Savings: Tip 1 – Save in a Separate Bank Account

When trying to start saving it can be helpful to set up a separate bank account to send your savings to each time you are paid. This can be set up through a Direct Debit or Standing Order. It is important to make sure it is a separate account to where your wages and bills are paid. The reason this can be helpful is that it can create a savings mindset whereby you will treat your monthly (or weekly) savings as a bill to be paid, rather than just setting it aside. The reason to have this as a separate bank account is the old saying of ‘out of sight out of mind’. If you don’t know that the money is sitting on your account or card, you are less likely to spend it! Do you have any savings tips that work for you? Get in touch and let us know!