Money

6 women on the best lessons they’ve learned about saving money

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Want to start building your cash reserves, but not sure where to begin? We asked a group of successful savers to share their tips…

If your bank balance is looking a little threadbare after last month’s excesses, now might be the perfect time to think about your savings.

Because whether you’re hoping to save up for something big like a deposit or just trying to build an emergency fund, stockpiling your funds usually requires a bit of planning.

Happily, brand new savings app Chip has been custom built to help you do just that, with a whole host of innovative features designed to help you make the most out of your money with the minimum of effort.  Amazing rates, withdraw any time, easy.

To help get you started, we spoke to a host of real women, all Chip users, to discover the best lessons they’ve learned when it comes to saving money.

Here are six of the most useful…

  • 1. Clear your debts

    “Paying off my credit cards wiped out most of my savings to begin with, but it’s made it much easier to save in the long term.

    Charges you pay on overdrafts and credit cards are always likely to be more than the interest you’d earn on your savings, so it makes sense to clear the former before you focus on the latter.”

    Sarah, London

  • 2. Save with interest

    “I didn’t really think about my savings account for years and then I realised my money was just sitting there, not doing very much.

    I had a shop around, and recently opened an Easy Access Account with the Chip savings app, which offers me an interest rate of 0.70% – way better than I got with my old bank.

    The app also uses AI to work out what I can afford every month and puts it aside for me automatically, which means I’m saving without even noticing.”

    Claire, Edinburgh

  • 3. Spend mindfully

    “I used to be fond of a bit of a payday splurge, but now I try to practise the 30-day rule whenever I feel myself drawn to an impulse buy.

    Basically, you make yourself wait 30 days before any significant purchase, to make sure you really want it and can definitely afford it.

    I also use Chip’s Payday Put-Away feature, which automatically moves a custom amount of money aside on a specific day each month

    It definitely makes it easier not to spend everything the minute I get it.”

    Razia, Cheltenham

  • 4. Gamify saving

    “I find it easier to save when I set myself small targets and try to improve on them.

    My Chip app is good for helping me visualise different savings targets - I can have one savings goal set up for a holiday, maybe another for a new outfit, and the app auto-deposits a certain amount of money into them every month.

    Long-term financial goals feel a bit hard to visualise for me, but trying to save a weekly amount of money or aiming for a certain number of no-spending days a month makes me feel like I’m achieving something day-to-day.”

    Sinead, Falmouth

  • 5. Trim your expenses

    “Before I started saving, I spent an entire month making a note of every single one of my expenses, right down to takeaway coffees and Tube journeys.

    It might seem like a faff, but it gives you a proper understanding of what you’re spending, and lets you know what you could potentially cut out to save more money.

    I set myself a target to chop 10% off my spending, which was actually fairly easy once I realised how much I was spending on smaller, regular treats.”

    Lucy, Birmingham

  • 6. Set mobile alerts

    “I’m terrible for losing track of my spending, so I’ve found it really helps to set alerts on my mobile, every time money leaves my account.

    That way, I’ve got a much clearer picture of how I’m using my money, and it also means I catch things like subscriptions I’ve forgotten to cancel.”

    Ciara, Glasgow

Looking to kick-start your savings in 2022? Chip is offering all Stylist readers a £10 credit to their savings account, when you open one using the promo code STYLIST10. Terms and conditions apply. Chip offers you rates that are seven times better than your bank, while an award-winning auto-saving AI builds your savings automatically, putting aside the perfect amount of money every few days. With savings eligible for protection under Financial Services Compensation Scheme (FSCS), using Chip gives you a whole host of opportunities to grow your money. Amazing rates, withdraw any time, easy. Find out more here.