Saving is a way of life. It’s not just about putting cash away for a rainy day or accumulating an amount to pay for a major purchase, but looking at everything we do in life and seeing how by altering our behaviour we can save money, time and effort. Additionally, altering the way we do things may have a positive impact on our health and also reduce our detrimental impact on the planet.
Everyone can save money in many ways during the course of a single day. Although the savings made on each occasion may seem minor, they will soon add up to significant amounts. For example, many people start the day by popping into their local cafe or franchise coffee shop for an elaborate and usually expensive hot beverage. If instead they prepared their own coffee before leaving home and took it with them in a flask or insulated mug, they could easily save around £2 per day.
Many people automatically drive to work without thinking about whether a car journey is necessary. But by walking or cycling instead they could save a substantial amount over the course of the year, especially if they have to pay car parking each day instead. Even if cycling or walking are out of the question then car-sharing could be an option which can save considerably on your daily travel bill.
There is also the opportunity to save money when paying domestic bills, as many utility and other suppliers offer discounts if payment is made by direct debit. But, these methods of saving money are just a few examples. Savvy savers can look at everything they do and work out ways to save significant amounts of cash.
With spare cash comes the opportunity to invest. When it comes to choosing a savings account a savvy saver will know exactly what they want. If they need to save for the long term, perhaps for a major purchase, they will know exactly when they expect to withdraw a considerable sum. Therefore, a notice account that pays a high rate of interest may be the best place to start for such savers.
For other savers just looking to accumulate cash that they may wish to withdraw at short notice then an instant access savings account would be best, perhaps even an instant access Cash ISA. An Individual Savings Account (ISA) is a tax-free way of saving money and is available to any UK tax-payer over the age of 16. Up to £3,600 can be invested in a Cash ISA each year and the interest paid is tax-free.
But whatever account is chosen, a savvy saver can soon accumulate a fair balance by looking at their day-to-day expenditure and making changes that result in savings.