Let's start thinking about saving

Want to save but don’t know where to start? Our hints and tips will guide you on how to start your savings journey.

Take a little time to think about your finances

The first step to saving success is to decide you’re ready to take control and become a saver.

  • Tip

    Pay off debt first: If you have any debt, it’s usually better to pay it off before starting to save. Check out the helpful resources for managing your debt on our Support page.

  • Tip

    Do what works for you: Whether it’s on paper, a spreadsheet or a budgeting app, find a way of looking at your money that suits you.

Set your
money goals

Having targets to aim for means you’re more likely to achieve what you want to do.

  • Tip

    Keep on checking: As your life changes, so will your goals. There’s always things you can’t control that will influence what you’re saving for.

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    Believe you can do it!: A strong belief that you’ll get to your goal is great for your motivation and really helps to keep you focused.

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    Don’t go it alone: Share your goals with a close friend or family. This helps you stick to saving by being able to talk about it as you make progress.

Get in control

Accept there will be temptations, and plan in advance for how you’re going to deal with them.

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    Make money: Look at selling things you no longer want or need. You could sell at a local car boot sale, over social media or using online auction sites.

  • Tip

    Shop savvy: Shop around for the best deals on everything – bills, subscriptions, phone contracts or just your weekly food shop. Also, make the most of cashback, coupons and vouchers.

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    Use technology: Savings apps can help with tracking your spending, setting a budget, splitting bills with friends, meeting savings goals, and also… encouragement!

  • Tip

    Check for workplace savings: Some employers help staff to save by taking an amount from your salary each month and putting straight into a savings account, often called a payroll deduction. You can decide how much to save and when you want to take the money out.

  • Tip

    Open a savings account: The right account helps you separate your savings from your current account, so you don’t spend it so easily. Check out our Savings Accounts page for more information.

What do I do now?

If you’ve decided to start saving, it’s worth thinking about opening a separate savings account. There’s lots of ways to do this, whether it’s visiting your local savings provider’s branch, online or using an app.

Finding the right account can be confusing but making sure you do can help you get the most out of your money. It gives you somewhere to set aside a pot of money that isn’t your current account.

Helpful guides

There’s always help available

Where can I get support?

We’ve put together answers to some common questions about savings, as well as some simple explanations of any jargon you might come across.

You’ll also find links to some amazing financial help and support organisations.

Visit Support

Daniel’s Story

In 2019, for my 40th birthday, I went on an extravagant African safari and beach holiday of a lifetime. During the trip I proposed to my partner of eight years. The holiday however wiped out all my savings and so when I returned I had to start saving from scratch again.

Without any family support, and rises in the cost of living, saving was difficult. But together we have regularly put money aside in our Coventry Building Society savings account, even when we were hit with extra bills, such as car repairs and broken kitchen appliances.  The savings pot is now looking healthy and, with an extra push on our savings next year, we’re planning our dream, destination wedding, on a beach somewhere in 2025.

Daniel French, Stroud