Savings tips

Watch your pennies stack up

Whether it's new shoes or a new car – we've all got something to save for. Here's some ideas to help you start1.

10 tips for saving

Please note: We’ve provided these savings tips for information purposes only. This isn't financial advice. We don’t give tax advice, so you should seek independent advice from a suitably qualified professional if you need it.

1. Create a savings goal

Whatever you’re saving up for, it’s a good idea to have an end goal. By having something clear to work towards, it can be easier to stay on track.

If you bank with us, you can create a savings goal here. You’ll see your progress every time you log in to Online Banking, giving you the encouragement you may need to keep going as you see your savings start to mount up.

2. Set up a regular payment to your savings account

Having a regular payment, such as a standing order, sent to your savings pot can be one of the easiest ways to save. Time it so that the money leaves your current account shortly after your salary (or other regular income) is normally paid. This makes saving a part of your monthly outgoings. And if your circumstances change, you can easily amend the payment amount to suit your needs.

3. Keep an eye on your current account, wherever you are

It’s now easier than ever to see where your money’s going, thanks to banking apps. With Barclays Mobile Banking, for example, you can check your balance, make transfers and payments, and see your regular outgoings, all on the go. With such regular access to your accounts, it’s easier to spot spending trends that you could turn into savings – particularly if you make a lot of contactless payments.

4. Organise your outgoings

If you don’t already have all your Direct Debits going out at the same time, check with your providers to see if you can reorganise them so they’re paid right after your salary or other regular monthly payment. Then you’ll know exactly what you have left for the rest of the month.

5. Make the most of your tax-free allowance

Eligible UK residents are entitled to save a certain amount each year into a cash ISA without being taxed on those savings. This amount usually changes every April. You could consider opening a cash ISA to make the most of that allowance.

6. Save for a rainy day

Even if you don’t have anything in particular to save for, it makes financial sense to have a little money put aside just in case – because we never know what life has in store for us. If you can, setting up a standing order for even a few pounds each month is reassuring. You may find it invaluable in an emergency in the future. If you make withdrawals from your rainy day fund, be strict with yourself and top it up again whenever you’re able.

7. Make sure you’re getting the best deal on your utilities

If you’ve been with the same utility providers for some time, you might not be getting the best deal. It’s straightforward and free to switch. And if you have a current account with us and you’re registered for Online Banking, you can do it through our cashback site.

8. Get the right insurance

Car, home, travel and life insurance is a highly competitive business, so make sure you’re getting the right cover for the right price. It’s worth taking the time to shop around. But make sure the cover you choose is right for you – the cheapest isn’t always the best.

If you have uninsured pets, you might want to think about taking out pet insurance too. Vet’s bills can be incredibly costly and are usually unexpected – but being insured avoids the need to dip into your rainy day fund.

9. Recycle your old gadgets for money

Got an old smartphone gathering dust at the back of a drawer? Digital camera you no longer use? Old laptops? All of these things can be recycled for money. Unclutter your home and get paid for doing it – there are plenty of websites that will take them off your hands in exchange for cash. Search online for ‘gadget recycling’ and see how much you can get for them.

10. Make saving fun

Saving needn’t be boring. Making it fun can be more of an incentive to keep going. You could compete with your partner or friends to see who can save the most, or perhaps agree a trigger for putting money in a jar.

You may also be interested in:

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Take your bank with you

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