Some habits are easy to form and can occur automatically without you thinking about them. Some of these are nail-biting; binge-watching TV; or unhealthy eating. Unfortunately, saving money is not a natural habit. Saving money is one of those things that is “easier said than done.” However, we have a few ideas to help you get into the habit of saving money.

1. Set a goal of how much you would like to save by the end of the year. You can use SMART to make your goal.

Specific: Determine how much you would like to save by the end of the year. If you haven’t saved before, start with a small amount.

Measurable: Think about how much you need to save each month to reach your target amount.

Actions: How will you save money each month? Visit our News section to get some hints and tips on saving money, or maybe you can join the Payroll Deduction Scheme (more on this in idea 3).

Realistic: Set a target amount that you can achieve. You can’t say that you will save a million pounds if you have never saved before. If you start by saving as little as £1,200 a year, that’s more realistic. Create milestones and give yourself a little reward for reaching them. This will motivate you to continue saving.

Timely: Think about when you want to achieve your target amount – is it by the end of the year or Christmas?

2. Open a savings account
At Hertsavers, we have a wide range of savings accounts that you can open, whatever the occasion. You can find out more here.

3. Pay yourself first

Did you know that one of the most effective ways to start saving money is “paying yourself first”? You can do this by paying yourself each month through a Payroll Deduction Scheme.

This way you are automatically saving money even without thinking about it.

Find out more about our Payroll Deduction Scheme here.

4. Create a budget for how you will save money rather than spending money. This way, you will know how you would need to put aside to start saving. The Money Skills App has a good tool to help you. Learn more.

5. Are you about to buy something?

Especially if it’s an impulse purchase, simply think of it the following questions:

• “Do I need, do I REALLY need it?”
• “How many hours would I need to work to afford this purchase?”

Remember: Be a mindful consumer rather than a mindless one. By thinking about what you are about to spend (and if it’s worth it) is more step towards your habit of saving.

We wish you all the best with your habit of saving. Remember, you can always get in touch with us if you need help with saving your money.