10 Commandments of Savings

It’s Friday, and it’s time to announce the winners of the first round of our competition. This site is one of a number of sites taking part in the MoneySupermarket 10 Commandments of Savings competition. To qualify for entry, our first set of winners all emailed in 10 tips each, and their ‘commandments’ were about savings.

Here we go – take it away, savings gurus!

“Change your savings accounts regularly in order to get the best interest rates. Most banks offer introductory
offers, so once that’s up, switch!” ~ J Wilson-Dedrick

“If you max out your ISA allowance then set up a high interest savings account too – maybe one that has internet-
only access to get a better rate of interest.” ~ D Bryson

“Put a picture of what you are saving for (holiday, new car, new
kitchen, etc) on your fridge door, which will serve as a daily reminder
of what you can achieve.” ~ D Crimes

“Pay into your workplace pension scheme. They will add to your contribution and your pension pot will be enhanced.” ~ C Hunt

“If you can, top up your ISA to the maximum before the end of the tax year and have a Moneysaving March where you
find ways to cut back a little – sell things you don’t need, do a bit of overtime, do a grocery challenge or £10
week.” ~ L Almond

“Set yourself a realistic saving goal – don’t plan on saving a
yearly amount that isn’t achievable, as you will set yourself up to
fail.” ~ D Crimes

“Start an emergency fund, especially if you’re worried about job security or work as a freelancer. You never know
when you might be out of work for a prolonged period.” ~ D Bryson

“Set up a standing order so that money is automatically paid into a savings account or ISA as soon as possible after
payday. This way you don’t need to remember to put some money away and you won’t miss the cash as it’s gone before
you think of how you want to spend it!” ~ S Hui

“Don’t treat your ISA as a savings account that you can dip into, as this will reduce the amount you’re able to pay
in and undermine the point of tax-free savings.” ~ L Almond

“Reward a child with cash when they help with tasks or chores in the family, to help them save for a particular game
or toy. It will give them an understanding and responsibility of saving for something they want.” ~ A Moore

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Here are my top tips for building up your savings:

1. The interest you pay on most debts is higher than the interest most savings can earn in a savings account. If you have high-interest debts and you can’t switch them to a lower-interest debt, use some savings to pay the debt off instead.

2. Your savings won’t take care of themselves! Make an effort to put money aside into savings, even if you can only spare a pound or two each week.

3. If you want money left over for savings at the end of the month, make a budget and stick to it. It’s rarely easy, let’s be honest, but it’s always worth the effort.

I will now send this list of your 10 winning tips on to the judges at MoneySupermarket for the final round of the competition. If the judges pick any of today’s savings tips, the person who wrote that selected tip will win £100. Good luck to everyone who’s being entered into the final round!