Planning

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Strengthen your finances by building a strong foundation

Saving money will help strengthen your finances, but we all know how hard it is to do.

Starting early will give your savings the maximum opportunity to reach their potential and achieve your aims.

If you spend within the limits of what you have on a monthly basis, you can use some of the spare cash to start saving. Every little counts and will add up in the long term.

Top tips to start saving

  1. If money is tight you can start saving a small amount each month. Then as your salary increases you can gradually increase the amount you save.
  2. If you've got enough spare cash it's a good idea to build an emergency fund to cover emergencies and big purchases. These savings can be used for a holiday, or to give you a financial cushion if you lose your job or have an unforeseen big expenditure. It'll also help you avoid getting into debt. Consider the use of a tax-efficient savings account with instant access to assist with this, for example a cash ISA. You can save a small amount each month more tax efficiently, and most give very flexible access to your money.
  3. Spread your money across a range of accounts to focus on getting the maximum interest for your cash from a savings product. For example, you could lock away as much as you can in a high-interest long-term savings account. Then look for the next highest-paying account for your short- to medium-term savings. Once you've saved as much as you can in there, go for the next highest-paying account, and so on. And don't forget to leave some savings in an instant-access account for emergencies.

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Need financial advice?

We can help give you expert advice for your individual circumstances.

See how we can help

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Everyone's circumstances are different and what applies to one person may not be right for someone else. The suggestions above are based on a general assumption of each planning event and they are not intended to provide advice or recommendation on your individual financial needs.

* Lines are open 8am to 6pm, Monday to Friday (excluding public holidays).
To help us continue our service, and in the interest of security, we may monitor and/or record your call.