With 1 in 5 people in the UK having no savings at all and 1 in 11 people saving less than £10 a month how can those who currently aren’t saving afford to start to save money? And how can those saving only a little save more?
Here are 5 tips to help save money, painlessly, when budgets are tight.
1 Try to find small savings and keep a careful record of all of your expenditure for a month. You might be surprised at how much you’re spending on a daily latte or lunch from the local sandwich shop. Small things add up to big savings over time, and it could be quicker than you think.
2 For necessary purchases — things like food, travel and insurance— shop around to get the best prices. There are lots of websites that can help you find the best bargains.
3 Take a list with you to the supermarket and stick to it. This will help you resist picking up things you don’t need.
4 Sign up to payroll deduction into your Credit Union account so that funds are automatically transferred each month. Even as little as £10 or £15 a month helps. After all, that’s £120 or £180 a year and after the first month or so you don’t even notice it going out!
5 Put your loose change in a savings account rather than keeping it in a jar at home, it will mean you aren’t tempted to dip into it. For many people, this can add up to well over £100 a year.
We’ll be sharing more budgeting and money saving tips over the coming weeks. Do you have any top tips that you’d like to share with us and we will post them on our blog?