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Four Steps to become a Super Saver

It’s never too early to begin saving for your future, but when you’re in debt and on a low income it can be hard to know where to start. The good news is that everybody can become a super saver, simply by following a few simple steps.

Money Growing

1. Look after the pennies: This old adage really does work. Putting £1 per day away in a savings account won’t make a dent on your weekly budget, but after a few years you could have £1,000 – enough to really make a difference to your life. Start daily with a small amount and then increase it gradually to see the best results.

2. Pay off debt: Before you even begin to think about saving large amounts, it’s worth paying off any outstanding debts. The chances are that you will be paying more interest than you will be receiving on your savings, so this approach makes sense. On the other hand, it’s always a good idea to have a buffer amount for emergencies – anything between £500 and £1,000 is sensible.

3. Avoid unnecessary losses: When it comes down to it, what saving really equates to is simply not spending it. If you’re trying to put something away for the future then it’s probably a good idea to avoid impulse buys and unnecessary items, but you should also check that you’re not losing money through inattention. Limit credit card use, avoid bank charges and check your direct debits to make sure that you’re not overpaying. It’s also worth allocating some time to go through the fine print of your mobile phone, utilities and insurance contracts to see if you might be able to get a better deal elsewhere. By switching providers you could save hundreds of pounds every year - and all of that can go into your savings account and start earning interest.

4. Learn: The best thing about having money is that it can actually earn you more money, so don’t throw away this potential by settling with a low interest account. If you’re new to the whole business of saving then the first step is to have a look around to see what’s on offer, and the easiest way to do this is online. ISAs are a great way to save – they are tax free. With reputable providers you can open one online and start your tax free saving. For those likely to exceed the limit, the next step is to open a standard savings account. Again, you should shop around to make sure that you get the best deal out there and always reassess your account annually.

Finally, it’s worth making a budget so that you can see at a glance where your money is going and how much you’re saving. You’ll soon find that there’s nothing more satisfying than seeing the amount adding up and dreaming about what you’ll spend it on in the future.

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