"I can't afford to save"
Every month, just before payday your bank balance teeters on falling into the red. Obviously, it would be nice to put some savings aside but you just don’t have the money to make it possible.
If you often find yourself in this situation, the first action you can take is to evaluate your current spending. Could you potentially make any cutbacks? For example, do you find that a huge chunk of your money is going towards your food bill? Instead of buying lunch, why not cook something at home the night before? Or if you often find yourself ordering in take-away, maybe you could think about buying some ready meals to put in the freezer for the times you don’t want to cook. They may feel like small changes but they can make a huge difference once it all adds up.
Another step is to think about ways in which you could try and make a bit of extra money. You may have things lying around the house, such as old furniture or even unworn clothes, that you view as junk but by advertising them for sale online, you may find someone who wants to buy them from you. If you have a special skill, you could earn money by tutoring others or, if you like animals, you could make money by offering to look after someone’s pet whilst they’re away on holiday.
There are lots of ways you can earn money, so be creative and you could see yourself topping up your earnings in no time.
Once you make these changes and start to notice that you’re left with a little more money at the end of the month, you may decide you want to open a savings account. You can view our full range of savings accounts here.
Savings Goal Tool
The budget calculator can help you work out how much you have leftover each month. You could use this towards a savings goal or paying off your debt.
Use the Savings Goal Tool to save to help you save towards your goal and track your progress - whatever it is you're saving for!
Debt Calculator Tool
Use the Debt Calculator to work out your total debt and the different ways you can pay it off.