Starting a piggy bank

If you have come around to the idea that it might just be time to start saving, here are a few ways that will get you on that path, and more importantly  change your mindset and  develop that new habit.

Savings challenge. There are quite a few of these floating around, you can do  a simple google search and find one that suits your situation and budget.  The one that I found most interesting is “1p saving challenge “. We always have small change lying around, and most of the time I find it inconvenient and irritating to carry around,however i believe this challenge will make me more aware and mindful of that old saying “look after the pennies the pounds will look after themselves.” This is a 365 day quest, on day one you start off with 1p, day two you add 2p to the pot (so now you have 3p in total from day one and two). Day three you add 3p which brings your total to 6p and so on. IF you choose to rise to the challenge you end up with a respectable amount, 5p short of £668.00.

WEEKLY SAVINGS   365 DAY SAVING CHALLENGE

A lump sum once a month . This in my opinion, should be your medium to long-term savings plan. These days you don’t even need to go to the bank to open a savings account,online banking on your current account allows you to do it any time ,from the comfort of your home.  Simply open a saving account with your bank and set a standing order for a sum of your choose to be transferred directly out of your bank account, every month. By doing that you avoid forgetting a month, or two, or three, or simply spending the money before you get around to manually transferring it. after a few months of adjustment you won’t even feel the absence of the money and you will have your savings port growing a reassuring and steady pace.

Save as you shop. This one would be for you if you use your debit card a lot and would be more of an add on, rather than your main way of saving. Go in to your banks local branch and inquire if they offer ”Save the change” scheme. Different banks can offer this service under a different name but the essence is that every time you use your debit card, the amount you’ve spent will be rounded up to the nearest pound and the difference transferred to your savings account. (Your current account and savings account will need to be with the same bank.) So, for example, if you spent £5.60, this would be rounded up to £6, and 40p would go into your savings account.

Remember building substantial savings is a long hall game, but if you are patient, persistent and mindful you are definitely on the road to success!

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