4 Ways to Make Saving Simpler and Easier

Saving can often be difficult – and as the cost of living rises, there are signs that households are finding it even harder.

Households deposited less money into their accounts in February than the average monthly amount as the coronavirus pandemic approached, recent figures from the Bank of England show.

Saving large sums can seem impossible, especially as larger bills start to land on the doormat. But you could build a kitty by saving small amounts here and there, without even thinking about it too much.

Elle McAtamney of TopCashback.co.uk has some tips for subconscious savings…

1. Let technology do the work

Make the most of all the tools in your banking app to track your spending and see what more you could save.

McAtamney says, “Sometimes it’s easier to let technology do the thinking and doing for you. Some banks may round up each time you spend, and some apps use algorithms to calculate an appropriate amount you can set aside every few days.

Could technology help you save money (Alamy/PA)

2. Try to remove some temptations

With spring in the air, the temptation to dabble in new outfits can be strong, especially when browsing online.

McAtamney suggests unfollowing or opting out of brands on social media, to try to minimize the effect of posts that urge us to spend.

3. Reconnect to physical cash

Relatively “frictionless” and hassle-free transactions, such as contactless payments and online payments with your pre-recorded details, can make spending more tempting.

McAtamney says, “Contactless transactions are a useful tool that makes shopping quick and easy – so easy in fact, that we sometimes forget we’re spending.

“It may seem contradictory, but spending physical money once in a while could help you be more mindful of your long-term buying habits. Seeing it slip through our fingers could be a helpful reminder of how much we spend on non-essential items every day.

Reconnecting with physical cash could help you spend more consciously (Alamy/PA)

4. Make the cashback go further

There may be ways to cash back more often, or perhaps redeem the cash for higher rewards.

For example, you may be able to get a bonus on top of the cashback you’ve earned by transferring it to a higher value e-gift card. Or you can download a browser extension that will notify you when you can earn money while shopping online.

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