The rise in cost of living is forcing all of us to think more carefully about getting our finances in order. Read on for some easy-to-follow tips to help you change your spending habits and boost your savings.
A good place to start is to check where your current savings are being held. Interest rates may be challenging, but the worst thing you can do is earn nothing at all.
It’s important to invest some time looking around for the right savings product for your goals. Are you saving for a short-term goal? In which case you might require instant access. Alternatively, if you are happy putting money away for a few years, you could earn a more competitive rate with a high interest savings account.
Car insurance and gym memberships are two types of payments which are often cheaper if you pay yearly, instead of monthly. What’s more, there may be cheaper rates up for grabs at quieter times of the year so it’s worth digging around. While you’ll need a lump sum to pay in one chunk, you’ll save money in the long-run.
It’s very easy to sign up for automated payments such as gym membership or online editorials and forget you ever subscribed. These drip feeds of cash can add up to significant sums over time. The key here is to check your bank statements regularly to remind yourself what you’re paying for and whether these regular payments are worth the expense.
As well as making these individual changes, finding a tool to keep track of your savings progress can help to keep you motivated. With Aldermore’s Personal Savings accounts, you can set up individual savings targets in your online account, based on how much you want to save and by when. You’ll be able to see how much you need to save monthly to make sure you smash your end goal. Or alternatively you can say how much you can afford to put away monthly, and it’ll tell you when you’ll be getting on that plane to Barbados!
Remember, small changes to daily or monthly habits and shopping around a bit more for the best deals can make big changes to your savings targets – whatever they may be for.