7 ways to help you save money
Whether you want to get better at saving regularly or you are starting your savings journey from scratch, here are some of our best tips and tricks for how to improve your savings habits.
1. Create a budget
One of the best places to start with saving money is creating a budget.
Break down your income and outgoings so you have a clearer picture of your spending power.
Once you know what you can save, you can get better at deciding how much to put away.
2. Start saving money regularly
To get in the habit of putting a bit of money away each month, some people set up a regular payment or standing order.
This automatically moves a set amount of money from your current account to your savings account. You choose:
- how much you save
- how often you save
- how long you save for
You can also cancel the standing order anytime if your circumstances change.
Explore our regular savings account
Flex Regular Saver is designed for saving little and often, to help you reach your savings goals. You can save up to £200 a month for a year.
For Nationwide current account customers only.
3. Open a high interest savings account
Many people keep the same savings account for years and don’t realise their money could be working harder.
If your interest rate is not fixed, it can change over time. So you may be earning less than you expected.
You can check your existing savings interest rate by logging in to the Nationwide app or internet bank.
Should you save in an ISA or a savings account?
The main difference between a savings account and an ISA is that with cash ISAs, you earn tax-free interest.
To choose which one is best for you, you should consider things like your savings goals, whether you have used your full ISA allowance this tax year and how much access to your money you will need.
Compare our cash ISAs
We offer a range of cash ISAs to choose from. This tax year, you can pay in up to £20,000 across your ISAs.
Compare all our savings accounts
You can also explore all our savings accounts, ISAs and fixed rate bonds in one place.
4. Build your savings pot with our free app tools
The Nationwide app is designed with tools to make saving work for you.
Savings goals
Set how much you want to save and by when. The app will then calculate how much you need to save on a daily, weekly or monthly basis – and track your progress.
Round-ups
If you have a Nationwide current account, the app can round-up your debit card transactions to the nearest pound. We call this your spare change. You can then transfer all your spare change from the last 7 days to your savings account.
Quick save
Quick save is an easy way to top up your savings account. Once set up, you can move money from your Nationwide current account to your Nationwide savings account in just a couple of taps.
5. Take our Mortgage Health Check
If you have one, your mortgage can be a big monthly cost.
If you are struggling with making your payments, there might be ways to make them easier to manage with our free Mortgage Health Check.
6. Review your borrowing and debts
Many of us borrow money. Credit cards, loans and arranged overdrafts are all types of borrowing.
Taking some time to review your debts will help you get greater control over your borrowing.
You may find ways to pay more towards your debts or free up more money to save each month.
7. Get support with essential costs
We have some tips and tools that may help when it comes to paying your bills, debts and living expenses.
Ask for help if you need it
Get a free savings review
When you take out a Nationwide savings account, we make 7 savings promises to you. One of our promises is to give you a free savings review to help you find out if you can get more from your savings.
You can arrange your savings review by calling your local branch.
Saving tips from MoneyHelper
MoneyHelper offer lots of financial guidance. They even offer a savings calculator to help you reach your goals.
It is provided by the Government and Money & Pensions Service.
Worried about money?
If you are struggling, you can ask for help.
We understand times can get tough, and we are committed to helping you through difficult times.
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