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Lloyds Bank offers simple financial tools and various tips that can change how people save. The bank even recommends a specific strategy as the ‘fastest way’ to build savings, which could provide more peace of mind with a larger nest egg.
Within a blog, Lloyds Bank explains: “There might be many reasons why you may want to save money quickly. You might want the security of a larger savings pot or have a significant purchase on the horizon.
“The fastest way to save money is to resist those purchases of non-essential items. There are some things that simply can’t be avoided, meaning it can be harder than ever to put money into savings. That said, there’s still a few things you can do to cut down on your monthly outgoings.”
As part of its advice on ‘helpful money-saving tips and tools’, the bank stresses that setting up a savings strategy is an essential first step towards understanding your spending habits. Assessing bank statements and identifying common patterns is a helpful approach, covering everything from large expenses like mortgages to smaller costs like morning coffee.
Utilising Lloyds Bank’s Savings Calculators can help you identify potential savings opportunities and see how much you need to achieve your financial goals. For example, one tool helps you estimate a realistic savings timeline, while another helps you determine suitable amounts for an emergency fund.
The bank further notes that making small but meaningful lifestyle changes can increase savings. This could include planning meals in advance, checking your benefit entitlements, or cancelling unnecessary subscriptions.
“Cancelling subscriptions you no longer use or could do without can be a quick way to save money,” the bank’s advice continues, according to the Mirror. “Maybe you haven’t logged into a streaming service in months? Or still receive a monthly delivery of lunchtime snacks you no longer want?
“The subscription management tool in our mobile banking app gives you more control over these types of payment.” To learn more about Lloyds Bank’s saving tips, visit its website by clicking here.
Do I qualify for benefits?
The UK Government’s website states that there are several free, anonymous benefits calculators accessible, allowing people to estimate their potential entitlements. These tools can provide an approximation of:
The benefits you could get How much your benefit payments could be How your benefits will be affected if you start work or increase your hours How your benefits will be affected if your circumstances change – for example, if you have a child or move in with your partner
The Government suggests using these recommended calculators:
entitledto benefits calculator Turn2us benefits calculator Policy in Practice better off calculator
For additional information, you can also visit GOV.UK here.
For the latest money-saving tips, shopping and consumer news, go to the new Everything Money website
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