Building Positive Saving Habits

One thing we have learnt from the pandemic is the importance of having savings to help support income and financial commitments if times get tough. However with the lockdown restrictions easing, and shops and hospitality venues now open, how can consumers maintain positive saving habits?

We have provided below some useful tips to help you save:

Pay yourself first. On payday put some money into your savings account instead of waiting until the end of the month.

Set yourself a financial goal and work towards it, whether it’s a new car, dream holiday or your first home.

Set a budgeting ratio. Make a list of your bills and financial commitments for the month, this will help you to understand how much money you will be able to save.

Factor in ‘fun money’ you would like to spend on non-essential things, so you have something to look forward to and to avoid feeling guilty about not saving all your disposal income.

Don’t put pressure on yourself, if for one month you save less then remind yourself that it’s ok.

Review your bills, make use of price comparison websites to shop for the best deals to save you more.

Have a ‘Rainy Day Fund’. Set some money aside that you can access in times of emergency.

Here at the Society, we can support your positive savings habits and help you reach your goals, whether you’re looking for an easy access account to dip in and out of, fixed term account for longer term investment or looking to save a regular each month, we have a wide range of savings accounts available for you to choose from.

We continue to offer competitive interest rates to all our savers and we were recently recognised by Moneynet as the Best Regular Savings Provider.

In addition to this for anyone starting their savings journey, we have an introduction to savings guide available on our website: https://www.westbrom.co.uk/savings

If you’d like to find out more, you can call into your nearest West Brom branch, visit our website or call us on 0345 241 3784.

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