UK Savings Week: 4 Simple Ways To Boost Your Savings

Saving is essential for helping you build an emergency fund to cover unexpected expenses or even achieve a financial goal.

But it isn’t always easy to get started or stick to, so what can you do?

We’ve rounded up 4 top savings tips to help start and maintain a healthy savings habit wherever you are on your financial journey.

1.Shop around for the best rate

Currently, more than £1.1 trillion held in savings accounts could be at risk of losing value, according to research by Lightyear.

That’s because the money is sitting in accounts with interest rates far below the current rate of inflation, a tool which measures how much the price of goods and services are rising.

If the money in your savings account or bank account isn’t growing above the rate of inflation, it loses value.

That’s because you can’t buy as much with it as you could have before prices rose.

To secure the best inflation-beating savings accounts you’ll need to shop around. Check out our round up of the best savings accounts to find providers with top-paying rates.

You can also compare the best cash ISAs to see which providers are our top picks.

To get a better understanding of what you’ll earn from a savings account, you can use our free AER calculator to get an estimate.

You can also compare the best cash ISAs to see which providers are our top picks.

2. Automate your savings

Many financial providers, including Plum, Chip and Monzo, offer an automatic savings feature which allows you to set money aside.

Some providers also offer schemes called “round-ups” which allow you to save each time you spend.

For example, if you spend £3.50 on a takeaway coffee, your provider will take £4 from your card and put the extra 50p into your savings.

It works by rounding up your payment to the nearest £1 and putting the difference into a savings pot.

Another way to automate your savings includes setting up a direct debit or standing order to move money from your bank account into a savings account.

3. Sure up your budget

Whether you’ve had a budget for a while or are just getting started with one, making sure your finances are on track is key to unlocking savings.

A solid budget can help you track your income and expenses to help track where your money is going.

It can also help you identify ways to cut costs and save. For example, unused or forgotten subscriptions cost UK households almost £168 a year according to government estimates. This extra money could be funneled into your savings account and earn interest.

You can set up your own spreadsheet to track your outgoings. There are also lots of budgeting apps available to help you automate the process and some banks allow you to access spending insights.

4. Track down lost savings accounts

It’s always worth checking whether you’ve lost contact with a lost savings account, as there could be cash waiting for you to claim.

Once you’ve recovered the cash, you can maximise its growth by putting it into a suitable savings account.

For instance, if you were born between 1 September 2002 and 2 January 2011, you may have a Child Trust Fund account set up by the government. These accounts hold around £2,000 on average, according to estimates from HMRC.

Using a free tracing service can help you track down any lost accounts simply.

Investing Insiders has teamed up with Gretel to offer a free pension and Child Trust Fund tracing service.