Tips on saving money

Knowing how to save money for an upcoming trip, house deposit or another long-term goal can be tricky. This guide could help, spotlighting handy tools and tips for setting a savings goal you can work towards, by putting money aside each month.

Set your savings goal

The best ways to save money are often the simplest. Start by setting a goal, giving you a savings target to work towards. Are you saving for a rainy day, a new car or a little holiday with the family? Having a goal can keep you focused, and maybe even motivate you to add to your savings pot more regularly.

You might like to:

Set a monthly savings target – can you save £25, £50, £100 or more a month? Set yourself a minimum saving goal and track it as you go.

Set a no-spend period – can you go a day, week or month without spending a penny on non-essential items? This can be quite the challenge, so try to ease into it. It could be fun to get family and friends involved too.

Save your change – as we use contactless and card payments more, your piggy bank might be a little light. Switch on Save the Change, then when you spend with your Halifax debit card, we’ll round it up to the nearest pound, putting the change into your nominated savings account.

Try our savings calculator

Get to know your spending patterns

From everyday essentials to impulse purchases, keeping close track of your spending is an essential step in saving money.

It might help to:

  1. Use spending insights – available in the Mobile Banking app and Online Banking. This handy tool can help you to spot patterns in your spending, find areas you might be able to cut back on, and generally keep track. You might be surprised how much all of the little things add up to each month.
  2. Note down your regular expenses – however small, including things like streaming service subscriptions, gym memberships, mortgage or rental payments, food and utility bills. Is there anything on the list you could cut back on?
  3. Create a savings plan. Now you’ve got a view of your essential spending, how much money do you have left to play with each month? Set yourself a budget for socialising, gifts and other ad hoc spending, and setting money aside in savings. 

Six ways to save money

Look over your bill payments

You might be able to cut your regular bills by contacting your current suppliers. Failing that, shop around and you could find a better deal elsewhere. You can use a comparison website to see lots of prices in one place, helping you to find the lowest price for broadband, car insurance and more. Just bear in mind, fees might apply for leaving an existing contract early.

If you’re a Halifax customer, you can check Upcoming Payments due within the next 31 days in your online account, giving you a quick view of your current bills.

Review anything you owe

The interest you pay on anything you borrow is likely to be much higher than the interest you’d earn on your savings. Because of that, you might like to focus on repaying any debts before you fully commit to saving.

It could help to explore debt consolidation options. Just be aware that fees and charges might apply when transferring or settling debts early.

Cancel subscriptions you could do without

The cost of subscriptions can add up, so it’s worth thinking about whether you could pause or cancel services you’re not using regularly. Some streaming services offer tiered pricing, so another option could be to scale things back to cut your monthly bill.

If you use the Halifax Mobile Banking app, the subscription management tool should help you.

Fight food waste and save

Meal planning can be a great way to save money, and food too. Plan out your meals for the week ahead before you do your food shopping and do your best to stick to your shopping list.

By taking your own lunch to work, and travelling with a hot drink from home, instead of buying at a coffee shop, you could also cut down on your spending. You could pop the money you don’t spend into your savings account instead.

Check your benefits

You don’t have to be on a low income to access government benefits. You could qualify for a reduction in tax contributions simply by being married, a parent or if you regularly work from home. For details, check the website.

Sell unwanted items

Anything you no longer need could be sold to boost your income and savings, also giving someone else an opportunity to enjoy your pre-loved items.

There are various apps where you could sell old clothes and household items. Or at weekends in the summer months, you could set up a stall at a local car boot sale.

How can I cut my spending?

Cutting your spending can free up some disposable income for you to put to one side. Below are some money-saving tips that you can put into practice month to month.


Take your time

If you’re planning a non-essential purchase and you can afford to wait, you might be able to pick up that item when the next discount sale comes along. It can also help to think ahead of time. For example, if you have a holiday planned for next year, you could buy your summer clothes out of season. And remember to shop the sales for future birthday and Christmas presents – who says you have to buy during the festive season?

Shop second hand

We know you can sell stuff to make money, but you can also buy second hand to make your pennies work a little harder. From clothes to furniture, you can find just about everything for sale online and in local charity shops. If you’re in the market for electronics, choosing a refurbished model could make a significant difference to the price.

Make spending cuts

You may not be able to make savings on important things like food and regular bills, but cutting your non-essential spending could help you save more. Obviously, you’ll still want to budget some money for socialising and fun, but cutting back on eating out, takeaways, and impulse purchases, however small, can add up to large savings over time.

Shop around

When you’re in the market to buy something, it could pay to browse various shops or websites online. That could include comparing different supermarkets when you’re stocking your store cupboard or keeping an eye out for the cheapest local fuel price.

How much should you have in emergency savings?

Aim to have enough money to cover your essential outgoings for at least 3 months. That should make it easier to manage any unexpected bills, or changes in your circumstances. Work out how much you’d need to save using our rainy-day calculator.

What is the 50-30-20 rule?

The 50-30-20 rule could simply help you plan out a budget. Split your regular income into three categories:

  • 50% for essentials.
  • 30% for non-essentials
  • 20% for savings or to pay off debts.


If you can cut down on non-essentials and put even more into savings, all the better. Learn more about the 50 30 20 rule.

Keep going!

It can be hard to get into the swing of regular saving. But, however small, each contribution can add up. Even saving £1 each day adds up to £365 at the end of a year.

Having some money set aside can help on those days when you have an unexpected bill to pay.

While saving is important, living a happy life is too. It’s okay to treat yourself every occasionally, whether that’s a new outfit, or dinner out with a friend. Just try to find the right balance for you – which is where the 50-30-20 rule can help.

Ready to save? Set yourself a goal, no matter how big or small, and start working towards it.

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