Making the most of your money


Regular saving could be the secret to a happier and healthier you

It’s all too easy for money worries to bring us down - a lack of cash can sometimes feel like it’s sucking all the joy out of life. 

But it might not have to be that way. Re-thinking the way you spend and save, even just a little, each week or month, could not only reduce your stress levels, but bring more joy to your life too.

Saving for a sunny day

We often think of saving as being boring.  A rainy-day fund means there’s money there if the boiler or your car breaks down. That sort of safety net is, of course, important, but it doesn’t need to be the limit of your savings aspirations.

There’s also a strong argument to save for sunny days too. Think joy-sparking treats you might not always be able to afford out of your normal weekly or monthly budget.

It might be a weekend away later in the year, those new boots you’ve been eyeing up or a takeaway at the end of the month.

Saving: the feel-good factor

Once you’ve set yourself a specific goal – you’ll also find it easier to save. Rather than vaguely putting money away for the future, you can visualise your goal - really picture yourself enjoying it – and that can be a great motivator.

And with a plan up and running you’ll quickly discover that saving could offer lots of other benefits:

  1. 01

    Better mental health?

    Saving for something fun will give you something positive to look forward to and you can enjoy it guilt-free, knowing you worked hard to set the money aside.

    Even when you’re saving for something less exciting, plumping your financial cushion, could ease your worries.

  2. 02

    A greater sense of control

    Put in place a plan and you're far more likely to feel in control of your money. Our relationship with money has a far bigger impact on our happiness than the amount we have.

    A study found that people who felt secure and in control of their finances were more likely to be happy (Money and Pensions Service 2022).

  3. 03

    A new confident you

    Setting a goal and seeing your progress can give you a buzz before you’ve even achieved it. You’ll feel more optimistic and confident in your problem-solving abilities. Once you’ve achieved your goal you’ll feel empowered and motivated to set more

Get the savings habit

Saving isn’t always easy – especially at the moment.

But you don’t need to start big or set yourself unrealistic targets.

Taking just a few small steps can make all the difference to your wellbeing and we’ve got plenty of tips and tools to get you started.

Track your outgoings for a savings boost

If you really want to ramp up your savings – or you’ve got totally hooked - you’ll need to work out just exactly how much you can afford to put away each month. Start by making note of how much you have coming in and then write a list of all your regular outgoings.

It does take a bit of effort but our Spending and Budgets Tracker can help you work out where your money is going. For a bit of extra help you can also try our free Financial Health Check, online, over the phone or on a video call.

Keep your savings on track

If you’ve got a longer-term savings goal, you might have to work a bit harder to stay motivated. Stay focused with our tips.

Pick the right account for you

Make sure you're using the right savings account for the job. Think carefully about what you need now, in the short term, and what you might need in the future. Find out more about your options in our Savings hub.

Check your balances regularly

Regularly check your Royal Bank App. Seeing your savings balance in black and white is a great way to give yourself a boost and you can always top it up if you’ve had a quiet month.

Save with your partner

If you’ve got a partner and are saving for a shared goal it can really help to save together and you can always keep each other motivated. A joint savings account can help your joint project. 

Get your family involved

Saving for a theme park trip or trip to the beach? Talk to the kids about family-focused goals and you could find they’re more likely to engage with attempts to cut back and spend a little less.