In association with The Building Societies Association, we are supporting UK Savings Week which takes place between 18th-24th September 2023.
UK Savings Week aims to get people engaged with saving, whether they are already savers; have no savings but could save a little; or are unable to save right now but may be able to when times improve.
First launched in 2022, UK Savings Week invites all organisations that want to see people’s financial resilience improve and for them to make the best of their savings to get on board and engage the nation in the great savings conversation.
Below we have provided content about how to save money and ways to manage your finances, so you’re in a more comfortable position.
For more information please visit: www.uksavingsweek.co.uk
Making more of your savings
If you already have some savings, how often do you check on them to make sure they’re helping you achieve your goals? Here are some tips to help you make the most of the money you’ve put away.
- Look at your money. Know how much you have to live off each week to help understand how much extra you could save.
- Decide what you really need and what things are 'nice to have'.
- Be realistic about how much you really need to put aside for an emergency.
- Be realistic with your targets. The perfect balance is setting yourself a goal that you feel is impressive but not too much of a stretch.
- Be specific not general. For example, saving £5,000 for New York next summer instead of saving for a holiday.
- Set visual reminders to help motivate you.
Feeling like you’re in control of your finances is great for being able to push ahead with building your savings.
- There are great apps and online tools to help you manage your money.
- Allocate time regularly to check in on your savings to know where your money is currently at.
- Make sure you understand all the t&cs of any savings account you wish to open.
- Stay positive!
Top Tips- These ideas could help you speed up your savings!
No spend challenge
Avoid buying anything you don’t NEED (takeaways, clothes, days out, etc.). Instead, only pay for things that are necessities (bills, food, etc.). It isn’t one to keep up for long, but it’s a good way to prepare for any unavoidably expensive weeks or months in the future
Step it up