1 February 2020
Saving for something special
Saving for something special? We’re here to help!
Whether it’s a dream holiday, a new car or a wedding, saving has to start somewhere – and it has to be manageable. The secret to success is by giving yourself plenty of time, knowing how much you need to save each month, and making it as easy as possible to get by without over-restricting yourself.
Let’s get started…
1. Name your goal
Give your goal a name that inspires you to save and will help you reach it faster - like ‘Dan and Ally’s wedding’ or ‘California road trip’. You will also need a date in mind to give you something to aim for. This makes it real and will help motivate you to save.
2. Work out how much you can save each month
Knowing what you’re saving for and how long it will take to get there is important. You will need to work out the total cost of your goal, how much you can afford to save each month, and how soon you want to reach your goal. Having a timeframe helps you focus on how much you can afford to put away and how often.
3. Open a savings account
If you haven’t already got one, open a savings account. Make sure you spend some time finding out the right account for your needs. Look closely at the product and its features before making a decision.
4. Set up a standing order
Once you’ve opened your savings account, set up a regular payment to it each month. If you can, set the payment to be transferred right after payday. At the end of the month, if you have any money left over, you can always top up your savings account with a little extra.
5. Enjoy and repeat!
When you’ve reached your savings goal, enjoy it – you’ve earned it!
But you might not want to stop there. Why not start the whole process again? Even if it’s just for a rainy day, there is always something worth saving for.
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