Five easy ways to boost your savings today

Now I don’t know about you, but I’m not a natural saver. I’m way more of a spender, which means that saving doesn’t come naturally to me. It’s not the easiest of things for me to do and it’s something I have to really commit to. And I’m sure I’m not alone. This is why I do all I can to boost my savings! So if you’re anything like me, then here are five easy ways to boost your savings today.

SAVE YOUR LOOSE CHANGE

Now, this is one of the easiest ways to boost your savings. You can either do this with physical change if you pay with cash. But who does that any more? I personally, have my current account set up to round up up a transaction and pop the additional money into my savings account. So for instance, if my lunch cost £3.50, then the bank would round the transaction up to £4 and put the 50p into my savings account. Now, this doesn’t sound like a lot but believe me it all adds up.

TAKE ADVANTAGE OF HIGHER INTEREST RATES

Now, interest rates might be incredibly low right now, which is great for borrowers but not so great for savers. However, there are still saving accounts out there that will pay you more interest than others, if you choose to lock your savings away for longer. Now, this will be an option for you depending on what you’re saving for, and whether you’ll need the savings in the short-term. But if you’re happy to have them locked away for longer, then take advantage of the higher interest rates.

DO A SAVINGS CHALLENGE

I regularly try and have no spend days, which obviously help with spending less. But saving challenges are a great way to boost your savings. For example, I used to do the £5 savings challenge. Essentially, every time I got a £5 note, I’d put it away to save. It really didn’t require a lot of effort and within a couple of months I had over £110 sitting in an envelope.

TRANSFER ANY LEFTOVER MONEY AT THE END OF THE MONTH

I know it’s tempting to spend what you have leftover at the end of the month before payday. Or keep it in your account to spend next month. But get into the habit of taking what you have left at the end of the month and transferring it into savings. it doesn’t matter how small it is. It could just be £5 or £10 but it’ll all add up.

BE CONSISTENT

And the final way to boost your savings is to simply save consistently. If it becomes a habit then you’re more likely to stick to it. For me, I have direct debits set up for just after payday to transfer certain amounts into my savings accounts. It happens like clockwork. I don’t even think about it anymore. And once it’s done, I know what I have left to spend for the rest of the month.

So there you have it. Five easy ways to boost your savings account today. Let me know in the comments how you feel about saving. And what you’re currently saving for.