Mastering the Art of Saving: Tips for Building a Consistent Savings Habit

There’s a saying, often attributed to Warren Buffet, that rather than saving what’s left over after spending, you should spend what’s left over after saving.

Set yourself a savings goal

This could be as simple as saying, “I want to have X-amount saved by this time next year.” Setting a clear goal means you have something to aim towards and knowing exactly what you want to achieve can help you budget effectively around that.

Track your spending

We’ve all had that flush feeling right around payday when we maybe indulge in a little too much retail therapy, or opt for one takeaway too many, only to regret it later in the month. Keeping a close eye on your outgoings each month and knowing exactly how much you have to spend on non-essentials is a great way of staying within your budget.

Make a budget

Writing down your income and outgoings makes it easier to work out exactly how much money you have once all the bills are paid. Factoring in a certain amount to go to savings each month, and treating it like any other bill, is an excellent way of getting in a savings habit. While not everyone likes spreadsheets, they can be a useful tool for tracking your finances.

Shop around

This is a bit of a cliché, but it’s true. Whether it’s the weekly grocery shop or your broadband bill, comparing prices across retailers can sometimes bring surprising results and potential savings you weren’t aware of. Keeping track of when your contracts are up with various providers is important as well, because a lot of discounts expire after 12 or 24 months, at which point it may be advisable to switch, or talk to your current provider about getting a better deal.

Once you’ve applied these savings tips, you’ll need somewhere to keep all that extra cash. Bank of Ireland UK have a range of saving accounts, including an Online ISA*, that could support you achieve your goals. Find out morewww.bankofirelanduk.com/savings. *The Online ISA is provided by OneFamily. Savings in this Online ISA are deposited with Bank of Ireland UK. Try our calculator to see how much you could save: