I've never been a great saver, in fact I'll be honest and admit that I have no savings behind me whatsoever! Which makes me annoyed as I could easily have saved up enough for a mortgage on a house if I had really put my mind to it. But from an early age I would spend my wages as soon as I got them, which was a really bad habit that I got into. I could always save up for something if I put my mind to it, for example a new phone, a holiday or a car but I couldn't just leave my money sitting in the bank.
Since moving out and having children I have become much better at saving, I've realised that it is always handy to have some savings behind you as you never know what you may need them for. Whether that be a new washing machine when the current one goes kaput, expenses when you need new parts on the car or if you fancy getting away for the weekend. I am now slowly building up my savings and hopefully someday will be able to put down a deposit on our own home. I just need to continue to save and not break into them when I feel like it. I much prefer managing my banking online as I can easily see where my incomings and outgoings are going from the click of a button. I now also manage my savings online too. I was never good at that whole taking money to the bank thing as I would tend to spend it before I got there!
Here are my 5 tips for managing your savings online
1. Use a budgeting planner to work out how much you could be saving each month and then you can decide how much to transfer from your normal bank account each pay day to your savings account before you have the chance to spend it.
2. If you are saving for a new TV, car or deposit on a house using a savings calculator can help you to work out how much you need to save each month to reach your goal.
3. By setting a savings goal it can help you save faster. If you really want to get that deposit for a new house, or save enough to travel around the world. Work out how much you can save each month and get saving. If you are new to saving then set a small goal and work your way up. You're more likely to succeed if you have a goal in mind.
4. Start investing! You're probably thinking that's for the rich people isn't it? Well you're wrong! There are many platforms out there such as Nutmeg which help regular people who have a little bit of savings behind them to invest in real businesses and fantastic opportunities. From as little as £1000 you can set up a portfolio through Nutmeg and they can help you to get started and choose the right investments for you. Their fees are reasonably low compared to other investment platforms.
5. Use online banking on your phone. There are many apps you can use to check your bank accounts online. I use online banking on a daily basis to manage my accounts and can easily transfer money between them. I'm less likely to spend money this way and can see what I have to spend and always see my outgoings.
Do you have any advice for saving?
* In collaboration with Nutmeg