Five tips to help people on any income get into the habit of saving this summer

Daily Record

20 hours ago

Simple steps from Tesco Bank on boosting your savings pots by over £1,000 in just six months.
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New research from Tesco Bank suggests that over a third (35%) of Brits have increased their savings in the last six months, by an average of £1,076.
Despite continued cost of living pressures, many people have stuck to their savings goals and priorities in the last six months with almost half (47%) contributing monthly to their savings pots, while 20 per cent of savers top up when they can.
Tesco Bank found that 39 per cent of savers see their goals as long-term, such as working towards retirement (43%) or long-term financial stability (41%), while 17 per cent are saving towards shorter term goals like holidays (36%) or building an emergency savings pot (36%).
Delving into which age groups are leading the savings charge over this period, millennials and baby boomers have both stashed away an average of £1,127 in the last six months, while Gen Z aren't far behind with an average of £1,118 in their savings pots. Meanwhile, Gen X have saved on average £1,006.
Only 17 per cent of people said their savings had dropped in the last month but, more worryingly, the research showed that 12 per cent of people don't, or can't, contribute to their savings at all.
Some 32 per cent of savers said they didn't have a savings goal they are working towards.
Commenting on the findings, Chris Henderson, Save and Pay Director at Tesco Bank, said: 'Getting into the savings habit isn't always easy, especially when life feels a bit more expensive, but it's great that so many people are setting goals, sticking with them and seeing their savings grow.
'Little and often is usually the best approach to saving, with some flexibility for those months where your spending rises, like the summer holidays.
'We know, however, it isn't always as simple as that and we see from our research that a considerable number of people around the UK aren't saving anything at all. This is maybe because they can't, or they simply aren't in the saving mindset.
'If you have some spare cash, setting savings goals is important as it can motivate you, and remember you can start really small and steadily grow your money over time.'
Tesco Bank's five tips to start saving this summer
To help you get into the habit of saving, Tesco Bank have shared five of their top tips to help everyone - no matter their income - start building better savings habits.
It might help change your mindset and boost your bank balance by over £1,000 before Christmas.
Give yourself a goal
To help you stay on track it's good to have a goal in mind. Giving yourself something to work towards is a great way to stay motivated. Create saving pots, at home or in your banking app, so you can see the money grow as you work towards your goals.
Budget, budget, budget
Budgeting is your friend. If you don't have one in place already, it's worth getting a budget tracker set up as it can be a useful tool to track your spending. Your spending may vary from week to week, so having a monthly overview can help you assess where your money is going and whether you need to make any changes to cut costs.
Ringfence money for your savings
Setting up a monthly transfer into your savings account will help earmark money for savings, so you don't spend it elsewhere. A good time to do this is right after you've been paid, so you could set up a standing order to go out on, or just after pay day.
Small wins can boost your savings
Additional savings can also come from money you budgeted for but didn't end up spending. Perhaps your weekly shop cost less than you had budgeted for, or you decided to eat at home rather than go out. If you can take some of that money and divert it into your savings, even if it's just a few extra pounds, you'll be able to build up your savings pot and reach your goals quicker.
Set yourself a savings challenge
There are lots of different savings challenges out there, whether it's saving a certain amount every day or increasing the amount you save each day or each week. Each is designed to get you in the habit of putting money away and seeing it grow over time, so have a look and see which one could work for you and start saving today.