Sometimes it can feel difficult to get your nest-egg to grow without having to constantly stretch yourself to save money. So to help, we’ve put together some tips and tricks to make it as straight forward as possible.
1. Automate savings
Sometimes it can be more effective to put your savings into your savings account the instant you're paid, keeping them separate from your essentials and spending money. If you’re an HSBC customer, you can set up a standing order online or on the HSBC Mobile Banking app so payments are made from your current account to your savings account automatically and you don’t even need to think about it.
2. Find the best savings account
Whether you’re wanting an Individual Savings Account (ISA) or a Regular Saver, choosing the right place to keep your savings can help your money grow faster. Look at which savings accounts you’re eligible for and the potential interest you could be earning on your money. Be sure to read the terms and conditions before signing up to an account.
3. Seek out the best deals
Use comparison websites to check if you could be paying less for your household expenses. If you do decide to switch to a cheaper deal, try putting the amount you’ve saved each month into your savings account.
4. Round-up your spending
A quick way to build up your savings is to round up your purchases to the nearest pound. For example, if you spend £1.50 on a drink, add 50p to your savings. It may seem small but saving in this way can quickly add up.
5. Keep your goals at the front of your mind
To really stay on top of your saving, keep reminding yourself what you are saving for. You could simply write it down, put a picture of your goal on the fridge or rename your savings account to keep you on track.
6. Reduce discretionary spending
Reducing your outgoings on non-essential items can be a great way to save money. There are loads of things you could try, including haggling about prices, looking for voucher codes online or setting yourself a limit on things like eating out.
7. Look into tax relief
If you're a PAYE taxpayer, there may be ways you can make savings on your taxes. For example, you may be entitled to tax relief on a uniform you need to buy for work. There are also deductions available if you give to charity or make maintenance payments in some circumstances. Find out more about tax relief from Gov.uk.
8. Keep your car running smoothly
Cars can be costly and if you own one there are some things you can do to reduce the amount you spend maintaining it. Pump the tyres, use a light touch on the accelerator and brake, and don't fill the tank all the way - fuel is heavy. And of course, the best way to make your car journeys more fuel-efficient is to ride-share whenever you can.1
Creating a clear path on how to build your savings can help you reach your goals. For more ways to help build your nest-egg, read our guide on how to save money.