to end, this is a good opportunity to continue paying the amount, but pay it into your savings account instead.

• Check what your entitlement is for qualifying for benefits. You may be able to receive a top up on your income.

• Have you assessed your tax recently? It maybe worth checking if you are due a tax rebate.
  

• Have a goal in mind. Saving is easier if you have a purpose such as a holiday, car, shopping spree, or maybe a deposit on a new house.
  

• Once you have a goal, you should set a time frame. Our savings calculator can do this for you. It can calculate how much you should save each week/month if you want to save £X in X amount of time. This goal should be a realistic one, setting yourself an unrealistic goal will have a negative impact on the amount of saving you actually end up doing, so keep it real.
  

• Choose a savings account, our next section provides more details on the different saving accounts.

• Once you have an account available, set up a standing order for the amount that you want to regularly save. This way you get used to saving regularly. You will probably be surprised at how quickly the payments grow.
  

• Last but by no means least.....REVIEW your expenditure and the type of savings account regularly. You should aim to do this about every 10-12 weeks to make sure you are making the most of your savings.

Download the Saving Accounts PDF Guide here - see our other free PDF guides here

Guide Contents

Why Save?
Tips to help you start saving
The different types of savings accounts
Instant Access
E-Saver
Regular Savings Account
Notice Accounts
Affinity Savings Accounts
Ethical Savings Accounts and Charity Savings Accounts
Cash ISA's
National Savings & Investments
Children's Savings Accounts
Term or Bond Savings Accounts
Guaranteed Equity Savings Account
Frequently Asked Questions
Further help with Savings Accounts

main menu << previous page  next page >>