Published On: Fri, Mar 13th, 2020

Savings tips: How one saver manages to save an extra £650 using simple methods | Personal Finance | Finance

Savings accounts are struggling across the UK as interest rates hit lows across the board. It is becoming harder to save money using traditional methods as they will simply not provide enough of a return. Inflation will quickly eat away at any money left in bank accounts and as such, many people will look into their spending habits to see if money could be saved there.

Going back to payment basics proved to be useful for this user, as they continued:

“Anything under £30 is paid in cash which usually means making a decision in the shop of “do I need this enough to go and find a cash machine and come back?” If yes, then buy it (and it ups the step count, winner!). If no, put it back and walk away.”

This may seem too simple to make a substantial difference to a persons finances but Chileris highlighted that it can make a real difference if combined with other strategies:

Many of the responses sympathised with the persons predicament, highlighting that trying to save money has become an issue for many.

The government seems to acknowledge that this is a difficult thing to do for many and as such, they offer various saving products with helpful perks.

ISA accounts are available in many forms which offer people tax free returns and in some cases, bonuses on their money.

They also provide “help to save” accounts for financially struggling individuals, which provides a bonus of up to 50 percent on money saved.

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