UK Savings Week.

UK Savings Week.

Because life is unpredictable, it’s important to have some savings put aside that you can fall back on if something unexpected happens, like losing your job, becoming unwell or suddenly receiving a bill for which you hadn’t already budgeted.

Having the financial safety net that savings provide can be hugely reassuring in these instances, especially when you consider that, according to recent 2024 UK savings statistics provided by price comparison website money.co.uk, at the time of responding:

• 34% of adults had either no savings – or less than £1,000 – in a savings account
• 65% of people believe they wouldn’t be able to last three months without borrowing money, and
• savings accounts are the most popular savings method among UK adults, with over half (57%) using these to save money. 

Taking place between 9th-15th September, UK Savings Week is designed to promote the benefits of saving and encourage people to focus on their saving habits, whether they are regular savers, infrequent savers or currently unable to save.

Originally launched in 2022, the UK Savings Week initiative works by bringing together organisations that want to improve people’s – especially their own employees’ – financial resilience by helping them save for the future by providing them with access to advice about saving money.

If you’re interested in saving money and better managing your finances, here are some helpful hints and tips.

Making your savings work for you.

1. Shop around for the best savings account. A significant proportion of UK savers hold most of their savings in a current account, where interest rates are usually low. Shopping around can make a big difference to your returns. Specialist accounts like our Young Saver account, which enables children and young people to start developing healthy savings habits from a young age, are also available and are worth considering.
2. ‘No spend’ weekends. By committing to spending exactly £0.00 one weekend every other month, you could give your savings a real shot in the arm. Go for walks, have a movie night, play board games, visit some free museums and use up any food leftover from earlier in the week.
3. Check your tax code. If it’s wrong, you could pay too much tax and leave yourself out of pocket while you wait for a refund; if you pay too little, you’ll get an unpleasant bill later on.
4. If you’re able to, overpay on your monthly mortgage payment. By paying more than you have to each month, you can reduce your mortgage term and save a significant amount in interest. Always check for early-repayment charges, though!
5. Before making a purchase when shopping online, check to see if cashback is available – lots of cashback sites are easy to find so do a little research before clicking ‘buy now’. If you’re lucky, you’ll find a code for a discount on your chosen item.
6. Prioritise paying off your debts. While this won’t be possible for everyone, using your savings to pay off any debts is a great idea as it means you won’t accrue any more interest on what you already owe, ensuring you’ll be better off in the long run.

Where can I get help?

Contact a trustworthy financial institution, such as your local credit union, for help and advice on improving your financial circumstances.

At Leeds Credit Union, we offer a Money And Budgeting Service (MABS) to help members create realistic budgets to ensure their bills are paid on time, stop them from falling into arrears and make the most of their income. 

We also provide an employee payroll scheme which allows members who work for certain employers to save through their pay, with deductions going straight into their savings account from their salary or wage, meaning they don’t even miss it.

Get saving with Leeds Credit Union!

At LCU, we offer a wide range of savings accounts designed to keep your money safe and secure, with regular dividends paid out to qualifying members.

To find out more, click here.