1. ‘Change skimming’
Many banking apps can help you skim your payments by rounding up your transactions. For example, if you spend £3.75, £4 is debited from your account with 25p being added to your savings account
2. 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.
3. Use technology
Savings apps can help with tracking your spending, setting a budget, splitting bills with friends, meeting savings goals and also encouragement
4. Step it up
Try and save £10 in the first month, £20 in the second and so on until you save £120 in month 12. At the end of the year you will have £780, plus any interest you have earned
For more tips on how to speed up your savings and practical ways to save money, read our blogs by Jon Sweeting our Savings Product Manager! Part 1 & Part 2