I’m an economics professional – here’s how to save £1,700 with your loose change

As Christmas approaches, we are all thinking about how we can save some extra money.

Luckily, a savvy content creator shows his trick to save a little each day.

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Kathyrn’s hack involves moving your loose change into your savings account every dayCredit: tiktok/@everylittlepenny

Kathyrn, running @everylittlepennyoften shares money-saving tips and challenges with his 24,000 followers.

In one of her recent videos, the content creator explains, “So this is one of the easiest ways to save money.

“Every day you just go to your bank account and transfer the last digit of your balance to your savings account.”

During the 17 second videocontent creator shows her daily savings over a week.

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Transferring between £2 and £7 a day, she manages to save a total of £33.

If she managed to save that amount each week, she would end the year with at least £1,716 in savings.

Fans rushed to praise Kathyrn’s genius, writing, “Good way to make saving fun if you can.”

Another said: “I do this every time I pass [the] bank. Round it up, just like save the change, then every month I come [my savings] Account.”

Others have suggested enabling the “round up” tool, where your transactions are automatically rounded to the nearest pound, and the change is saved.

One follower wrote, “You can take a look around with Natwest. I do and had something like £49 at the end of the week. It was crazy.”

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Another said: “Most banking apps have a ‘Save Change’ feature which will round up card transactions to the next higher pound…provided you have sufficient funds.”

This is available at Natwest, Bank Of Scotland, Lloyd’s, Monzo, Nationwide, Starling Bank and TSB.

But how does it work?

“Pay with your debit card or contactless device – let’s say it’s a coffee for £2.30,” says the Natwest website.

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“We will round the amount to the nearest pound. We’ll send your spare change, in this case 70p, to your savings account.

Somewhere else, TikTok users praised Klaire de Lys for his advice on how to lower your electric bills – including the importance of defrosting your freezer.