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Jump start your savings account sooner rather than later

You’ve pulled the Christmas crackers, eaten the turkey and opened the presents. With the holidays over, your pocket might be feeling the pinch. But don’t despair. This might be just the motivation you need to get you into the savings habit.

And there’s no better way to get the pennies adding up than with a good savings account. So shop around – because the right account could make all the difference to you.

Our top savings tips for the New Year

Now that you’ve resolved to start putting more money into your savings, there are many places you can start cutting back. Here are the top ones:

Cut the cost of your fuel bills

Shopping around and switching energy providers that offer lower rates might save you money on your energy bills – and that money could boost the amount in your savings account.

But don’t just switch providers blindly. With utility bills constantly on the up, find a provider that does a good fixed tariff and consider locking yourself in. This could save you plenty of money as prices continue to soar.

Consider installing a water meter

If you live in a large house with several people under your roof, it could be worth installing a water meter. It might be able to save you some money – all of which could be going into your savings account.

Make a shopping list

Supermarkets love to tempt us. So make a shopping list for the week ahead and if it isn’t jotted down, then you know you don’t need it. It might not seem like much, but saving £15 a week will soon add up.

Ask yourself, do I really need this?

It’s your lunch break. You have time to kill, you wander into a department store and they have a sale on. Now is the time to stop and ask yourself, ‘do I really need this’? If there is any hesitation, you probably don’t.

Don’t automatically renew travel insurance

If your annual policy is about to expire and you don’t have a holiday booked, don’t just go ahead and renew it. After all, you wouldn’t have car insurance if you didn’t have a car. So wait until you know you’re travelling before you buy.

Think about the right savings account

Once you start collecting all this money, where you put it – and how you save – can make a big difference. Should you go for a cash ISA? A fixed term account? A monthly saver? Each one offers different benefits and advantages. So think about whether you want to lock away a lump sum, regularly save a set amount or have easy access. Speak to someone at your local bank. They’ll help you find the right savings account for you.