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Decide how much you can put aside
The first thing you need to do is look at your income and what you spend each month and decide - realistically - how much you can save each month after living expenses and outstanding debt.
Review how you are spending your money
There are lots of savings to being made by examining where your money goes – and that includes those lattes and take away dinners. Freeing up extra cash allows you to save more for that rainy day.
Start saving early
Get into the habit of saving from your first job. Even with high rents and other outgoings, set aside a small percentage of your take home pay, and increase it as your salary rises. You’ll be amazed how much you can save even in those early years.
Plan for your financial future
Think what you might need your savings for and any short, medium and long-term goals. Have you got your heart set on a dream holiday or car? Or are you saving for a deposit on your first home?
Don’t be afraid to shop around for the best savings plan and interests rates that suit you. It’s easy to switch your current account to a different bank if it means you can avoid bank charges or earn more interest.