UK Savings Week
Given life's unpredictability, it's crucial to have some savings set aside to help you manage unexpected situations, such as job loss, illness or unanticipated expenses.
A financial cushion can provide peace of mind during these times. Recent 2024 UK savings statistics from the price comparison site money.co.uk show that:
- 34% of adults have either no savings or less than £1,000 in their account.
- 65% believe they wouldn't manage three months without borrowing.
- Savings accounts remain the most popular method of saving, with over half (57%) of UK adults using them.
UK Savings Week, taking place from 9th to 15th September, encourages individuals to improve their savings habits. Whether you're a regular saver, an occasional one or struggling to save, this initiative aims to promote financial resilience. Launched in 2022, UK Savings Week brings together organisations to support people - especially their employees - in building financial security by providing access to helpful saving advice.
If you're looking to better manage your finances, here are some useful tips to help make your savings work harder:
1. Find the best savings account
Many UK savers keep most of their money in low-interest current accounts. Shopping around for higher interest rates can significantly boost your returns. You could also consider specialist accounts like our Junior Saver account, which helps children and young people develop healthy saving habits early on.
2. Try ‘No spend’ weekends
Once every other month, dedicate a weekend to spending nothing. Go for a walk, watch a movie at home, visit free museums, or enjoy a game night - all without spending a penny. It's a great way to give your savings a boost.
3. Review your tax code
An incorrect tax code could result in overpaying, leaving you short until a refund is processed. On the other hand, paying too little may lead to a hefty bill later. Ensuring your tax code is correct can save you money and hassle.
4. Overpay on your mortgage
If you can, consider making extra payments on your mortgage each month. Doing so can shorten your mortgage term and save you a lot in interest. Just be sure to check for early-repayment fees before committing.
5. Take advantage of cashback
Before making an online purchase, search for cashback offers. Many sites provide cashback or discount codes for popular retailers, so a quick check can lead to savings.
6. Prioritise paying off debts
If possible, use your savings to pay off debts. Doing so can prevent interest from accumulating and put you in a stronger financial position in the long run.
Where can I get help?
Contact a trustworthy financial institution, such as your local credit union, for help and advice on improving your financial circumstances.
At Sheffield Credit Union, we offer a wide range of savings accounts designed to keep your money safe and secure, with regular dividends paid out to qualifying members.
We also provide an employee payroll scheme which allows members who work for certain employers to save through their pay, with deductions going straight into their savings account from their salary or wage, meaning they don't even miss it.
To find out more, visit: https://sheffieldcreditunion.com/savings/