IF your finances took a hit in January, now is the time to get back on track.
Get into the habit of saving little and often with these tips.
GOAL-GETTER: Define your savings targets and be specific. Maybe you want to save a certain amount or enough for a family holiday.
Make a vision board using pictures of what you are saving for and look at it daily. This will keep you motivated so you reach those goals.
TRACK SPENDING: The simplest way is to write down in a notepad everything you spend for a month.
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You could also do this by downloading a free Microsoft budget template, or by using the Snoop app. Connect the app to your bank account and it will categorise your spending.
SET A BUDGET: Once you know your income and expenses, you can see what is essential and what isn’t — and then set a budget for categories such as food, entertainment and transport.
By setting a monthly amount for each area, you are more likely to keep to it.
TRIM THE BILL: Use the short month of February to cut back on non-essentials. Pause a streaming service or think about whether you really need Amazon Prime.
Add the money to your savings. One less £20 takeaway a month could save you up to £240 a year.
AUTOSAVE: Implement an automatic transfer to your savings account each month, adopting a “pay yourself first” mentality. Try a savings round-up feature, available at most banks to automatically save a little each time you spend.
For example, if you spend £4.50, it will be rounded up to £5 and the extra 50p will go into your savings. Chase bank offers this, and you can earn 5 per cent AER on savings.
INTEREST COUNTS: Make the most of high-interest savings accounts.
Currently, NatWest customers can save £1 to £150 per month in a Digital Saver account and earn 6.17 per cent AER interest up to £5,000.
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