Savings hints and tips


Helpful hints and tips to help you save, reduce spending and grow your savings. 

Did you know?

Did you know?

You could save around £25 a year* by turning off your lights when you’re not using them, and around £55 a year* by turning your appliances off standby mode.

*Figures reported by The Energy Saving Trust and are based on a typical 3-bedroom home as of October 2023

To get more from your home, explore the My Home Manager app.

Common myths about saving

Myth 1

You can’t save during a cost of living crisis

With the cost of living being so high, it can feel impossible to save. That's why we're here to help, so you can stay on top of everything and save.
 

Myth 2

You can’t enjoy life if you start saving

Saving doesn’t mean your fun has to stop. 
It all comes down to finding a balance between enjoying life and budgeting.

Myth 3

You need a lot of money to save

Many people believe they can only save if they have a lot of money. The truth is, it’s not about how much money you have, but how you manage it.

By putting away as little as £1 a day for a whole year, you could save £365 by the end of the year! Find out more about the £1 savings challenge.

Small, consistent savings can grow over time.

How can I start saving?

Set a savings goal
 

  • Whether it’s for a house deposit, a wedding or any short to long-term goal, it can be difficult to know where to start when it comes to saving money. 
  • However, saving can be made simple and more rewarding when you set clear goals.

To help reach your savings goal, try our savings and investments calculator to see how much you could save and how long it could take.

Savings and investments calculator

How can I grow my savings?

Set a monthly budget

  • Do you find yourself buying non-essential items? Take control of your money by setting a monthly budget and sticking to it. 
  • Ahead of the month, adjust your budget plan to align with your savings goal.
  • Use our free budget calculator to track your income and costs.

Choose the best savings account for you

  • A savings account is a way of putting your money to one side until you need it. 
  • Individual Savings Accounts (ISAs) are a way of saving without paying income tax. Favourable tax treatment of ISAs may change in the future and is subject to individual circumstances.
  • There are different types of savings accounts including easy access that allow you to pay in and withdraw money whenever you need to, and fixed rate which locks your money away for a fixed term. Explore our range of savings and ISAs.

Sell unwanted items

  • Instead of throwing unwanted items away, why not sell them? Selling items like clothes, books, gadgets, and more can help with your savings.
  • Explore various apps and platforms such as Facebook Marketplace, eBay and Vinted for selling items. 
  • Alternatively, you can opt for traditional methods like a garage sale.

Reduce the cost of your borrowing

  • Paying off any existing debts such as credit card balances or loans, may be a better option than saving.
  • It’s important to review your whole financial situation and check the interest rates you are paying on your borrowing before deciding the best approach. 
  • To help stay on top of your finances and make your borrowing easier to manage, visit our independent help and support page for a list of organisations and charities offering free money advice and support with your wellbeing.

Cancel unnecessary subscriptions

  • From music to TV apps, it’s easy to forget about the different services you’ve subscribed to. 
  • If you’re unsure of what you have subscribed to, check your recent bank and credit card statements to identify regular payments.
  • When signing up for free trials, set reminders to cancel if you no longer want to use the service. 

Consider investing

  • Investing could help complement your saving so that you can do more of what you enjoy in life.
  • When you invest money, there's a chance you’ll see the value of your investment go down at some point. So why do many people do it?
  • The simple reason is that investing increases the chance of growing your money over the long-term, that's usually 5 years or more. Learn more about ways you can invest your money.

How can I reduce my spending? 

Take part in our £1 savings challenge. Learn more about it.

Find cheaper alternatives

  • Reducing your extra spending doesn’t mean that your fun must stop! 
  • Instead of daily trips to coffee shops or ordering food at work, carry a travel mug and bring packed lunches to work.
  • Cooking from scratch is a healthier and cheaper alternative compared to dining out or ordering a takeaway. It also allows you to control ingredients and portion sizes.

Know where your money goes

  • Track your spending – Are there specific times of the year that your spending increases? Our My Money Manager tool will provide you with personalised insights based on your spending habits.
  • Prioritise your spending – Review your spending to decide between your essential needs and wants.
  • Review your budget – Regularly assess your budget and spending patterns. Life circumstances change, so be flexible and willing to adjust your budget to accommodate this. 

Look for sales and discounts

  • While it’s tempting to make impulse purchases, it’s best to wait for sales and discounts, especially during events like Black Friday or post-Christmas sales. 
  • Look out for promotional codes and comparison websites to find better deals.
  • With Santander Boosts, you can enjoy cashback, vouchers, offers and prize draws when you have you have a Santander debit and/or credit card. For example, you could save 10% on your next holiday or earn cashback at your favourite store.

Reduce spending on food, toiletries and cleaning products

  • When shopping, aim to stick to what you need on your shopping list and put in place a 24-hour rule before making impulse purchases.
  • Find the best deals by comparing prices at different stores.
  • Instead of buying brand-name products, consider generic or store-brand products. 

Find the best mortgage rate for you

Save on travel

  • Consider car sharing with friends, family, or colleagues when travelling in the same direction.
  • If you regularly take the train or bus, check if your travel company offers discounts. You could save up to a third on train tickets with a Railcard.
  • Try a sustainable method of transport by pedalling on one of our Santander Cycles available across the UK.

How can I manage my money?

The importance of emergency savings

  • Life is full of unexpected events. 
  • Savings means that you’ll be able to manage money-wise if your circumstances change.
  • A good rule of thumb is to save at least 3 months’ expenses to cover you for any emergencies.
  • Your emergency savings are usually better in an easy access account, like our Easy Access Saver, so you can get to the money if you need it.

The 50-30-20 rule

The 50-30-20 rule is a simple way to help you manage your monthly pay into three categories:

  • 50% for essentials like bills, mortgage or rent.
  • 30% for non-essentials like dining out and hobbies. 
  • 20% for savings or paying off debts.
Are you ready to take on the £1 savings challenge?

Are you ready to take on the £1 savings challenge?

The challenge is simple. Put away £1 every single day for a whole year into a savings account and watch your money grow.

Imagine this: If you were to put your daily pounds into a savings account with a 2.50% interest, for example, you would have saved £370.57 by the end of the year!

To make it even simpler, consider setting up a weekly standing order of £7 for your savings account, equating to a daily savings of £1. Let's start your savings journey today.

More help and support

Ways to cut your spending

Get the most out of your money with our advice on your spending.

Cost of living support

Visit our cost of living page if you’re concerned about rising costs or paying your mortgage.

Independent help & support

Speak to one of our partners to see if they can give you a helping hand.

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