The mission behind Back of the couch to financially fit is to find a new savings habit, even on a small scale. You don’t have to already be “good with money” to master the savings mindset or learn new saving techniques. Don’t doubt yourself – 61% of adults in the UK are saving money either every, or most months¹, even if they are just putting aside a few pounds!

A single pound can be enough to open a savings account and get you going, and you also don’t have to save lots at once. Adding small, realistic amounts of money to your savings pot on a consistent basis is often the most successful approach.

Finally, you’re free to save at your own pace. This is a marathon, not a sprint, playing the long game to gradually become more and more financially fit.

The first step is to understand where and how much you could save. Many new savers track their spending for a month.

Check what’s coming in and what’s going out. This will help you to see areas where you might be able to spend less and set an achievable budget for saving each month. There are lots of free apps that can help you with this and give you a clearer view of where your money goes.

It’s important to have a dedicated place to keep your savings. This could be a savings account, a bank account that helps your money grow, but a piggy bank or pound jar will also work.

Regular savings accounts can pay higher rates of interest to reward you for saving. With some savings accounts, you can only withdraw funds a certain number of times or you may have to pay withdrawal charges. Your rate may also reduce if you miss a monthly deposit. However, savings accounts with these rules and limits often offer higher interest rates, meaning your savings will grow more quickly just by leaving them in the account.

Before you choose where to keep your savings, think about how much flexibility and access you need. Having easy access to your money might seem great, but some limitations might be just what you need to stay disciplined in your saving routine.

Set a savings target – a specific number, big or small. If the number is specific, that makes it easier to track your progress, and in turn, celebrate reaching milestones!

You’ll want to consider what you can afford to save each month and perhaps come up with a realistic timeframe to achieve your goal. Give yourself some headroom in case there are any unexpected hurdles along the way, such as if something breaks or you receive a surprise bill.

Starting your savings journey might seem daunting, and it can be tricky at first when the savings lifestyle feels so new. However, setting up a ‘standing order’ can make it easier. This means setting up an automated transfer into your savings account on any day of the month that suits you, such as payday, for example.

As you get going and start to build your savings habit, it’s also important to understand how you tend to handle money, even without realising it sometimes. Saving hinges on forming the right mindset. Have you tried our quiz to find how financially fit you are?

Remember, saving is something that many of us can get into the habit of doing. Make it your mission, just as we are with our Back of the couch to financially fit campaign.

Join us using #BOTC on your favourite social media, connect with others on this journey, and let’s work on our financial fitness together.