Whether you are saving up for something special or just building up some cash for that ‘rainy day’, setting yourself a savings goal can really help you reach your target faster.
We all know that saving can feel a little tedious at times and the temptation to spend the money as soon as you have it can get the better of you. If you set yourself a savings goal - something specific that you are saving for - you will find you are motivated to save.
Setting your savings goal is the easy part - sticking to it can be much harder. It can often take a combination of dedication and commitment to reach your savings goal, but the end result is well worth it.
At the West Brom, we know that our members have different reasons to save - for that special wedding day, a new car you’ve been dreaming about for some time or the deposit on your first home. And we have a range of savings accounts that could be right for you.
And don’t think that saving money should just apply to those who have a particular reason in mind. Everybody likes to have a bit of extra money tucked away just in case. You never know what life will throw at you, and having a savings buffer will help if anything sudden arises that you need to pay for.
We understand that saving isn’t easy – especially when your money is already being stretched on household expenses and everyday commitments.
There may be some simple tweaks you can make to your spending which will free up some extra cash for you to put aside into a savings account on a regular basis. Remember, the more that you can manage to save, the more interest you will earn on your savings.
Creating a savings goal is a good opportunity to work out your current spending and see where you can trim down on your expenses to help you achieve your target. For example, are you spending £50 per month on a gym membership which you rarely use? If you could sacrifice that membership – maybe instead exercising in the great outdoors - you could see a saving of £600 in just one year.
But it doesn’t have to take a big change to make a difference. Are you in the habit of having a skinny latte every morning? By giving up that daily coffee, which costs on average £2.50, you would see a weekly saving of £12.50 and a monthly saving of £50. That would mean a yearly saving of £600, or a saving over a three year period of £1,800.
Plus, when you add any interest earned to the amount you save in your savings account, you can soon see why your savings goals are much more realistic than you may have imagined.
Once you know where you can cut back and found out how much extra cash you will have at your disposal to save, the West Brom can help. It doesn’t matter if you’re saving for a rainy day, for retirement or for the very first time, we can help you save to reach your goals with our range of savings accounts.
If you are looking for an account where you can put money aside on a regular basis, a West Brom regular savings account could be right for you. You can pay in an amount each month and watch your savings grow.
Maybe you already have a sum of money that you would like to build on to help you reach your savings goal? If you don’t need access your savings for a set period, a Fixed Rate Bond could be worth considering. You will be safe in the knowledge that the interest rate will not change for the length of the bond, but remember, you cannot make any withdrawals during the fixed term.
Don’t forget, you can give your savings a boost by saving tax-free in a Cash ISA. A Cash ISA is a tax-efficient way to save money as you pay no tax on the interest you earn.