Making small but important lifestyle changes may help grow your savings pot – here’s what you should know
Lloyds Bank offers easy-to-use finance tools and various tips that could transform how people save. The banking provider even claims that one tip is the ‘fastest way’ to build savings, potentially offering added security through a larger pot.
In an online blog, Lloyds Bank explains: “There might be many reasons why you may want to save money quickly. You might want the security of a larger savings pot or have a significant purchase on the horizon.
“The fastest way to save money is to resist those purchases of non-essential items. There are some things that simply can’t be avoided, meaning it can be harder than ever to put money into savings. That said, there’s still a few things you can do to cut down on your monthly outgoings.”
In its guidance on ‘helpful money savings tips and tools’, the bank explains that creating a savings plan is a crucial first step in understanding what you spend money on. Reviewing bank statements and identifying common patterns is a helpful approach, covering everything from large expenses like mortgages to smaller costs like morning coffee.
Using one of Lloyds Bank’s Savings Calculators may then help you identify where you could save and how much you will need to reach your financial goals. For instance, one of its tools lets users calculate a realistic savings timeline, while another helps you determine what may work for an emergency fund.
The bank further explains that making small but important lifestyle changes may help grow these savings, too. Crucially, this may include meal planning, checking your entitlement to benefits, or even cancelling unused subscriptions.
“Cancelling subscriptions you no longer use or could do without can be a quick way to save money,” the bank’s advice continues. “Maybe you haven’t logged into a streaming service in months? Or still receive a monthly delivery of lunchtime snacks you no longer want?
“The subscription management tool in our mobile banking app gives you more control over these types of payment.” To learn more about Lloyds Bank’s saving tips, visit its website by clicking here.
Am I entitled to benefits?
The UK Government’s website explains that several free, anonymous benefits calculators are available, enabling people to check what they may be entitled to. This could give you an estimate of:
- The benefits you could get
- How much your benefit payments could be
- How your benefits will be affected if you start work or increase your hours
- How your benefits will be affected if your circumstances change – for example, if you have a child or move in with your partner
The Government recommends that people make use of the following calculators:
For more information, you can also visit GOV.UK here.
For the latest money-saving tips, shopping and consumer news, go to the new Everything Money website
