If you're new to saving it can be hard to know where to start. Here are 5 ways to get into the habit.
Create a budget
Identify opportunities to save by creating a budget, if you don’t already have one. We show you how here.
Keep savings separate from regular income
It's often easier to build up savings if you keep them in a dedicated savings account, and separate them from your everyday banking.
Get into a savings habit by putting a regular amount each month into a savings account
Use a personal finance or banking app to monitor and track what you spend. Frequent, small purchases soon add up, and you may spot areas to cut back on spending and save more instead.
Save a little and often
Saving any amount of money, however small, is worthwhile. It can help you get into the habit of saving. You could make saving easier by setting up an automated transfer, from your main bank account into a savings account, for the same day each month. Choose the day you're paid, and you'll save money before you're tempted to spend it.
Compare and save
Use comparison sites to check if you could be paying less for your household expenses, like utilities, phone, internet or groceries. If you switch to a cheaper deal, try putting the amount you’ve saved each month into your savings account.
HSBC has partnered with Everfi to create a series of modules on a variety of topics, including Savings, Banking, Credit Cards & Interest Rates, Credit Scores, Financing Higher Education, Renting vs. Owning, Taxes and Insurance, Consumer Protection, and Investing, giving you the tools to better manage your financial future. We hope these interactive digital modules can support your choices.
Additionally, HSBC has created the YourMoneyCounts financial wellness program which is presented by HSBC staff to the community in a classroom setting. Participant workbooks covering Budgeting, Credit, and Identity Theft and a budgeting worksheet are found through the YourMoneyCount link above. This program was created in partnership with the national nonprofit Greenpath Financial Wellness, and they provide free individualized support focused on your personal situation and financial wellness.