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Did you know that according to research by comparison site Finder.com, 1 in 5 Brits had no savings at all in 2022?
Imagine this: pay day has been and gone, the bills have been paid and dinner is on the table. You know you should save a little of what’s left for a rainy day. Instead, you splurge on a Friday night takeaway and have a few large lattes from your favourite chain coffee shop. Before you know it your bank account looking a bit empty and your savings account remains dry. Then the car fails its MOT…
Sound familiar? If so, automating your savings by setting up an instant monthly transaction could be the answer you’re looking for.
Why should you consider automating your savings?
Saving will become as regular as paying a utility bill
The easiest way to kick start your savings is to treat a monthly deposit the same as paying a utility bill. You can do this by setting up a standing order with your bank or building society so funds are automatically transferred from one account to another on pay day. By doing so, the cash is out of your account before you can touch it and over time you might not even notice it leave at all.
Alternatively, see if your place of work will deposit your salary into more than one account so it doesn’t touch your ‘everyday’ funds.
Saving automatically becomes a priority
Saving money is usually deemed a chore. However, there are plenty of tools out there that can help you prioritise saving, especially if you have a goal in mind. Let’s take saving for a house deposit as an example. There are lots of specialist savings accounts out there that are designed to help you firmly stick to your savings path.
Our Home Saver savings account is one. It’s a restricted access account which encourages a regular savings habit. This means that once your money has been deposited, it is locked away until you need it. You also have to deposit anything from £10 - £500 on a monthly basis to keep the account activated. It may sound like a big commitment but don’t worry - we understand real life can throw up unexpected emergencies, so we allow you to access your pot of cash twice a year. This gives you the flexibility to regularly save, as well as have peace of mind that the money is there if you need it.
It’s good for your wellbeing
The Government-backed website MoneyHelper.co.uk recently reported that more than half of UK adults have said that their mental health has been affected by money worries – savings being one concern. By automating your savings, you will have peace of mind that no matter what, a sum – big or small - is being transferred every month to help you when you need it.
In addition, by telling your current account to move cash directly into your savings means you can rest easy in the knowledge that you are saving every month. This removes the guilt of forgetting to stash a few pennies away and also means that you won’t drain money on things you don't need. Remember: saving £10 is just as valuable as saving £100 as it all adds up in the end.
If you would like to talk to one of our qualified savings advisers about which of our savings accounts would be right for you, contact us or visit your local branch.
For a full listing of our current savings accounts, click here.
