Building a savings habit

Some people will tell you that make a big change in your life – whether that’s saving money, exercising or even getting up earlier – takes self-discipline.

And it’s true that you have to be motivated to make that change. But relying on self-discipline alone is unlikely to see you through.

Instead, building a habit that’s easy to stick to will help you save more. We’ve put together some tips to help you build the savings habit.

The easiest way to start getting into the habit of saving is to do it without even thinking.

That might mean ‘paying yourself first’. Set up a regular transfer to a savings account, so some money goes into your savings as soon as you get paid. That way, the amount you know you can afford to save will go straight to where it’s supposed to be. (And if you find you have money left at the end of the month, transfer that into your savings too!)

Or you could automate the process with an app. There are now a host of apps that link to your bank account and regularly scoop out some money to save:

• Chip and Plum do this by analysing your spending habits and working out how much you can afford to transfer to savings.
• Other apps like Moneybox work by rounding up your spending – so if you spend £4.20, the 80p will automatically move to a savings pot. (It might not seem a lot, but it all adds up!)
• Some bank accounts, like Monzo and Nationwide, will do this for you too.

It’s also really important to set yourself savings goals. For example if you want to save £400 for a holiday, set up a holiday saving ‘pot’ and pay a regular amount in each month. When you’ve hit £400, not only will you have had the satisfaction of hitting your goal – but you’ll get to go on holiday too!

And if you want to make saving a little more fun, why not try a saving challenge? Skint Dad has some great ideas.

Got any other ideas to help build the savings habit? Head to Facebook or Instagram to share them with the community.