There are ways you can build up your savings to reach your goals, whether it’s to buy a new phone or save towards your first car.
See our tips to get started.
A savings account gives you somewhere to keep the money you want to save – reducing the temptation to spend it.
Once you’ve opened an account, you may be able to add to it regularly. Some accounts have terms, which mean you can only contribute a certain amount each month, while others let you add to your savings as much as you want. It’s worth finding this out before you open a savings account, so you can find the type of account that will suit you.
You may need a parent or guardian to help you open a savings account, and there’ll be some criteria you need to fulfil to be eligible. For example, with an HSBC MySaving account, you’ll need to be aged 7 to 17 and be able to deposit at least £10 into the account. If you’re under 16, you’ll need a parent or guardian with you to open the account.
Some savings accounts also have terms and conditions for withdrawing money. For HSBC savings accounts, T&Cs and eligibility criteria apply. Make sure you understand these when using your account.
When you get money, whether it’s from a part-time job, a birthday gift, or pocket money, it can be tough to work out what to save and what to spend. It's totally up to you, but you could set yourself limits. For example, you may want to add 20% of your money to your savings and keep 80% for spending on things like your bus fare or lunch. Or perhaps you want to split it 50-50. The more you can save, the faster you’ll reach your goal.
Setting a specific goal for your saving efforts can help you stay on track. Our savings goal calculator could help you see how much you need to save each month to achieve your target by a specific date. When setting a savings goal, make sure it's realistic so you don’t leave yourself short, or have to miss out on events with friends.
To help keep your goal at the front of your mind and remove the temptation of dipping into your savings account, you could try writing it down and keeping it somewhere you can see.
If there’s nothing you want to save for, you could try setting yourself milestones to hit. For example, you could aim to save £50 and then increase this to £75 or £100 when you’ve hit your target.
If you want to save more to reach your goal quicker, you could try tracking what you currently spend. A budget will show you where your money is going and where you may be able to cut back to save more.
You could also round up your spending to the nearest pound and add that to your savings. Some apps can do this for you, so you don’t have to think about it. Making small changes like this can have a big impact on your savings over a couple of months.
It may feel hard to get into the swing of saving money at first, but it’s important not to get disheartened if you forget to save one week or you save a bit less than usual. Putting away a small amount is still good and will add to your overall goal.
If you reach your target, whether it’s for a new item or a milestone, you don’t have to stop your savings efforts. You can carry on saving for another item on your list or aim to reach a new milestone.
If you have a part-time job, you may want to look at having your salary paid directly into your bank account.
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