Saving isn't just about putting regular amounts aside. It's also about knowing where you can get better deals and save a few pennies here and there – which soon mounts up. There are lots of ways you can save money while keeping focused on building up your savings pot. Here we have a few savings tips – see which ones work for you.
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.
Create a savings goal
Whatever you’re saving up for, whether it’s something in particular or just for a rainy day, creating a goal can help. By having something clear to work towards, it can be easier to stay on track. 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.
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 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 change the payment amount to suit your needs.
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 Barclays Mobile Banking. 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.
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.
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.
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 by 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.
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’re a Barclays current account holder registered for Online Banking, you can do it through our cashback shopping site.
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, think seriously about taking out pet insurance. Vet’s bills can be incredibly costly and are usually unexpected. And being insured avoids the need to dip into your rainy day fund if Rover suddenly needs medical attention.
Recycle your old gadgets for money
Got an old mobile gathering dust at the back of a drawer? Digital camera you no longer use? Old laptops? All of these things and more can be recycled for money. De-clutter 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 your scrap.
Make saving fun
Saving needn’t be boring. Making it fun can be more of an incentive to keep going – compete with your partner to see who can save the most or agree a trigger for putting money in a jar. One couple in America saved for their wedding by putting money away every time they heard a Lady Gaga song and other triggers – in just 14 months they managed to save almost $7,000!