How to become a savvy saver
How to become a savvy saver
Do you have any money put aside to cover an unexpected cost? Some people refer to it as a ‘rainy day fund’. According to the Bank of England, over a third (34%) of UK adults have less than £1,000 tucked away and, worryingly, nearly two thirds (65%) of adults would struggle to last three months without borrowing1.
At Coventry Building Society, we understand that life can get in the way of getting serious about saving. But, putting something aside can give you peace of mind and help you to feel more in control of your money. That’s why we’ve put together some savvy tips to help you navigate your savings journey.
Setting financial goals
A good place to start is why you want to save. Perhaps you're keen to put some money away in case of an emergency or you want to get away on your dream holiday. Or maybe you’re looking to purchase your first home or make improvements to the one you have.
Be smart about your savings goals. When setting them, be realistic about what you can achieve in any length of time. Then, pick out a savings account that's perfect for you.
If you’re not sure which account is right for you, we have a range of accounts on offer. For example our Regular Saver account or perhaps you’d prefer a flexible or long-term savings account. To see what suits your needs best why not take a look at our savings range. We believe in being clear and open with you too which is why we also have a compare tool to allow you to compare our accounts with those from other providers.
If it's a first home you're dreaming of, look for savings accounts like our First Home Saver, tailored to buying a home. This account lets you save up to £1,000 each month, for three years, towards a deposit, earn interest, and get a £500 celebratory bonus if you take out a mortgage with us. If you need to access the funds you can withdraw money charge-free by applying a 60 days’ notice to the account.
Set a realistic budget
It’s time to look at your spending habits - what's coming in and what’s going out. Either keep your receipts or track your spending electronically and, at the end of each month, group your expenses into either essentials or non-essentials.
Think about cutting back on some of the non-essential spending, which could be trips to the cinema, grabbing a coffee on the go, or buying lunches for work. With the average UK cinema ticket costing £7.692, why not stay in and enjoy a cosy movie night at home instead? And while buying lunch for work might be a time saver, it isn’t a money saver.
See how making changes to your spending in a typical week can add up over the year
Non-essential purchases made every weekday
| Purchase | Cost | Weekly cost | Yearly cost |
| Coffee | £3.00 | £15.00 | £780.00 |
| Lunch meal deal | £3.50 | £17.50 | £910.00 |
| Total spend | £1,690.00 |
Non-essential purchases as a Friday treat
| Purchase | Cost | Weekly cost | Yearly cost |
| Coffee | £3.00 | £3.00 | £156.00 |
| Lunch meal deal | £3.50 | £3.50 | £182.00 |
| Total spend | £338.00 | ||
| Total saving | £1,352.00 |
If you buy a coffee every weekday, you'll be spending £780 in a year. Cutting this back to once a week means you could add an extra £624 to your savings. Enough to put towards a treat you’ve had your eye on or a holiday.
There are a number of easy-to-use apps that help you track your spending, allowing you to get a better understanding of what you can spend and what you can save by budgeting.
Sometimes, seeing your outgoings in real time can help you to pause and consider your spending more closely. Why not challenge yourself to set a goal for keeping your spending down. Could you clock up a 'zero spending day' or two?
Changing your shopping habits
With the cost-of-living crisis, supermarkets are even more keen to get you through their doors, rather than their competitors’.
Switching where you shop could save you some money, as could switching to own brands too.
Cashback websites
Cashback websites are a great way to receive money back when you make your purchase through their website. They act as a type of reward website that pays you back a percentage of your spending on a wide variety of goods and services, from groceries and gadgets to utilities and even ISA accounts and savings products!
You’ll need to provide your bank details so that these sites can pay money to you. So, it's important to only use reputable cashback websites. You can check that a cashback site is genuine by using websites such as Scam Detector.
Then sign up, shop through the cashback website, and watch the pounds roll back in. By being a savvy spender you could become a savvy saver.
Savings summary
Saving money can be challenging, but at Coventry Building Society, we’re here to help you overcome those challenges through great savings habits. With our handy tips, you can become a savvy saver: setting clear financial goals, choosing the right savings account, realistically budgeting with user-friendly apps, shopping smart and using cashback websites to enjoy extra rewards.
By embracing these savvy saving strategies, you can take control of your financial future. Interested in exploring some of our savings accounts?
Your journey to financial savvy starts today!
Do you have any money put aside to cover an unexpected cost? Some people refer to it as a ‘rainy day fund’. According to the Bank of England, over a third (34%) of UK adults have less than £1,000 tucked away and, worryingly, nearly two thirds (65%) of adults would struggle to last three months without borrowing1.
At Coventry Building Society, we understand that life can get in the way of getting serious about saving. But, putting something aside can give you peace of mind and help you to feel more in control of your money. That’s why we’ve put together some savvy tips to help you navigate your savings journey.
Setting financial goals
A good place to start is why you want to save. Perhaps you're keen to put some money away in case of an emergency or you want to get away on your dream holiday. Or maybe you’re looking to purchase your first home or make improvements to the one you have.
Be smart about your savings goals. When setting them, be realistic about what you can achieve in any length of time. Then, pick out a savings account that's perfect for you.
If you’re not sure which account is right for you, we have a range of accounts on offer. For example our Regular Saver account or perhaps you’d prefer a flexible or long-term savings account. To see what suits your needs best why not take a look at our savings range. We believe in being clear and open with you too which is why we also have a compare tool to allow you to compare our accounts with those from other providers.
If it's a first home you're dreaming of, look for savings accounts like our First Home Saver, tailored to buying a home. This account lets you save up to £1,000 each month, for three years, towards a deposit, earn interest, and get a £500 celebratory bonus if you take out a mortgage with us. If you need to access the funds you can withdraw money charge-free by applying a 60 days’ notice to the account.
Set a realistic budget
It’s time to look at your spending habits - what's coming in and what’s going out. Either keep your receipts or track your spending electronically and, at the end of each month, group your expenses into either essentials or non-essentials.
Think about cutting back on some of the non-essential spending, which could be trips to the cinema, grabbing a coffee on the go, or buying lunches for work. With the average UK cinema ticket costing £7.692, why not stay in and enjoy a cosy movie night at home instead? And while buying lunch for work might be a time saver, it isn’t a money saver.
See how making changes to your spending in a typical week can add up over the year
Non-essential purchases made every weekday
| Purchase | Cost | Weekly cost | Yearly cost |
| Coffee | £3.00 | £15.00 | £780.00 |
| Lunch meal deal | £3.50 | £17.50 | £910.00 |
| Total spend | £1,690.00 |
Non-essential purchases as a Friday treat
| Purchase | Cost | Weekly cost | Yearly cost |
| Coffee | £3.00 | £3.00 | £156.00 |
| Lunch meal deal | £3.50 | £3.50 | £182.00 |
| Total spend | £338.00 | ||
| Total saving | £1,352.00 |
If you buy a coffee every weekday, you'll be spending £780 in a year. Cutting this back to once a week means you could add an extra £624 to your savings. Enough to put towards a treat you’ve had your eye on or a holiday.
There are a number of easy-to-use apps that help you track your spending, allowing you to get a better understanding of what you can spend and what you can save by budgeting.
Sometimes, seeing your outgoings in real time can help you to pause and consider your spending more closely. Why not challenge yourself to set a goal for keeping your spending down. Could you clock up a 'zero spending day' or two?
Changing your shopping habits
With the cost-of-living crisis, supermarkets are even more keen to get you through their doors, rather than their competitors’.
Switching where you shop could save you some money, as could switching to own brands too.
Cashback websites
Cashback websites are a great way to receive money back when you make your purchase through their website. They act as a type of reward website that pays you back a percentage of your spending on a wide variety of goods and services, from groceries and gadgets to utilities and even ISA accounts and savings products!
You’ll need to provide your bank details so that these sites can pay money to you. So, it's important to only use reputable cashback websites. You can check that a cashback site is genuine by using websites such as Scam Detector.
Then sign up, shop through the cashback website, and watch the pounds roll back in. By being a savvy spender you could become a savvy saver.
Savings summary
Saving money can be challenging, but at Coventry Building Society, we’re here to help you overcome those challenges through great savings habits. With our handy tips, you can become a savvy saver: setting clear financial goals, choosing the right savings account, realistically budgeting with user-friendly apps, shopping smart and using cashback websites to enjoy extra rewards.
By embracing these savvy saving strategies, you can take control of your financial future. Interested in exploring some of our savings accounts?
Your journey to financial savvy starts today!
References
Related articles:
Your first steps to saving smart
How to get into a good savings habit by following a few easy steps.
Related articles:
Your first steps to saving smart
How to get into a good savings habit by following a few easy steps.
