Saving isn’t easy, and it can sometimes feel impossible. In fact, according to the Office of National Statistics, 59% of 18 to 29 year olds have no savings at all.
There are reasons outside our control that can make saving especially difficult (like rising rents and stagnating real wages). But if you find saving tricky and you’re keen to make a start, we asked the experts in the Monzo Saving Squad (our Facebook group dedicated to saving) to share their best tips on how to actually save money.
Pay yourself first
Also known as the golden rule of saving, lots of the savers we spoke to said they set money aside in savings as soon as they get paid.
Use Pots to sort your money
Monzo features like Pots and Salary Sorter can help you organise your money and set your savings aside.
Give yourself a weekly allowance
Budgeting for an entire month can be tricky – so some savers pay themselves weekly instead.
Use a zero-sum budget
A zero-sum budget involves giving every pound you have a purpose. It’s useful if you want to control your spending and stop wasting money on unnecessary things!
Jump on the microsaving trend
Microsaving is an increasingly popular saving strategy that involves saving small amounts, often. You can even do it automatically through Monzo!
Cut back on your spending
Reigning in your spending is an obvious way to save more money. It's just often easier said than done!
Try to avoid temptation
Make it harder to do
Put pay rises straight into savings
If you're fortunate enough to get a salary bump or otherwise see your income increase, it’s easy to spend all your new earnings. But our savers said they found success by putting extra income from pay rises straight into savings.
And most importantly, celebrate your successes! 💪
Be realistic, try to stay motivated, and don’t forget to enjoy yourself!
Put our savers' tips into practice and open a Savings Pot with Monzo to earn interest and see your savings grow 🌱