A good habit is to set a monthly budget to plan your spending. It could help you spend less and save more. With the Royal Bank app, you could categorise your current account transactions (e.g. household bills, groceries, eating out, travel, etc) to give you a more detailed picture of where you spend your money and help you to spot opportunities to save each month or donate to charity.
10 ways to help you save
From reviewing your direct debits to switching energy supplier, there are lots of great ways you could save money each month. It might help give you a bit of extra cash to save for a rainy day. Here's some of our top tips.
1. Set a budget
Our App can be used on compatible iOS and Android devices. You'll need a UK or international mobile number in specific countries. Spending Tracker is available to customers aged 16+ who have a Personal or Premier account with us.
2. Save money on frequent travel
Taking the train to work everyday? Or maybe you're a regular on your local bus route? If you're buying tickets on the day, you might be spending more than you need to. Check with your travel company to see if they offer discounted digital tickets, weekly or monthly passes or season tickets to help you save.
3. Set a savings goal
Make a list of short and longer term goals to work towards and watch your savings grow. On average, customers save twice as much when they save towards a goal. Get ahead of the game and set-up a standing order to save a little each month too before all your bills come out. A great strategy.
Our savings goal tool is available to existing customers with an instant access savings account.
4. Save your spare change as you spend
Let your bank do the hard work for you by rounding up your everyday spending to boost your savings. When you pay with your debit card, the amount will be rounded up to the nearest pound, sending the spare change straight into your savings account.
Check out our Round Ups tool to find out how to get started.
Round Ups is available to customers with an eligible current account, an eligible instant access savings account and the Mobile App. Applies to debit card and contactless device payments in sterling only. Mobile App criteria applies.
5. Reduce your energy, go greener
Reducing your carbon footprint has never been more important. But we spend a lot of money on gas and electricity. That's why we've pulled together our top energy saving tips. We want to help save you money, and reduce your carbon footprint at the same time.
6. Switch energy supplier
Due to the current situation with increasing wholesale energy prices and a number of energy companies unable to continue trading, it might be more difficult to find a deal when looking to switch your energy supplier at the moment.
7. Shop around when it comes your broadband, TV and phone contracts
Whether it’s your mobile phone contract, broadband or TV package, there are deals out there, especially if you’ve been with your current provider for a while or maybe it’s no longer giving you what you need.
By checking on the latest deals you could save or get more for your money and switching could be easier than you think.
8. Ditch that old Direct Debit
With the Royal Bank app take some time to scroll through regular payments, it’s possible you’ll discover at least one Direct Debit or standing order you no longer need. For most, you can cancel these online or over the phone, but it’s worth checking any contracts you may have to avoid any cancellation fee or penalty.
9. “Do I really need this?”
If you're asking yourself that question, there is a good chance you already know the answer. From gym memberships to online subscriptions, if you’re not using it, cancel it. If that feels a bit drastic you can often pause payments to test the water first. Be strong.
10. Get rewarded for spending
It makes sense to do your research to find the best price but there are also ways you could earn some money back when you spend too.
With a Royal Bank of Scotland Reward bank account you could earn £4 a month back in Rewards for 2 or more Direct Debits – they'll need to be at least £2 each. Plus, get an extra £1 a month back in Rewards for logging into the Royal Bank app once. You could then exchange your Rewards for money, gift cards or donate them to charity.
To apply, you need to be 18+ and a UK resident. To hold this account, you need to pay in £1,250 to an eligible Royal Bank of Scotland account every month.