Practical saving tips

Whether it’s for an emergency fund, a family holiday or simply a rainy day, decide on what you want to aim for and write it down. Stay motivated by adding a photo to your phone screen of that dream destination or the big figure you want to reach. It’ll help to keep it front of mind and help you prioritise when making everyday decisions.

Start off by looking at the money you have coming in, and what you spend it on each month. Add up all of your everyday costs, from groceries and fuel to household essentials and transport. Remember one-off payments like car servicing or birthdays. You might want to keep a spending diary to help you work it out. If you’re a Tesco Bank customer the Mobile Banking App could be an easier way to check your transactions and manage your account.

Now you know what you’re spending you can work out where you might be able to cut back or choose cheaper options. Create a budget to stick to each month and work out how much you’ll realistically be able to save. Start small if you need to, your nest egg will soon begin to grow. Tesco Bank has loads of budgeting tips to help you out. By factoring in the odd treat now and then, saving money might not seem like such a chore.

If you choose to save your money in a savings account, it’s worth thinking about the different types available. Find out which account could meet your needs best by comparing savings accounts. Your choice will ultimately depend on your individual circumstances, what level of access you want to your funds, how important interest rates are to you, and how often you’ll be making deposits. Eligibility criteria apply.

As the saying goes, 'little and often fills the purse.' Even if you have a high savings target, you don't have to think big to save effectively – the 'little and often' method works just as well. This could be ideal if you’re looking to save over a long period of time, for something like a car or a big trip abroad.

A good time to put money aside is right after you've been paid, so you could set up a standing order to go out on, or just after pay day. When you realise that you don't miss the amount you're setting aside each month, this will help you to develop better money saving habits for the future. If you’ve spent less than you thought by the end of the month, you could put the extra money straight into your savings pot to give it a boost.

Once you’ve told close family and friends about your savings goal, you’ll find that the challenge feels a lot more real. But this could also help you stick to your plan. Plus, your loved ones can help encourage you to reach your target. If you’re saving up with a partner, you’ll be able to support each other in your monthly budgeting and help keep each another on track.

While we really hope you find this page helpful, please know it’s for information only and not financial advice. Any facts or figures we’ve used were checked at the time of publication and came from a range of sources.