Money saving tips.

Saving isn't as hard as it seems. If you're looking for some smart savings guidance, these money saving tips should help you start to build up a handy nest egg.

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Open a savings account

We offer a whole range of savings accounts and it makes sense to consider which one is right for you. If you plan to save every month for example, why not consider a Regular Saver. If you are happy to leave your savings in your account for a longer period of time, there are accounts that offer fixed interest rates. Consider how you'll manage your account too - by phone, online or by visiting a Halifax branch.

Getting started

Take a look at your most recent bank statements and credit card bills and do some simple maths. Add up your monthly spend on essentials like rent, utility bills, food shopping, car costs. The amount remaining that should be there to spend on non-essentials might come as a surprise.

Get smarter with your bills

Look at those essentials and see if you could spend less on them. What about your current mobile phone deal? Are you using all those free minutes? If not, see when your contract expires and get ready to switch to a cheaper one. And what about utility bills? Could you pay less for electricity and gas? Some financial comparison websites have tools that let you work out if you could find a cheaper deal. Less spent on bills, leaves more to save.

Set some priorities

Consider what you're spending on non-essentials. Think seriously about whether you really need them. This doesn't mean you can't buy luxuries, but you might want to set a few limits rather than just buying on impulse. A bit of careful budgeting will mean that money is left over to save. This simple principle of setting a budget for non-essentials - and sticking to it - is the foundation of saving.

Set up a standing order

The best way to save is to save regularly. If you've taken the time to work out how much you can save each month, make sure the money leaves your current account straight after you get paid, by setting up a standing order from your current account into your new savings account. This way, there's no temptation to spend the money you plan to save. Find out more about how payments are processed.

Set some goals

Saving can feel a little tedious and the temptation to spend the money as soon as you have it might get the better of you. But if you set yourself some savings goals - specific things you are saving for, you'll find you're more motivated to save, and once you've saved enough to buy that new car, or pay back a chunk of your mortgage or book that cruise you'll feel a real sense of achievement.

Be tax efficient

You'll earn interest on your savings and if you are a tax payer, you have to pay tax on this income. However, interest earned in a cash ISA is not taxed. There's a maximum amount that you are allowed to save in a cash ISA account each tax year so once you reach this limit you'll have to put the rest of your annual savings into a standard savings account.

Get some guidance

Whether you've got yourself sorted out with a savings account and are saving each month or you're struggling to even get started, you can always rely on us to give you helpful savings guidance whether you're a Halifax customer or not. So why not have a chat with one of our advisers? It's easy to set up a Savings Review  and the guidance is completely free.