Bank explains small steps Britons can take which could ‘add up to big money savings’

Martin Lewis offers advice on savings and interest rates

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It is incredibly tempting to overspend when one’s bank account has a few more digits than normal, but this payday splurge can result in empty pockets just three weeks later. Clare Framrose, Head of Propositions Design, Savings & Banking at Atom Bank spoke exclusively to about her top four saving tips to help people make their money go further.


“One of the best ways to avoid overspending is to divide up your wage as soon as it comes in,” Ms Framrose commented.

“Set aside the money you need to cover your bills and essentials and then split the rest between short-term, easy to access savings in an Instant Saver account, and long-term savings in a Fixed Saver account, which will benefit from a higher interest rate.

“The money that’s left can go into a pot for spending on whatever you want.”

Ms Framrose continued: “Research we conducted found that 75 percent of Brits believe that saving £1,000 would actually make them happier than spending £1,000 and that 69 percent of self-confessed ‘spenders’ have experienced post-spending guilt.”


jars filled with money on a window sill

Separate savings into different ‘savings pots’ depending on what they will be used for (Image: GETTY)

Create financial goals

“To reduce the temptation of unnecessary purchases and make your money go further, focus on a future goal that saving your money could lead to.

“Whether that’s saving up for a well-deserved holiday or taking a step towards saving for a mortgage, aim for a future reward over instant gratification to avoid impulsive spending.”

A person’s financial goals can be split up into short, medium and long-term depending on what it is and how much it costs, providing them with the ability to keep looking toward the future and mitigating the temptation to spend right now.

Additionally, creating different ‘saving pots’ for all these goals has its benefits too, the savings expert suggested, as once that money is no longer readily available at the swipe of a card, there’s less temptation to spend it.


Impulsive behaviour

Impulse buying is no longer a phenomenon restricted to delicious smelling baked goods or shining displays in shop windows, and online impulse buying can often come with a higher price tag.

“Browsing your favourite online sites when you’re tired at the end of a stressful week of work, or after a couple of glasses of wine, can lead you to make purchases without fully thinking them through,” Ms Framrose said.

“Be mindful of only shopping when you feel fully alert and rested and for added benefit, get into the habit of taking the time to mull a purchase over for at least a few hours before heading to the virtual checkout.

“Wait a week before purchasing something over £75, it allows you time to think over the purchase and reduce impulsive buying,” she concluded.

coins stacked next to a lightbulb

Save on energy consumption by using natural heating and cooling systems as often as possible (Image: GETTY)

Energy Savings

It goes without saying that energy consumption and one’s carbon footprint is a far more common topic in the average household today than it was 50 years ago, yet ideas on how to save money and reduce unnecessary energy consumption are not as common.

As Ms Framrose explained: “Sustainability is a huge concern for our generation and it’s a major factor in people’s spending habits.

“In the summer, make sure heaters aren’t left switched on to ensure energy isn’t being wasted,”

Ms Framrose continued:  “Open your windows on warm nights rather than using a fan and opt for natural lighting to save those pennies as well as the environment.

“In the winter months, pop on a hoodie rather than turning on the heating to stay warm.

“Make sure all of the gaps in your windows and doors are sealed to avoid heat loss and grab a thicker duvet rather than an electric blanket.

“These small steps make a big difference for the environment and a more conscious attitude towards energy consumption will add up to big money savings that you can add to a savings pot each month which will quickly build up,” she added.

Roy Walsh

Roy Walsh

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