There is no point trying to save if you are burdened by costly debts.
Regular savings accounts are a good option for those new to saving. You put aside money each month – usually via a standing order from your current account. However, you can only pay in up to £50 each month. TSB’s Monthly Saver pays 2% and lets you save between £25 and £125 a month – again, you need to have a current account with the bank to open one.
The digital bank Chase does the same and deposits the small change into a separate account where it will earn interest at 5% for 12 months.Another technique is to log into your current account, look at the balance and mentally “round it down”, Williams says. “If you have £221.60 until payday, round it down to £210 and move £11.60 into savings. It all adds up over time.”Chip and Plum are just two of the apps that offer “auto-save” features.
Another budgeting app to check out is Emma, which analyses transactions across accounts and classifies them into spending categories. “Great budgeting starts with careful planning and reliable insights,” its website promises.Some of the best interest rates are offered by fixed-rate savings accounts, where you typically tie up your money for a year or more.
Use a spreadsheet. Best thing I ever did was start a budget spreadsheet. Happy to send to anyone no charge.
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