Top tips for saving money

A guide to saving money by Furness Building Society

‘How to save money’ is a question on everyone’s mind as we navigate this rocky economic climate. Many of us are now feeling the pinch of the rising cost of living and surging interest rates. As a result, saving money has never been more of a priority.

Whether you’re fortunate enough to have some cash set aside and want to preserve your rainy-day funds - or if you’re starting from scratch - here are our top tips for saving money as we continue to ride this uncertain economic wave.

Money saving tips. Woman sat with an ipad holding a bank card.

1. Make a date with your finances

Pay day has arrived, your bank account is looking a little healthier than before, and you can now get your hands on that new pair of jeans you had your eye on. Well, just hold your horses. Payday is an important time for managing your money and your savings plan. It’s a crucial time to sit down with your finances and work out realistically, ‘what can I afford this month?’ 

However you choose to manage your money, whether it’s via handy finance apps, spreadsheets or even a good old fashioned pen and paper, make sure to create a list of all the outgoings that will land at your feet this month. From mortgage payments or rent to household bills and your streaming subscription services, all of it adds up and it’s important you factor these costs in before you start spending.

2. Pay yourself first

3. Make your money work for you

4. Be a super smart shopper

Most internet users are familiar with cookies and have become used to them popping up when we visit different websites. By accepting them, they allow different brands to track your movements on their website and give you a more personalised experience.  Sounds great right? Well in most cases, yes. 

However, many online shoppers may find that by shopping in ‘incognito mode’, brands are less likely to increase their prices because they can’t tell when this is a third or fourth visit to the website. So the cost of that flight to Malta is more likely to stay the same each time!

5. Switch and save

Changing energy providers may seem like hard work, but with fairly little input you can gain quite a lot. By keeping on top of current deals and offers and by switching at the right times, you could save £100s and pocket that money for a rainy day. 

With comparison sites and services designed specifically to find you the right tariff, such as Money Supermarket, Compare the Market or Look After My Bills, it’s never too late to start switching.


6. Check your workplace benefits

Start saving today

If you’re feeling inspired to get savvy and start saving money, you may find speaking to our team helpful. We’re on hand to discuss your financial goals and specifically which savings accounts may suit you best. You can either visit us in branch or give us a call on 0800 781 4311.