6 Easy Finance Moves To Boost Your Savings

Saving money can sometimes feel like a slog, especially if your numbers aren’t increasing as fast as you want them to. Enter this blog post! Six easy finance moves you can make today to boost your savings.

Most of them are as simple as setting it up and forgetting about it, just watch the money roll in 🤑.

Disclaimer – this post does include some referral links. Meaning I will benefit it you decide to use my link. I would never recommend a product/account that I don’t use and love. Thank you for supporting BST!

Save for your deposit in a Lifetime ISA

Instant 25% return on your money – that’s better than any savings account on the market!

The Lifetime ISA scheme replaced the Help to Buy ISA scheme a few years ago. The two are very similar but have some minor differences. You can buy a higher priced house with a Lifetime ISA, even more if you are buying in London. The contribution limit to higher for the Lifetime ISA and more flexible as it works on a yearly basis rather than monthly like the Help to Buy. Plus the bonus is paid to you about a month after you add money rather than when you purchase a house. This means you can also earn interest on the bonus money!!

Moreover, whilst geared towards those looking to buy a house, this isn’t the only function of a Lifetime ISA. You can also use it as a savings or investment account for your retirement. That brings me onto the final difference between the two ISA, you don’t have to keep your money in cash, you could also invest in within the Lifetime ISA.

So what does this look like in reality. Say you are currently saving for a house deposit but you just keep it in a savings account that is earning a 1% interest rate. If you save £4,000 this year that will become £4,040. BUT if you save the same £4,000 in a Lifetime ISA instead, which is also earning a 1% interest rate you will have £5050. An increase of £1,010 just by changing the account type you use. Crazy right!!

Turn on roundups

Allowing roundups is the best way to save money without noticing it. This is where any purchase you make is rounded up to the nearest pound and difference is saved. Say you spend £2.30, this would be rounded up to £3 and the difference (70p) would be put in a savings pot.

If you are struggling to save, this could be the method for you. It’s automatic, easy to set up and the amounts are so small you won’t even notice it’s missing. But you know what they say, pennies make pounds and these little amounts will soon add up to a nice sized savings pot.

Link your card to a cashback site

This is another automatic way to save money without even realising it. There are a tonne of different apps out there (such as Daali) where you simply connect your card and let the magic of cashback work. Every time you spend money at a retailer they offer cashback for, it will automatically be applied and added to your balance in the app. Saving money without even realising it!

Take a punt on Premium Bonds

Feeling lucky? Why not take a punt on Premium Bonds. This is a scheme offered by the UK government where in exchange for “buying bonds” – essentially adding money to the account – you are entered into a monthly prize draw. The top prize is £1,000,000 🤑. Every month two people become millionaires just for keeping their savings in Premium Bonds rather than a boring everyday savings account.

Obviously the chance of you actually winning the top prize is rare but you have to be in it to win it right!! Every month NS&I give away over £200 million in prizes, ranging from their lowest prize of £25 to the million pound jackpot. Whilst only two people win the million, over 3 million people win the £25 prize. Much better odds!

Gamify your savings

Prize or challenge motivated person? Gamifying your savings may be the way to go for you. This could work in a few different ways. You could take on a savings challenge, like these. Or use an app like EverUp to win money whilst saving.

EverUp is the app-based savings account looking to make saving money more fun by gamifying it. The more money you save, the more daily coins you get which you can “spend” playing their daily games – including the weekly million pound lotto!! Another chance to become a millionaire 😉

Fancy trying this out?

EverUp has a refer-a-friend scheme where you will get 500k extra coins just for entering my referral code when you sign up.

How to claim?

Sign up to EverUp

Enter the referral code RJES2510721SCCIN

Get your bonus and start playing 🤑

Lock in a decent interest rate

Interest rates on savings accounts are finally on the rise again so now is a great time to lock in a good rate. Accounts like Regular Saving Accounts have you commit to saving a specific amount each month in return for a higher interest rate. Like this one from Natwest which is offering 5% on savings up to £1,000 😱.

However that rate is only available to existing Natwest customers. Whereas this one from Nationwide is offering 3% for savers who add up to £50 per month into their savings account, regardless of whether you are already a customer or not.

By choosing an account with a good interest rate, rather than the one you’ve had since you were six and don’t really think about. You are literally making money in your sleep. Yes it may only be a couple of quid but every little helps right!

So there you have it, six easy finance moves to boost your savings without much effort!! How cool is that!! Go forth and boost your savings!!