UK Savings Week: Save today and thank yourself tomorrow

This year's UK Savings Week is all about the power of starting today to build financial security for the future. We’re excited to support this mission by sharing information and simple tips to help you build positive saving habits.

Why start saving?

Deciding to start saving isn't just about reaching a target number; it’s about building a safety net that helps you feel more financially secure.

According to research from the Building Societies Association (External), around 14 million adults in the UK currently have less than £100 in savings. When unexpected costs arise, a lack of a financial cushion could become a source of worry. By forming small, consistent saving habits, you can gradually strengthen your financial resilience and take care of your overall well-being.

Simple steps to get started with saving

Whether you’re saving to build a safety net for a rainy day, preparing for a big life event, or a holiday, these tips from UK Savings Week can help you explore what works for you:

•  Take a clear look at your current finances: Start by getting a clear picture of what’s coming in and what’s going out. It can help to review your spending and differentiate between essential "needs" and non-essential "wants."
  
  
• Set specific, achievable targets: Give your goal a clear shape rather than a vague idea. Keeping a visual reminder of your progress can help you stay inspired. Remember, small and regular contributions build great consistency, but strike a healthy balance so saving doesn’t feel like a sacrifice.
  
  
• Stay in control and manage temptation: To protect your savings, try to avoid situations where it’s easy to overspend, or set a comfortable personal spending limit beforehand. Using separate savings pots can also help keep your daily spending money distinct from your goals.
  
  
• Be kind to yourself along the way: Life happens, and unexpected expenses can temporarily throw off your plans. If you need to dip into your funds or pause saving for a month, try not to worry. Remind yourself of your progress, celebrate small milestones along the way, and simply pick up where you left off when you're ready.

Ways you can save

Finding a method that fits your circumstances can make building a routine easier. Setting aside a realistic, fixed amount each month can help establish a consistent habit over time.

Some common options include:

• Dedicated savings accounts: Options such as Cash ISAs allow you to earn tax-free interest on your savings (subject to tax rules and allowances).
  
  
• Workplace Savings: If your employer partners with us, our Workplace Savings scheme lets you automate your savings directly from your salary before your pay hits your bank account, post-tax and other deductions.
  
  

Building better financial health takes time, but every small step counts.