As another New Year swings around, many of us start thinking about our finances and how we can improve our savings and spending habits in the next 12 months.
We recently ran a poll with 1,000 UK adults and learned that more than eight in ten (83%) of us have at least one financial goal for the year ahead. Setting money aside for a rainy day (37%), hitting a savings milestone (26%) and putting cash aside for travel/a dream holiday (25%) all came out on top. Two in ten (20%) also told us they wanted to reduce their outgoings in 2021.
So, if you want to spend less and save more, where do you start? We’ve put together a few top tips to help you get going.
1. Know what money you have coming in and going out
Whether you get paid weekly, fortnightly, or monthly, it’s important to know exactly what money you expect to receive and what your consistent ‘essential’ costs are. These are things like your rent/mortgage, bills and food shopping.
With Monese, you can download your statements from your app in PDF or Excel format for any date range you choose. This makes it easy to get a clear view of your income and expenses.
2. Set yourself a budget
When you know what money you have coming in and going out, you can determine what is leftover — money you might want to save, or spend on little luxuries (or a bit of both). With Monese, you can easily set yourself a weekly or monthly budget, to make sure you don’t go over your set limit.
3. Track your spending
With Monese, you get a Spending Overview feature that shows you what you’ve spent so far that week/month in the app. You can also set up instant notifications every time you make a purchase. These features allow you to stay on top of your spending and know exactly where every hard-earned penny is going. One in five (19%) people we polled said they couldn’t say how much they’d spent at the end of each calendar month, so getting a grasp on this is a great place to start.
4. Save money automatically
If you know what date you get paid on, it’s useful to set up a recurring payment into a savings pot on that same date (or the day after). That way, the money you want to save is moved across before you’ve had a chance to spend it! With Monese, you can set up as many as ten different savings pots — you could have one for a holiday, one for a car, one for a new phone and one for a rainy day. It’s completely up to you. Naming your savings pots can help it to feel more ‘real’ too.
5. Send spare change to a savings pot
Something as simple as rounding up each payment and automatically sending the difference to your chosen savings pot can help you hit your goal even quicker. With Monese, you can multiply your spare change by up to 10, allowing you to save up to 10 times more money!
Whatever your financial goals for 2021, our features make it easier to budget and manage your money. Take a look at our products and plans to see what could be the best fit for you. We’d love to hear about what your money and savings goals are for this year. Share your plans and any other savings tips and tricks with us on Facebook, Twitter, Instagram or write to us at firstname.lastname@example.org.
Data Sources: 1,000 UK adults polled by The Leadership Factor in January 2021