How to save money
Saving is a great habit to get into. The sooner you start saving, the sooner you can buy the things you want!
5 reasons to save
- Want to be more confident with money as an adult? Saving early on in life is proven to help you do just that.
- When you have a savings goal, you are less likely to overspend and more motivated to reach it.
- Saving on a regular basis means you’ll be on track to buy the things that you want, quicker…
- and this regular savings habit could mean you’ll find it easier to save for the bigger things in life.
- Saving also means you have money ready for the unexpected. Maybe a birthday has slipped your mind, or you want tickets for a last-minute gig.
Source: Money and Pensions Service 2020
Easy ways to get saving
- Use our savings calculators to help you reach your savings goal. Plan what you want to buy, when you want to buy it and how much you need to save.
- Set up a standing order to move your spare money into your Smart Savings Account each month.
- Name your Smart Savings Account after your savings goal to stay focused. This could be, 'Holiday money' or 'My new phone'. Find out how to name your account.
- Switch on Save the Change®. Every time you spend with your debit card, we’ll round it up to the nearest pound and put the ‘change’ in your Smart Savings Account. For example, if a drink costs £2.55, we'll automatically round it up to £3 and put the 45p ‘change’ into your Savings Account.
Your handy how-tos
Your questions about saving
Interest is the money we pay you for saving with us in your Money Smart Savings Account. How much money we pay you is driven by the amount of money you have saved in your Smart Spending Account. The interest is shown as a percentage of the money.
A standing order is a payment that’s always the same amount, going out of your account at the same time. You choose when and how often. For example, you could make a payment to your Smart Savings Account on the 1st day of every month. You can set an end date for it to stop or it can be ongoing until you cancel it.
A Direct Debit is when you let a company take money out of your account on a set date. Direct Debits are normally set up to pay for something each month. This could be a monthly subscription, or mobile phone bill.
Halifax Money Smart® is a registered trademark of Bank of Scotland plc.
Save the Change® is a registered trademark and used under licence.