Planning to Save: How to save Money | NatWest

Planning to save

Tips on how to start saving

Create a budget Want to book a financial health check?
4 steps to get you saving

New car? Dream holiday? Rainy day? Whatever you're saving for, it's easy to get into the habit of putting away a bit of cash each month.

Work out your budget

This can help you see where your money is going each month, and it should help you work out how much you can comfortably afford to save. Just enter your income and expenses into our easy budgeting tool, to see how much you’re spending and how much you could be saving.

 

If you have any outstanding debt, it can be worth looking at your options to see if paying this off before saving might be worthwhile for you.

Set a goal

Write down the name of your goal on a piece of paper and how much you want to save up. Or give your savings account a nickname with your goal in mind. If you’re new to savings, try starting small – it all adds up in the long run.

 

If you already have a savings account with us and are registered for online banking (available to customers aged 11+ with a NatWest account), you can log in to set up your Savings Goal.

Start saving

If you don’t have a savings account, you could have a look at opening one to suit your saving needs. Having a seperate account for saving might encourage you to keep that money aside.  

 

You could set up a regular payment from your current account into your savings account. So each time you’re paid, it’ll be transferred over automatically. After a while, you’ll find that you don’t even miss the cash once it’s gone into your savings. Or you could try and save just whatever you have left at the end of the month. 

Watch your savings grow

Even small regular amounts will add up and the longer you can leave it untouched, the more you might be able to save.

 

Once you’ve been saving for a while, review your budget to see if there are any other areas where you can cut back to help you save even more. 

Where could I save my money?

Gone are the days of stashing cash under your mattress - today, there are lots of effective ways to save your money and get into good habits. Better still, with the arrival of the Personal Savings Allowance in April 2016, you may be entitled to tax-free interest.

Savings accounts

Instant Access savings accounts let you save as much or as little as you want, can pay interest on your savings, and still gives you quick access to money if you need it.

 

Alternatively, our Savings Builder is an account that rewards you with bonus interest when you grow your savings by depositing £100 or more every month. 

 

Find out more about how we can help:Compare savings accounts

ISAs

An ISA (Individual Savings Account) lets you save money without paying any tax on the interest you earn - provided you don't go over the annual ISA allowance. 

 

As of April 2017 you're able to save up to £20,000 tax free.  Of this allowance, you can either opt to use all of it in one ISA, or split it amongst two or three types. 

 

If you're married, you can each have your own ISA and will both receive the full yearly allowance.

 

There are different types of ISAs to choose from, so have a read of our ISA guide for more information:

Explore the ISA guide

Fixed Term Savings Account

A Fixed Term savings account can offer certainty of return for a fixed time period, which can mean you know what you’re getting whatever happens to interest rates elsewhere. The longer the term you choose, the higher the interest will be, so it could be a good option if you're disciplined with yourself.

 

However, although you might know in advance what you could be earning on interest, anything you do save is often tied up for the duration of your agreed set term, which can be 1 or 2 years.  So it's best to make sure you're happy to keep that money in the account for the time frame, rather than dipping into that pot.

 

Usually you can't take any money out during a fixed term, and if you close the account early you might get a charge -  so make sure you're clear on the terms and conditions before you apply.Learn more about Fixed Term savings accounts

Thanks, we appreciate the feedback.

Please tell us what you thought about this article.

"Invalid Characters: \/\\:&()<>"

Did you find this useful?

Cookies must be enabled

Tools to help you budget

Manage your money with our budgeting, saving, debt and overdraft tools. See what you're spending your money on, and how you could make it go further.

Girl on steps
Add your signposting title here… Investing for the future

Whatever your long term goals may be, NatWest Invest could be for you. You can invest:

  • From just £500
  • With a monthly contribution of £50
  • into a Stocks and Shares ISA

Transfers from existing ISAs allowed. The value of investments can fall as well as rise, and you may not get back the full amount you invest. Criteria apply.

Discover NatWest Invest
Set Tab for lightbox