Saving doesn’t have to be hard work. There are ways to grow your savings without even noticing you’re doing it with minimum effort required.
• Arrange a standing order to your savings account. This is one of the easiest way to start building up your savings. Arrange a standing order from your current account to your savings account. Balance in your savings will start to grow on its own without you have to remember to physically move the money from one account to the other.
By standing order automatically draw off the money you want save as soon as you get paid also by this you never miss it. After the first month of setting up the standing order, you don’t have to do anything jsut sit back and watch your savings grow.
• Make use of banks that help you save. Certain banks have special facilities set up that are designed to help you transfer money little by little, into your savings account in order to grow your savings.
E.g Every time you use your debit card the amount you spend is rounded up to the nearest pound, and the difference is sent straight to your savings account.
• Put in a penny jar. The old proverb is as true today as ever, a little actually go a long way. Simply putting away a bit of cash every day in a penny jar can eventually pay dividend. Start with when emptying your purse of extra pennies and silver. Use a penny jar that can’t easily be broken into to avoid temptation. When possible try to put some pound coins or notes in to boost your balance. Empty the jar when it is full to the top, and deposit in your bank savings account.
• Make use of accounts that reward you. There are current accounts that will pay you a small amount each month when you deposit a certain amount or keep your balance above a specified threshold. E.g Banks pays you £5 for every month that you deposit more than £1,000 irrespective of whether you are in credit or overdrawn. It is worth taking the cash your bank pays you and putting it straight into your savings.
• Take advantage of account sweeping. Certain current accounts offer the facility of an automated sweep facility. Which will automatically ‘sweep’ any spare cash you have left in your account into your savings account on a certain date each month. You have to choose the date and amount to be transferred to your savings.