Taking a little time to work out your own personal budget could help you arrive at a realistic monthly amount to set aside; work out how much money you have coming in each month, and how much you have going out. Some of the amount you have left over could be used to start saving for those bigger or unexpected costs in the future. But you don’t simply have to save for a ‘rainy day.’ While it’s important to make sure you’re covered for an emergency, it’s also a good idea to save for your ‘sunny days’ too. Put money aside for a summer holiday, a weekend away or a festival with friends – it can be encouraging to save towards something you’re bound to enjoy. This way it won’t feel like a chore and can help put you on the path to building a life long saving habit. It may seem difficult at first, but it gets easier with time and a savings pot of any size will give you more choices when you really need to use it. If you keep your personal goals in mind when you save, it can be exciting to track your progress and celebrate key milestones along the way.

The key is to first jot down your savings goals - short-term, long-term and everything in-between. This could be something specific and special like a house deposit, a university fund, or a family holiday.

 

If you’re looking to grow your savings pot little and often while having some flexibility to access your savings, you could consider a regular saver account, which is designed for smaller amounts saved regularly in return for higher interest rates. But, if greater flexibility is your priority, an easy access savings account could be your best option, allowing you to dip in and out of your savings whenever you like, though this will usually incur lower interest rates than an account which doesn't offer easy access.

 

There are many different types of accounts that could suit you, depending on your circumstances, including tax efficient ones if you’ve used up your Personal Savings Allowance. And one to remember is that if you're comfortable with more restrictions, e.g. a longer fixed rate or limited access, it can often result in higher interest rates. 

 

If you already have a lump sum of savings, and you don't need access to it for a while then opting for a fixed rate savings account could help your money work harder over time. These accounts usually ask that you lock away money for a year or two with no access and the interest rate won’t change.

 

So what are you waiting for? It’s time to up your savings game! Whether your ambition is to start saving small and create a long-term habit or if you’re looking for ways to make your money work smarter, there are a range of options suited to your financial goals.