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MANAGING YOUR SAVINGS ONLINE


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

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32 comments

  1. All of my finances are in one place - with my bank, who I work for too. I do my banking online and it makes it so much easier being able to see everything on one screen x

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  2. I have several accounts, one is just an emergency fund that is growing every day, we both have our own savings, and a US bank account, plus the one that our bill payments come out of

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  3. We do our telephone banking in branch and over the telephone. We have a seperate joint account for household bills, so we know how much to pay into it every month.

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  4. I bank online too and all my accounts are with the same one - I would find it hard to manage if I had money all over the place x

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  5. erm I have no advice whatsoever! I couldn't save a penny, ever lol

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  6. kayleigh watkins27 March 2015 at 20:12

    I set up a standing order only £10 a week but it all adds up and helps when we need a little extra or a treat for our children xxx

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  7. Some good tips. I do try to save regularly but don't have any real strategy.

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  8. I get fed up with getting a slightly higher rate but just for a year, then you have to withdraw and reinvest somewhere else, then repeat every year, the interest rates are so low that I have given up on shifting my small amount around.

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  9. You must write a list of every necessary outgoing you have and total it up to see how it compares to your income...

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  10. Very good advice Thank You xxx

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  11. I use Microsoft Money (free download) to manage and plan my finances, I find it works for me

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  12. I've found buying Premium Bonds better than saving - The "interest rate" is comparable (ie chance of winning), and you are less likely to withdraw the money "on a whim".... Plus you can always dream of the big one!

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  13. Only makes a small difference but round your salary down to the nearest £100 when you get paid and save the remainder!x

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  14. I can`t say I've been the best at saving either , at the minute I'm working at getting what I'm paying out down , then I can work on the saving. X

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  15. I'm rubbish at saving too. I have online banking but I got locked out about 9 months ago and still haven't bothered getting a new password!

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  16. Wife makes me a lunch to take to work, much cheaper than buying one, and ensures I spend NOTHING during a working week! A great saving!

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  17. eating out can be very expensive, we rarely eat outside of the home.

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  18. I love my credit union account, its so easy to save x

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  19. today is the last day to invest up to £15k in this years (2014-2015 ISA accounts.

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  20. If you are tempted by something when out shopping, ask yourself "Do I need it?" and think hard before you purchase.

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  21. for any large or considered purchases I always apply the 24 hour rule, this gives me time to think it through as to whether i really want it or not, this helps eliminate impulse buying and also give you time to compare prices if you do go ahead.

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  22. Keep checking sites like MSE for new savings rates, bonds and ISA's for your savings, and don't be afraid to move it for better returns!

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  23. the only thing that puts me off ISA accounts is that they cannot be in joint names, I understand why this is, but if additional access could be permitted that would be useful.

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  24. I,m here to get advice not give it ,i must be the worst moneysaver in the world!

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  25. I have been making a serious attempt at saving money over the past 4 years, I regret not doing it a lot sooner..

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  26. Keeping a budget plan is always helpful! Also, finding a decent savings account with good interest is helpful to know you will get something back!

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  27. I have always kept a spreadsheet to record all the monthly payments, I also always reconcile my bank statements every month.

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  28. I have a current account and a savings account! I always put atleast a tenner in my savings account every fortnight! Sometimes i treat myself to some buys but i always make sure they are sensible ones :)

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  29. I am a spender too - which is awful!

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  30. Good tricks for those who are not able to organize..here I am also :)

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