Consider what you can afford
When it comes to saving, the first thing to think about is what you can realistically afford. Take a good look at your monthly budget and figure out how much you can comfortably set aside without feeling like you’re missing out or needing to dip into your savings frequently. The key is to save an amount that fits into your lifestyle without causing stress.
Why are you saving?
Think about why you’re saving. Is it for something big like a holiday, wedding, or even a new home? Once you know your goal, you can plan better. Check your budget again and see if there are areas where you can cut back – maybe eating out less or cutting some subscriptions. Then, figure out how long you have until you need the money. Divide the total amount you want to save by the number of months left, and that gives you the monthly amount to save. Setting up an automatic standing order or payroll deduction for this amount is a simple way to stick to your savings goal.
Salary Savings Scheme
If you’re not sure if your employer offers payroll savings, ask your company’s payroll team or HR department. Payroll savings is a great way to automatically save a portion of your paycheck without thinking about it, making it easier to build your savings over time. If you work for an organisation within the London Boroughs of Ealing, Hounslow, Richmond, Kingston Upon Thames, Wandsworth, or Spelthorne in Surrey, but your employer doesn’t offer payroll savings, you can contact us at Admin@Thamesbank.org. Share your employer’s contact details, and we’ll arrange a meeting to explain the benefits of regular savings through payroll deductions.
Savings Account
If you prefer to make a one-time deposit, the Saver’s Account is perfect for that too. Whether you’re looking to deposit anywhere from £100 to £9,999, this account offers flexibility. You can still add to your savings over time or whenever it’s convenient for you.
Get more information on regular savings and how to make the most of it here.