Be the saver you want to be

If you already have some savings, how often do you check on them to make sure they’re helping you achieve your goals? Here are some tips to help you make the most of the money you’ve put away.

Take some time to think about your finances

Could you save more than you do now?

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    Better returns?: It’s always worth checking if your existing savings accounts are giving you the best interest rate. Look at comparison websites, individual provider websites or pop in and ask in local branch.

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    Book a savings review: Many providers offer a free savings review service. They’ll help you get to grips with your current financial position and suggest ways for you to improve your savings.

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    Interest builds over time: The interest you earn on your savings goes on to earn interest itself. Add to this whatever you put away regularly, and the amount you have soon grows. Find out why interest rates are so important here.

Goals to help you go further

Having targets to aim for means you’re more likely to achieve them. Here’s some tips for setting new goals.

Stay in control

Feeling like you’re in control of your finances is great for being able to push ahead with building your savings.

Can you beat your savings goal?

Think about getting there earlier.

How good would it feel if you got to your goal a few months or even a year sooner? Taking a few minutes a month to manage your finances could help you stay on top of your savings and reach your goal faster.

These ideas could help you speed up your savings:

  • The 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.

  • Step it up

    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.

  • Change ‘skimming’

    Many banking apps can help you skim your payments by rounding up your transactions. For example, if you spend £2.75, £3 is debited from your account with 25p being added to your savings account.

What do I do now?

Finding the right accounts 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 day-to-day current account and can make sure your savings are earning a good rate of interest.

Helpful guides

Simon’s Story

I’ve always had a passion for cars, specifically military vehicles, so when a farmer was selling an old military jeep for £150 I knew it was for me – even though it needed a lot of restoration. Since then I’ve put some money away each month in a Dudley Building Society monthly regular saver account, and any money I have received, such as for birthdays and Christmas, I have added to my ‘jeep restoration’ savings pot.  These savings, which have grown over many years, means I am now getting close to the dream of having my jeep in full working order.

Simon Sage, Dudley