Amid the strain of the current cost-of-living crisis, it might seem harder to save money than ever before. From rising grocery prices to unattainable prices for household energy, it’s hardly surprising that many Brits are living month-to-month rather than saving.
But putting money aside can still be possible, no matter how small you start. With the help of Leeds Building Society, we’ve compiled some facts and advice to help you get the ball rolling.
How are people saving money despite the cost-of-living crisis?
Through these challenging times, adults in the UK are finding different ways to manage their money. Saving might not be as straightforward as it might’ve been a few years ago, but by adapting to the current circumstances, it’s still possible to put some money away.
According to exclusive research by Leeds Building Society, many people still have specific savings goals in mind. Amongst their survey responses, they found that:
- Despite higher living costs, 59% – almost 3 in 5 – UK adults can still put some money aside every month.
- At least 60% of adults have a savings goal this year, with 14% aiming towards a specific purchase.
- Adults aged between 18 and 34 were the most likely to start planning how they’d like to save their money – and one in five of those aged 18-24 want to start saving this year.
Are there any new ways to save money in 2023?
Without doing some research or talking to your local bank or building society, it’s impossible to know if there could be any ways for you to realistically save enough money.
Matt Bartle, Director of Savings from Leeds Building Society, explains the surging interest in finding better ways for families and young professionals in the UK to save money. He said:
“Since the Bank of England began raising interest rates in December 2021, the nation’s appetite to find out more about ways to save, and Cash ISAs specifically, appears to have been growing, particularly in recent months.”
Fortunately, you have several avenues to explore if you’re interested in putting money aside. Firstly, there are so many ways to save with your bank, from instant access to regular savings accounts. And when it comes to your own habits too, you can still be proactive.
How can I save money on a daily basis?
- Switch contracts: Whether it’s for your mobile phone or your car insurance you could be paying much more than you need to. Use comparison sites to find the best premium.
- Shop around for groceries: If you always buy the same products from the same brands, it’s highly likely that you’ll find deals and offers to lower the cost on a weekly basis.
- Buy and sell second-hand: Don’t opt for new and expensive garments when you could find better deals on used platforms like Depop or Vinted.
If you’re struggling with debt and money, it’s never too late to seek advice and support.