Automated Saving Tips

What are your tips for saving money automatically?

I saw this one using IFTTT and Monzo

Take on the 1p Savings Challenge

Gradually increase the amount you’re saving each day to a pot of your choice. On 1st January, you’ll save 1p. On 2nd January, you’ll save 2p. This goes right up to £3.65 (or £3.66 :grin:) on the last day of the year!

Feel free to jump in part way through the year, and see how far you get!

via https://www.express.co.uk/finance/personalfinance/1238986/monzo-card-bank-account-1p-saving-challenge-online-banking-savings

1 Like

Standing order to savings account the day after your salary comes in. Pay yourself first!

1 Like

I pay my bills first. Savings come after.

  1. Use an automated savings app like Chip

  2. Pay your savings first

  3. Utilise the round-up feature with your bank so your spare change goes to a savings account.

  4. If you bank with Monzo, use the IFTTT app to set a bunch of different rules. For example, if the temperature goes below 5 degrees, save £5

1 Like

Good points though :+1:

How much you need to retain for bills and other essential and non-essential expenditure can be decided in advance through budgeting, enabling you to know how much you can realistically afford to save in advance.

The point with then paying yourself first (pay your savings/investments immediately when salary comes in) is to remove the possibility that these potential savings will be spent on other stuff, particularly non-essential stuff.

1 Like

All good points :slightly_smiling_face:
Unfortunately, for me at least, life throws unexpected costs into the mix so I have to save last.
Using Chip helps as does using Airtime Rewards though :slightly_smiling_face:

1 Like

I do it in a bit old schools way. I set up a budget for all expenses and then the remaining money is divided between several areas : emergency fund, annual expenses and savings. All is taken out of accounts on pay day via a standing order. I use round ups in my monzo but that’s more of a novelty rather than a savings tool for me as it saves about 20 per month.

1 Like

Well said. :wink:

I used to do standing orders the day after I got paid but I got stung with fees because my payday would occasionally change and there wouldn’t be the money in my account :man_facepalming:

then the remaining money is divided between several areas: emergency fund, annual expenses and savings

Is it just me or does any else hate putting aside savings for an emergency? Although necessary, it bothers me that my money is just sitting not really with a purpose and not doing anything

2 Likes