Five simple steps to start saving in 2019

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Saving can be tough, especially when money is tight, however having a buffer to fall back on can be priceless.

We’ve worked with financial wellbeing groups Acts Trust in Lincoln and the Lincolnshire Credit Union to come up with some helpful tips to get you into the saving habit.

1. It’s important to have a good overview of your finances – what’s coming in and what’s going out. Take some time to sit down and figure out your budget. Once all your bills and living costs have been paid, see what’s left and how much can you realistically afford to put aside each month.

2. Remember, a little is better than nothing. Saving even £1 per day will give you £365 this time next year. Maybe you have a goal in mind – next year’s holiday, Christmas, or a deposit for a house. Figure out how much you’ll need to save to achieve your goal, how long it will take you, and the best way to go about it.

3. It’s a good idea to have a separate bank account to the one you use on a day-to-day basis so that you’re not tempted to spend your savings throughout the year. If you can, set up two savings accounts – one for emergencies and another for future plans.

4. Find out if your employer is a Payroll Partner with a Credit Union – they’re a great alternative to high street banks. Money can be deducted directly from your salary and slowly you’ll build up your savings. You’ll also be helping your local community by providing the Credit Union with the funds to grant loans to those who are financially disadvantaged.

5. Christmas saving schemes with Credit Unions are an excellent way to save a small amount on a regular basis and access it in time for Christmas. It stops you taking cash out of an account and ensures you have enough spending money around the festive period.

Together with members and colleagues, Lincolnshire Co-op is raising money for a number of local groups which help people manage their financial wellbeing. Find out how you're part of the support here.


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