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Managing your money

Money saving hints and tips

9 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

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.

2. Start small

Focusing on small changes in order to save could make a world of difference when it comes to managing your money. Cutting back on a few of those non-essentials, like eating out or takeaways, could help you save a little bit each month – too drastic and they’ll soon creep back in. Slowly does it.

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.

4. 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.

5. 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. 

6. Shop around when it comes your TV, broadband and phone contracts

From your mobile tariff, broadband to TV packages. There are deals out there, if nothing else, challenge your current provider to match what you may have seen elsewhere to see if they can match it.

7. 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.

8. “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.

9. 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.