Everybody has the intention to get into the habit of saving but it is the thing that is most commonly overlooked each payday. By planning and setting specific goals for your savings, building up a little pot for a rainy day can be easy.

Whether you are saving for something specific or just want that feeling of security by following a few simple tricks you can make saving simple.

First of all it is important to understand that savings are built up over time. Unless you have a sudden win on the lottery it is unlikely you will suddenly have thousands in the bank immediately. You need to understand your finances and what money you have spared each month to spend on unnecessary buys. From here you can set aside a specific amount every month that won’t negatively impact on your affording to pay your rent, Visa card bills or buy food.

Having a reward is a good motivator – saving for that next holiday or house deposit but with these usually come a time frame. This time frame needs to be realistic in line with your available spare cash. There is no point setting your goal as saving £10,000 in 6 months for a house deposit if you can only realistically only afford to put aside £100 each month.

Payday is always a happy day, but after you have set aside your fixed expenses, paid off any balances on your cards that month and put money aside for food and entertainment you may be left with nothing. Treat your savings figure as a fixed expense – have it automatically debiting from your account each month and you will resist the temptation of that small shopping spree with your savings money!

Make your savings go further. Open an ISA and utilise your annual tax free saving allowance whilst also usually being offered higher rates of interest than a normal savings account.

Put simply:

1. Work out what you can afford to save every month
2. Set yourself a realistic timetable to reach your goal figure
3. Set up an automatic paying into your savings account
4. Open an ISA for tax free savings