Five top ways to save and boost your financial health

Pay yourself first

Set up an automatic transfer to your savings account as soon as you get paid. This easy approach helps make saving a habit, not an afterthought. It really works because it removes the temptation to spend the money before it reaches your savings.

Follow the 50/30/20 rule

Divide your income so you’re using;

• 50% for essentials like your mortgage or rent, household bills and food
• 30% for the things you love to do, for example entertainment and dining out
• 20% for savings and/or paying off debt

This popular budgeting method helps you stay balanced while prioritising savings.

If your essential costs are higher than 50%, don’t worry, simply aim to save 20% of whatever disposable income you have left.

Use the round-up savings feature on your banking apps

These features are useful savings tools that round up each purchase you make to the nearest pound and automatically saves the difference. It’s effortless and adds up quickly.

Cut out one regular, non-essential expense

Cancel an unused subscription, or swap the daily takeaway for a flask of your favourite home-brewed coffee. Redirect the money you save into your savings account – you’ll be surprised just how much you can save, especially if you combine it with the rounding feature.

Set clear savings goals

It will really help if you have a clear goal you’re saving towards. Whether it’s a holiday, house deposit or simply a rainy-day fund, it’ll help keep you motivated. If you have several goals, you can rename your savings account(s) so you can track how your savings are progressing towards each one.