#SavingSwaps with The Nottingham

Saving can seem like a daunting task when you’re either starting from scratch or having to dip into the pot from time to time. It can also seem like everyone around you knows how to save for their house deposit or has enough cash to fly away on holiday. But, what if you don’t know where to start? We’re here to help with 6 everyday swaps to help you rack up the pennies and turn them into pounds. Then, you’ll be the one with all the savings tips!

First of all, if you want to work out how much you can afford to save then it’s easy. Simply work out your ‘disposable income’ by taking away all of your outgoings from your regular income. But, it’s being smart with your disposable income that will make a positive impact on your savings. By swapping simple daily treats for freebies you can boost your bucks in no time. 

Swapping…

1. Flat whites for a flat deposit
That daily coffee doesn’t seem like much when it’s only a couple of quid a day, does it? But, this can add up to around £15 a week and even £60 a month if you’re having your caffeine hit every day. By swapping this small thing for an instant coffee in the work kitchen you could save over £700 a year. Plus, if you are saving for your first house and put your extra cash into a Lifetime ISA, you’ll receive a 25% government bonus on top of your savings every year. Yep, for every £4 you save, the government will give you a £1 bonus for free*. Property ladder? Come at me. 

2. Meal deals for mortgage applications
If you’re a meal deal addict as well as a coffee connoisseur, you could be saving the same amount as above twice over! That’s a grand total of £1400 a year saved on sad packet sandwiches and fancy coffee cups. Stick with us and we’ll compare the mortgage market to find you the right mortgage for your situation. Even if that means you leave without one of our mortgages, we don’t mind as long as you’re in a great place. 

And, think of the environmental good you’ll be doing without buying all that packaging everyday. You, are one thoughtful person. 

3. Car washes for Christmas gifts
Invest in a bucket and a sponge and save up to £10 every fortnight (depending how fancy your car wash is!) that you could pop into an Easy Access savings account, all ready for Christmas. If you did this for a full year you would have well over £200 to spend on your loved ones by the end of the year. No more present-buying panic stations!

4. Pints for pistes
When does just ‘one pint’ after work ever mean just one pint? Even if you simply cut down from two pints to one during Friday drinks you’d save roughly £260 a year - that’s definitely enough for a flight to the Alps! You’ll be thanking yourself when you’re having that extra pint in a cosy chalet sporting a very fetching goggle tan. 

5. Mascara for mate dates
If beauty binging is your thing and you have to try the latest drops in the makeup world, then you could save monthly, or even weekly with this swap. By resisting the latest designer mascara, glow-getting highlighter or concealer at £25 a pop every two weeks, you could save £50 a month and put this towards a get together with your best mates. Think about how many dinner parties and memories you could be creating together!

To still make the most of latest releases join beauty clubs and reviewer sites that are linked to glossy magazines and beauty retailers, you’ll get all the latest beauty products as sample sizes, in the post and for free! All you have to do is review them afterwards. 

6. Sneakers for… savings
Are you a trainer hoarder? If you love your shoes and buy a new pair every month, you could save over £1000 if you cut this down to only a couple of pairs a year. Yep, we know how much those new Air Max cost... By adopting this style saving, you could end up with a serious wedge in your back pocket either for a rainy day, that house deposit you’re after or a seriously awesome holiday. 

It doesn’t have to be these exact treats that you give up for a small amount of time and it doesn’t have to be total cold-turkey tactics either. Simply having one barista-made coffee a week instead of 4 or 5 will hugely impact your finances so it’s completely up to you as to how much you want to save and spend. Try tracking your spending if you don’t know where your cash is going and you might be surprised at the outcome. 

Check out all of our savings accounts and how they compare against each other. To find out more call us on 0344 481 1225 or visit one of our branches

*The 25% bonus is provided by the government. The Lifetime ISA can be opened by customers aged between 18 and 39 years of age that reside in the UK to either save for their first house purchase or their retirement. The product has a 25% charge associated with any withdrawals that are not an eligible life event (first house, aged over 60, terminal illness and deceased). Investors can pay in up to £4k per tax year into their Lifetime ISA and the government will pay a 25% bonus on a monthly basis from 6th April 2018. Customers cannot pay into their Lifetime ISA from the age of 50+ or earn the 25% bonus. If you save in a Lifetime ISA instead of enrolling or contributing to a pension scheme, you may lose valuable employer contributions. Entitlement to any means tested benefits may be affected. The 25% withdrawal charge is on everything (deposits made, bonus and interest). You may get back less than you paid in. For full terms and conditions please ask branch staff for our Keyfacts document and summary box.


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