Savings tips: How Britons could ‘save extra’ and reduce chances of a ‘money crash’
Martin Lewis offers advice on savings and interest rates
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That’s why Barclays Millennial Finance Specialist, Zainab Kwaw-Swanzy, has shared her top saving tips for the summer of 2021 to help Britons avoid a ‘money crash’. From savings challenges to habits to consider getting into, the savings specialist has plenty of suggestions, which she has shared exclusively with Express.co.uk.
£5 Savings Challenge
Starting good savings habits is often easier said than done when there’s so much on offer to spend your money on.
This is why Ms Kwaw-Swanzy likes to combine the thrill of enjoying a summer treat with saving money.
“Every time you treat yourself this summer, why not put £5 into a jar or savings account. This way you’re balancing every treat with the added bonus that you’re also taking a step to help money grow,” she said.
“Find yourself getting into the flow of healthy savings habits and reduce the chances of falling into a ‘money crash’ by going slow and steady.”
Holidays are usually an expensive endeavour but looking into alternative types of accommodation can give you the getaway experience at a fraction of the cost.
She noted: “Grab a group of friends and consider booking a holiday rental as opposed to a hotel. Not only does this option give you more space and freedom, but sharing the cost between a group is typically cheaper than paying for individual hotel rooms.
“You may even find an adventure in a campervan or being close to nature in a tent are just as fun, as well as more budget-friendly!”
‘No spend weekends’
While it may not be to everyone’s liking, lockdown has showcased all the different ways to keep yourself entertained without leaving your front door. Use this recently-learned skill to your advantage by having a ‘no spend weekend’ once a month.
“You’ll find yourself doing activities you enjoy; like going for long walks, hosting a movie night or challenging yourself to make a nice dinner out of your cupboard staples. Not only will it be a worthwhile time to recharge your batteries, but your bank account will thank you for it.”
Save then spend
Many people are prone to impulse buying, and while £10 here and there might not seem like a budget drainer while you’re at the till, it will definitely put a hole in your savings at the end of the month.
“Next time you want to buy a treat – a £30 dress, say – make yourself save the £30 first.
“For example, think twice before you buy that coffee on the go and walk or cycle to work a couple of times a week instead of paying for transport until you hit £30. Now switch this sum from your current account into your savings account. This way, you’ll save extra and give yourself time to make sure you really want that dress,” she commented.
Put money away on payday
The time when you’re most likely to splurge unnecessarily is as soon as your bank account has been refilled.
It’s incredibly tempting to splurge unnecessarily when your bank account has just received a refill, so Ms Kwaw-Swanzy suggested people avoid this by putting away a set amount as soon as they get paid.
“Set up a standing order using your banking app to ensure you don’t even have to think about it each month.
“This will help break down the often daunting task of saving, and you’ll soon realise how easy it can be. And if you’re looking for some advice on how to set longer term savings goals, why not book a session with Barclays Money Mentors who can offer personal guidance and support, even for non-Barclays customers.”
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