#MondayMoneyUK – Savings tips on Twitter

#Mondaymoneyuk savings twitter chat

Savings Twitter chat – what you said

On Monday 25th July, UK Money Bloggers and savvy Twitter users came together for the weekly #MondayMoneyUK Twitter chat. Each week a different blogger hosts the conversation, and this week it was my turn. On my blog, Can’t Swing a Cat, I write about my mission to save money for everything from a house deposit to financial freedom, so Andy from UK Money Bloggers and I decided to focus this week’s chat on the idea of saving for the future.

I asked 4 questions in total and couldn’t believe the sheer number of responses I received. Here are just a handful of the replies.


Question 1: Are you saving for anything in particular at the moment?

The answers to Question 1 were really interesting and diverse. While some people expressed a desire to save for short term goals such as cars and birthday celebrations, others cited long term goals such as retirement, financial independence and their children’s future. Many of those who replied to Question 1 are also working hard to save an emergency fund – an absolute must-have to cope with unexpected expenses with as little fuss as possible.

Question 2: Where do you put the money you save? How important do you think this is?

Many savers seem to be falling out of love with traditional cash ISAs and are instead turning to high interest current accounts. Some savers recommended Santander 123 as a great way of saving large amounts of money up to £20,000, while those with smaller savings recommended TSB’s Classic Plus account. With so many high interest current accounts to choose from, it’s a good idea to do your research to find which is best for you.

Although some UK money bloggers favour easy access accounts, others are investing their money for the long term in order to grow their money further.

Question 3: What stops you saving more than you do at the moment?

Although it’s important to save for the future, it’s just as important to treat yourself. After all, there’s no point in completely depriving yourself of the things you enjoy buying or doing.

However, while some people cited unnecessary spending as an obstacle to their saving goals, others are having to prioritise debt. If you pay more interest on your debt than you’d earn in savings interest, it’s often wiser to get your debt cleared first.

Question 4: What’s your #1 tip for someone who wants to save for the future but doesn’t know where to start?

Once you get in the habit of saving money, it can become second nature. The hardest part is getting started. Question 4 asked tweeters to share their top tips for saving newbies. Many people recommended sitting down and looking at your budget closely to identify exactly where your money is going. Others suggested starting small and putting away affordable amounts here and there.

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