It can feel difficult to get your nest-egg to grow without having to constantly stretch yourself to save money. So to help, we’ve put together some tips and tricks to make it as straightforward as possible.
1. Automate savings
Sometimes it can be more effective to put your savings into your savings account the instant you're paid, keeping them separate from your essentials and spending money.
If you’re an HSBC customer, you can set up a standing order online or on the HSBC Mobile Banking app so payments are made from your current account to your savings account automatically and you don’t even need to think about it.
2. Find the best savings account
Whether you’re wanting an Individual Savings Account (ISA) or an account that is easy to access, choosing the right place to keep your savings can help your money grow faster. Look at which savings accounts you’re eligible for and the potential interest you could be earning on your money. Be sure to read the terms and conditions before signing up to an account.
Explore more: ISAs vs savings accounts: what's the difference?
3. Seek out the best deals
Use comparison websites to check if you could be paying less for your household expenses. If you do decide to switch to a cheaper deal, try putting the amount you’ve saved each month into your savings account.
4. Reduce discretionary spending
Reducing your outgoings on non-essential items can be a great way to save money. There are loads of things you could try, including haggling about prices, looking for voucher codes online or setting yourself a limit on things like eating out.
Explore more: Spending your income
Another thing that can help is delaying big purchases. While you don’t want to miss out on any time sensitive deals, taking the time to think about whether you really need to buy something can help you reduce spending on items you may regret later.
5. Look into tax relief
If you're a PAYE taxpayer, there may be ways you can make savings on your taxes. For example, you may be entitled to tax relief on a uniform you need to buy for work. There are also deductions available if you give to charity or make maintenance payments in some circumstances. Find out more about tax relief from Gov.uk.
Creating a clear path to build your savings can help you reach your goals. For more ways to help build your nest-egg, read our guide on how to save money.