Our top 5 savings tips

Savers who set themselves a goal are more likely to achieve it. In setting a goal, be realistic about how much you are able to save over a specific timeline. You can also set smaller milestones which will help you track your progress, celebrating the little wins to keep you motivated.

Beginning to save will mean you’ll need to know where your money is being spent each month, how much your income is, what you need for essential payments and how much you can save. There are many free online budget planners available to help you with this.

Once your funds have been moved to your savings pot, you may be less likely to dip into them, think ‘out of sight, out of mind’.

Make paying money into your savings account one of the first spends you make each month. Saving money on pay day helps develop a savings habit and boosts your savings, ensuring you have saved money in that month. Why not consider setting up a regular standing order from your current account for this?

Looking at how much you are spending on household bills, groceries, travel and eating out will help you spot opportunities to cut back. Try to look for any recurring non-essential purchases, and shop around for new provider deals to ensure you’re not overspending unnecessarily.