Smart ways to save big before the holiday spending hits

Zero to £10K!

Let’s set a goal of saving £10,000.

But first, ask yourself: where’s your money going instead of your savings?

• £5 coffee every day: £1,825 per year

• £50 takeaway per week: £2,704 per year

• £65 per month subscription: £780 per year

That’s a lot of money that could be heading straight into your savings pot

How long would it take to save £10K?

• One year: save £384.62 every fortnight

• Two years: save £192.31 every fortnight

• Three years: save £128.21 every fortnight

Hot tip: Set it aside

Once you know how much you want to save each month, put it away the day your salary lands in your account. Don’t wait—just remove it and forget about it.

Start by writing down your goals and when you want to achieve them. Stay focused and keep your eye on the target.

Know your money

Understanding how much you’ve got coming in and where you’re currently spending (including servicing any debts) can help you set a realistic savings figure.

Find a savings account that works for you

Do you need an account with high compound interest? Or maybe a term deposit/locked account where you can’t withdraw for a set period of time?

Look for:

• Minimum monthly deposits you need to meet

• Monthly or annual account fees

• Offers of bonus interest if you don’t make any withdrawals

Final thoughts

Not everyone can save £10K—but even working towards £1K will give you a security net. You never know, you might find your savings rhythm sooner than expected!