Say goodbye to buy now, pay later – get saving!
Life feels uncertain these days. Wages do not stretch as far, prices keep rising and few of us can be sure what is coming next. That is why saving matters more than ever.
It is not about big money or fancy accounts. It is about starting small and building a bit of breathing space. Even a few pounds tucked away each week can stop a surprise bill turning into a crisis.
Where to start?
We do not need to wait until we have “enough” to save. We just need to start.
It helps to set a goal. What are we saving for? A new appliance, Christmas, or a small emergency pot? Once we know that, we can work out what is realistic.
Starting with our mindset
Quids in! reader Becky told us:
“On paper, I didn’t have enough money to start saving. So I decided to save first and then stretch everything else out. I started using all the leftovers, getting creative in the kitchen and shopping less often.”
Becky’s approach worked because she made saving a priority. Every spare pound, refund or windfall went into the pot. For some of us, the money for one less cigarette, coffee or takeaway could do the same. The habit matters more than the amount.
Read Becky’s story: From Bankruptcy to a Grand
Small steps that make a big difference
A few simple habits can help us get started:
- Check our spending and see where we can cut back.
- Move a little money into savings as soon as we get paid.
- Keep track of what we save so we can see progress.
- Treat saving like a regular bill we pay to ourselves.
Use the Quids in! Budget Planner to see what we can afford to put aside.
If we want to build the habit in a fun way, try one of our Savings Challenges That Work.
Choosing a savings account
Not all accounts are the same. Here are the main types:
Easy-access savings:
We can take money out whenever we like. Great for emergencies.
Notice or fixed-term accounts:
We need to wait a bit before withdrawing. These often pay a higher rate.
Credit unions:
Local savings clubs that keep money safe and offer fair loans. Find your local credit union.
Digital banks and apps:
Banks like Monzo, Chase and Starling make saving simple. We can create separate “pots” and even round up our spending automatically.
Before choosing, compare rates on trusted sites like MoneySavingExpert or MoneyHelper.
Always check the bank or app is FSCS protected. That means up to £85,000 of our savings are safe if the provider goes bust. Learn more at FSCS.org.uk.
Saving behaviours that help
- Make it automatic. Set up a standing order or Direct Debit so the money moves into savings on payday. When it happens automatically, we are less likely to spend it by mistake.
- Keep it out of sight. A separate account helps stop us dipping in. Some people even open a savings account with a different bank, so the money feels harder to touch.
- Give it a name. Calling it “Christmas fund,” “rainy-day pot,” or “new sofa stash” helps remind us what we are working towards. It keeps saving personal and motivating.
- Pay ourselves first. Treat saving like any other bill. The rent, the gas, the electric — and a little bit for our future.
- Celebrate progress. Whether it is £10 or £100, it is proof that we can make saving work. Mark it somehow — tick off a goal, tell someone, or just enjoy that feeling of control.
Smart saving habits: Dos and Don’ts
Do:
✔ Shop around for better rates.
✔ Set a goal and keep it realistic.
✔ Use safe, protected accounts.
✔ Keep savings separate from spending money.
✔ Reward ourselves when we hit a target.
Don’t:
✘ Keep large amounts of cash at home.
✘ Fall for high-return scams or dodgy “investment” tips.
✘ Feel guilty about starting small.
✘ Dip into savings for impulse buys.
✘ Ignore help if we are struggling.
Getting help with saving
If we are finding it tough, there is support out there.
- Help to Save: For people on Universal Credit or Working Tax Credit. We can save up to £50 a month and get a 50% bonus after two and four years. Learn more about Help to Save.
- Credit unions: Often help members save regularly and offer small, fair loans when needed. Find your nearest credit union.
- MoneyHelper: Government-backed advice on saving, budgeting and dealing with money worries. Visit MoneyHelper.
- Citizens Advice: Local advisers can help with budgeting, debts and benefits. Find local support here.
If we need to deal with debts before saving, free help is available from StepChange and National Debtline.
The takeaway
Saving is about confidence, not cash. Once we start, we prove to ourselves that we can do it.
Even a small buffer makes life easier when the washing machine breaks or the rent goes up. The first step is the hardest, but every penny counts.
