Saving – How to Save?

Saving is really important. Whether you’re saving for a rainy day, you’ve got your first car in mind, or you’re thinking about your first house (it’s never too early!), we all need to plan ahead for the future. We never know what’s around the corner. For that exact reason, it can be difficult to plan… Read more »

by JoshuaHodgkin 8 months ago

Saving is really important. Whether you’re saving for a rainy day, you’ve got your first car in mind, or you’re thinking about your first house (it’s never too early!), we all need to plan ahead for the future.

We never know what’s around the corner.

For that exact reason, it can be difficult to plan for the future! Saving can be daunting if you’ve never tried before, especially if you are worried about not having the spare money to save. Some services can help us do this easier!

As Rachel said on the last page, one way you can save is by taking part in the 1p challenge! By the end, you can have £670 put aside just by increasing the amount of savings on a daily basis.

If that kind of daily commitment isn’t your thing, perhaps Monzo or MoneyBox, two different useful apps, may help you! Monzo (as well as Lloyds Bank and Halifax) allow you to set up an automated transfer from your main account to a savings account. Monzo call this ‘Roundups’ and Lloyds call it ‘Save the Change®’.

Every day, your debit card purchases are rounded up to the nearest pound, with the ‘change’ transferred into a savings account. I’ve had this feature on for a week, and I have already saved over £11, so it’s honestly amazing how quickly such a small amount of extra money can add up!

MoneyBox provides a couple of innovative savings options. The government has stopped offering the Help to Buy ISA, and the replacement is the Lifetime ISA, which is a little more flexible. This is what MoneyBox, a mobile app, offers. You can set up a direct debit from your bank account, letting you deposit money without thinking about it! Also, your account can be used to invest money rather than just save, gaining even more money towards your house!