We appreciate how hard it is, particularly at the moment, to build up any savings here are our top 12 savings tips which may help.

1 – Develop the savings habit and save direct

Make saving a habit, it doesn’t have to be a lot and with a Just Credit Union savings account you can pay in easily and when you need it you can get access to you savings  quickly. If you can, get your money paid direct from your payroll or benefits to your Just Credit Union savings account or transferred from your current account quickly into savings. If you don’t see it you are less likely to miss it and with Just Credit Union your savings are secure and there when you need them.

2 – Set a goal

Have a savings goal something specific you want to achieve and have some smaller steps along the way this will help keep you focused.

3 – Face the numbers!

Drawing up a weekly or monthly budget isn’t fun but get all your statements together and work out your income and outgoings and  identify the priority ones such as Council Tax and rent. You will soon start to feel better about money and start to feel more in control.

4 – Take control

Keep a record of where your money goes and check against your budget.

5 – Trim your spending

Cut back on the non-essentials, is there expenditure you don’t need to make? Check out things like any ‘lockdown subscriptions’ do you really need them any more can you stop them or pause them for a period?

6 – Make the big changes

Is now the time to stop smoking or spending on alcohol? Talk to your GP to get the support you need and have a reward yourself in mind for the money you save.

7 – Check your benefits

Are you getting all of the benefits you are entitled to? Use an online benefit calculator like Turn2us and check that you are receiving all the benefits you are due.

8 – Check the market

Use an online comparison site to check you are on the best rates for mobile phones broadband  and TV packages but make sure you are aware of any penalties if you do switch. Do the same when your insurances are due for renewal and make sure your information is correct and up to date e.g. are you doing less miles in your car these days?

9 – Shop for value

Shop for groceries wisely check out own brands and basic ranges, look for reduced items and offers, but make sure they are genuinely a better deal and that you will use what you are buying. Try not to visit the shops to often, each time you go you may be tempted to buy a few little extras. Check out ‘eat for less receipts’ online and have a meal plan. Know what you plan to cook and have a shopping list. For other items check out things like Freecycle, Facebook,  and Charity Shops.

10 – Check the rates

Avoid high interest loans such as pay day loans and doorstep lenders. Know how much you are borrowing and over what period and understand the total amount you will have to repay. Then check it against other alternatives such as a Just Credit Union loan. Never borrow from an illegal money lenders, money lenders must be registered you can check they are on the  Financial Services Register 

11 – Follow the 24 Hour Rule

Impulse buying is a leading cause of lack of savings,  do you really need that new gadget or bag? Don’t buy now! It is likely still to be available tomorrow so wait 24 hours, sleep on it then decide if you really need it and can afford it.

12 – Get advice

If you have debts, don’t panic! There is lots of free advice out there here is our guide “Where to get free debt advice.”

Don’t put it off its not easy but get started today!