Saving Tips: 10 Effortless Ways To Grow Your Savings
With the cost of living on the rise, we know that every penny counts but even during these challenging times, saving is possible.
Whether you are looking to start saving for a rainy day, a new home or that dream holiday, here are our 10 saving tips to help get you started:
- Record your expenses
- Plan a budget
- Find ways to cut spending
- Search for discounts
- Save money on Insurance
- Pick the right tools
- Book a free savings review
- Make savings automatic
- Check what you are entitled to
- 4 saving challenges to try
Record your expenses
The first step to saving money is keeping track of how much you spend each month. This should include all of your expenses including your monthly bills, household items and even the occasional coffee on the go.
You can track your expenses in multiple ways, it can be as simple as writing it down, completing a spreadsheet or using money management tools. Most banks – including HSBC and Halifax – allow you to opt-in to transaction notifications so you can keep track of what you have spent and received.
TIP: Refer back to your bank statements to make sure you’ve included everything and to help get a more accurate idea of your spending habits.
Plan a budget
Now that you know your monthly expenses, it's time to create a budget. This should compare your expenses to your income, helping you plan what to spend. Remember to include occasional expenses like car maintenance.
Be sure to set aside a portion for savings. Start with an amount that feels manageable and aim to gradually increase it over time. Make sure you find a balance, everyone deserves a treat now and again!
TIP: MoneyHelper have a free budget planner tool you can use to help you record all your spending. They also provided personalised tips when you have finished!
Find ways to cut spending
Review your spending habits and identify areas where you can cut back. For instance, limit dining out, cancel unused subscriptions, or switch to a more affordable utility provider. To start, you could challenge yourself to spend nothing on one weekend every month. Enjoy free activities like a walk and use up leftover food to stretch your budget further!
TIP: Give as you Switch allows you to compare the best deals on all your Insurance needs including utilities. This will help you find the best deals and even more ways to cut your spending. The best part? You can raise up to £25 for your chosen charity for FREE!
Search for discounts
One of the easiest ways to save money is by searching for discounts and using vouchers. Give as you Live Online have a range of voucher codes to help you find the best deals. The best part? Every time you shop via Give as you Live Online – you’ll raise a free donation for your chosen charity too!
TIP: Which? offer a wealth of resources, including detailed product reviews and price comparisons. Their insights can help you make informed decisions and find the best deals, ensuring that you get both quality and value for your money.
Save money on Insurance
Insurance is essential, but that doesn’t mean you should overpay. Shop around and compare quotes to ensure you're getting the best deal. Use comparison websites like Compare the Market or MoneySuperMarket to find the most competitive rates on your insurance.
Consider bundling policies with the same provider, as companies often offer discounts for multiple policies. Discover our top insurance tips here.
TIP: To save money on insurance, avoid monthly payments with high interest. If possible, pay your premiums upfront—it's a simple budgeting tip that can save you a lot over time.
Pick the right tools
To achieve your savings and investment goals, explore a range of options for both short and long-term needs. For short-term goals, consider high-interest savings accounts from your bank. For long-term growth, investment platforms like Scottish Friendly offer products such as unit trusts and investment bonds.
Evaluate options based on balance requirements, fees, interest rates and accessibility. By choosing a mix of savings accounts and investment tools that fit your goals, you can effectively balance risk and return, to grow your savings.
TIP: Some savings and investment accounts have minimum balance requirements. Ensure your chosen option aligns with your financial situation.
Book a free savings review
Many providers such as Nationwide offer a free savings review service. They will help you assess your current financial situation and provide saving tips to get you started.
TIP: Get advice from Experian’s CreditExpert to understand how your credit score affects your savings and receive tips on improving it. Better credit can help you save on interest rates and loans.
Make savings automatic
Streamline your savings with automation! Set up automatic transfers from your bank account to your savings account to avoid impulsive spending. Many banks also offer rewards programs that allow you to redeem points for cash back or gift cards. Directly deposit these rewards into your savings account for a hands-off approach to saving.
TIP: Enable round-up savings on your debit or credit card. Every transaction will be rounded up to the nearest pound, and the difference will be transferred to your savings. It's a small change that can make a big difference over time!
Check what you are entitled to
Did you know, billions of pounds in government benefits and allowances go unclaimed each year? Make sure you're not missing out! Claiming what you're entitled to could give your income and savings a valuable boost.
TIP: Use free benefits calculators like the ones at GOV.UK to check your eligibility.
4 saving challenges to try
- Take the 1p Challenge: One of the best saving tips is to start small. Save 1p on day 1, 2p on day 2, and so on. By the end of the year, you'll have over £650 in savings.
- Save before you splurge: This money tip encourages you to save the equivalent of what you plan to spend on a treat. Before buying that £30 dress, save £30 by cutting back on other expenses. It's a great way to build your savings while controlling impulse spending.
- Try a 52-week savings challenge: Start by saving £1 in week 1, £2 in week 2 and so on, increasing your savings by £1 each week. By the end of the year, you'll have saved £1,378. It's a gradual and manageable way to build your savings while developing a consistent savings habit.
- The 30-wear challenge: This challenge encourages you to commit to wearing any new item of clothing at least 30 times before replacing it. This will help you think twice about your purchases, promoting mindful shopping habits. It’s also a great way to reduce waste, save money, and support sustainability. Discover more ways to save money on your clothing here.
Saving money doesn't have to be overwhelming, with just a few small adjustments to your daily habits and a bit of planning, you can start saving in no time! By implementing our saving tips and challenges, you'll watch your savings grow in no time!
What is Give as you Live Online?
Give as you Live Online is a FREE online fundraising platform that has raised over £35 million for UK charities just through online shopping. There are over 6,000 stores listed and over 200,000 charities available to support. Sign up, click through Give as you Live Online and raise free donations whenever you shop!
Offers, donation rates and participating stores are correct at the time of writing and are subject to change. Please visit the Give as you Live Online website for the most up to date information.
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