18 April 2018

Make savings a game to reach the next level

You've been steadily putting away money towards your future and for any emergencies that may arise, but you know you could be doing more.

If you're ready to give your savings account a boost, here are some ideas to motivate you and take your savings to the next level.

Make it a game

If you're the kind of person who gets motivated by challenges and goals, give yourself a target. If you've been saving 10% of your monthly pay cheque until now, could you increase it to 15%? 20%? 30%?

Why not put your money away in one of Nationwide's Fixed Rate Bonds or Fixed Rate Cash ISAs, which don't allow withdrawals for the period of the fixed term. This enables you to not only save the money, but make sure that it remains saved.

Nationwide Fixed Rate Bonds are available to UK residents aged 16 and over. Nationwide Member Exclusive Fixed Rate ISAs are available to UK residents aged 16 and over who became Nationwide members on or before 16 March 2021.

Find an accountability partner or challenger

A little friendly competition can go a long way. Find someone - a friend or a colleague - with similar savings goals to you and challenge each other to a friendly game. Who can save more? Whose rate of savings is better? Who can get to a financial target the fastest?

Rewards can be really motivating, too. Things such as, the loser pays for a month of Netflix or buys a round of drinks at the pub.

Find something to save for

Some of the money that you save will inevitably be for retirement or an emergency fund, but if you're saving for short-term dreams and goals, like a holiday abroad or a new car, having separate accounts for each can help you see clearly how close you are to meeting them.

For extra motivation, try putting up pictures of your dreams on your computer or where you do your banking. Putting up a little progress chart alongside them can help you see at a glance how far ahead or behind you are in reaching your goals.

Give yourself rewards for every milestone

At the beginning of the year, give yourself an annual savings goal and divide that into small milestones. Each time you hit a milestone, reward yourself with something you've been looking forward to.

This can help stop you getting bored in the short term when you're saving for a longer term goal. If you know that you can buy tickets to that boxing match when you hit your target of £5,000, you're more likely to want to hit it sooner and with more energy.

Get creative

Some people like to see a visual representation of their financial goals and this motivates them to reach them faster. If that sounds like you, consider buying colouring charts or artwork that helps motivate you to reach your goals.

Here's how it works: Every time you save a certain amount of money, you get to colour in one part or line of the chart or drawing. As your savings grow, so do the colours on your artwork. Continue on until you hit your goal and you'll not only have more money in the bank, but a nice work of art to hang on your wall as well.

Use apps to automate your savings

Finally, don't forget the many apps that can not only automate the savings process for you, but take the effort out of it completely.

For example  (This link will open in a new window)Chip helps you calculate how much you can save and puts it away for you automatically.  (This link will open in a new window)Squirrel gives you a savings account for your salary - which it then releases to you based on your bills so that you won't overspend the money that's already in your bank.

Learn more about how our savings accounts could help you reach your financial goals

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