Setting and reaching your savings goals

Work out what you can realistically save each month. Take a look at your bank statements to see if there’s anything you could be spending less on, like takeaways or that daily coffee habit. We’ve even got a handy budget calculator to help you.

We’re all aiming at something different, but do your research and work out exactly how much you need to reach your goal. Get started with our Savings Goal Tool.

Let’s keep it real. You can’t save for something with money you don’t have. So make sure the goals you set are realistic. You want to be able to enjoy life too, so adjust your monthly savings goals accordingly.

Work out how many months you need to hit your goal. If you’re aiming at something specific, like a wedding, then you’ll already have a date to aim at. If it’s something with less of a deadline, work out how many months you’ll need.

Back to budget. Divide the amount you want to save, by the number of months in your timeframe. If it’s more than you got when you worked out your monthly saving amount, then you’ll need to think again. If it’s less than you budgeted for, decide if you can get there a bit faster.

It’s a good idea to save your money before you’re tempted to spend it. Set up a standing order just after pay-day, so the money’s nicely tucked away as soon as it comes into your account. If you haven’t opened a savings account yet, then now’s the time. Take a look at our options to find the best account for you.