Progressive’s Tips for Saving Regularly

At Progressive Building Society we understand the importance of saving whether it’s for a rainy day, a break away with the family or for the unexpected. Sometimes the hardest thing about saving can just be getting started. We’ve provided our top tips to help you start your regular saving journey today!

1. KEEP TRACK OF YOUR EXPENSES

Establish what money is coming in, what is going out and when. When you see this clearly laid out in front of you, it will give you a clear picture of where your money is going and where you might be able to save more.

2. SAVE SMALL AMOUNTS AND REGULARLY

Set up a monthly standing order to transfer from your current account and into your savings account on pay day.  If you have anything left over at the end of the month this could also go into your savings account.

3.SAVE FOR EMERGENCIES

Be prepared to adapt your savings budget, as your circumstances may change, for example an increase your monthly bills. It is important to set aside money for emergencies such as car trouble or home repairs.

4. THINK BEFORE MAKING ONLINE PURCHASES

It can be difficult to avoid spending time shopping online, however, it’s important to think about whether you really need that sixth pair of trainers!  It’s might be a good idea to take a few days to consider whether you need the item before impulse buying and potentially regretting later. The money you spent might have gone to better use in your savings account for something more meaningful.

5.FIND WAYS TO CUT BACK ON SPENDING

It’s a good idea to identify nonessentials that you can cut back on such as subscriptions and takeaways.  Cancel subscriptions and memberships that you don’t use and only allow one takeaway each month or on pay day.

6.PLAN AHEAD FOR GROCERY SHOPPING

Make a list when you do your weekly shop, and this will help you ensure that you only buy necessary items. You may even wish to consider ordering online but bear in mind that depending on the time of day or supermarket you use; this may incur a delivery charge.

7. LOWER YOUR UTILITY BILLS

You could lower bills by turning of appliances and lights when not in use, use energy efficient bulbs.  Not only is this a small way of doing your bit for the environment, the cost of electricity builds up over time.  You also consider switching your energy provider and shop around for the best deal.

8. SET SAVINGS GOALS

After evaluating your spending habits decide how much you can afford and need to save each month.  You may also have some short-term goals such as an emergency fund, that holiday you’ve been longing for or a down payment on a car.  Longer term goals could include saving towards a deposit for a house, your child’s education, or retirement.

9. CHOOSE THE RIGHT REGULAR SAVINGS ACCOUNT FOR YOU

It’s important that you choose the savings account that suits your needs.  At Progressive we have a range of regular savings accounts.  To find out more information visit our regular savers section.

10. WATCH YOUR SAVINGS GROW!

Don’t forget to review your budget and check your progress every month as this will ensure you are achieving your personal savings goals.