As Christmas spending statements start to arrive, saving money is probably the last thing on our minds, but now is exactly the right time to get into the habit of putting a bit away.

Saving is a habit, a good one and even if our weekly or monthly savings are modest it will soon build up.


• Know your budget. Add up all of your monthly spends: rent/mortgage, utility bills, food shopping, travel costs etc. The total is the amount that you need to live on, anything extra could go into savings.

• Open a separate account, just a simple one, which helps to ring-fence regular savings. A little and often is perfect.

• Setting up a regular transfer for the day after payday from the current account to the savings account really helps.

• It may also be a good time to start thinking about long-term savings, such as a pension. Again a relatively small amount, started when we’re young is a good start.

• Some banks allow debit card spends to be rounded up to the next pound, the extra being paid straight into an eligible savings account, this is a painless way to save.

MORE SAVINGS IDEAS: Don't overcomplicate your resolutions


• Check your contracts: mobile, utilities, insurance and so on. Do they still meet your needs? Do you use all of the benefits or could dropping a couple of whistles and bells save money?

• Is paying by Direct Debit cheaper? It could be, so worth checking.

• Switch to an interest free credit card, work on paying it off and never add to it.

If saving money seems a bit dull, give yourself a little reward every now and then, for example, for every £500 saved give yourself a £50 treat.