How to grow your savings

Action Plan:

Action Plan Resources Q&A Tips Journal Successes Discuss

Action Plan Overview

Whether you're saving up for something in particular, or just want to set some cash aside for a rainy day, we show you how to find the cash you need to grow your savings as fast as possible.

		a	Do: Set a savings target
		b	Work out: How long do you have to save?
		c	Work out: How much do you want to save?
		d	Work out: How much do you need to save each month to meet your target?

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		a	Find out: How much do you get paid?
		b	Find out: How much do you earn from other jobs?
		c	Find out: How much do you earn from overtime?
		d	Find out: How much do you earn in bonuses?
		e	Find out: How much do you receive in tax credits or benefits?
		f	Find out: How much do you earn in interest or dividends from savings and investments?
		g	Find out: What's your average monthly income?

		a	Do: Get all of your paperwork together
		b	Work out: How much do you spend on compulsory expenses?
		c	Work out: How much do you spend on essentials?
		d	Work out: How much do you spend on luxuries?
		e	Work out: How much do you spend each month?

		a	Find out: Are you paying more interest on your debt than you're earning on your savings?
		b	Decide: Should you use savings to pay off your credit cards?
		c	Decide: Should you use your savings to clear debt?
		d	Decide: Should you use your savings to pay off your mortgage?
		e	Work out: How much of your savings should you put towards your debts?
		f	Consider: Should you add to your pension?

		a	Consider: Will you need regular access to your savings?
		b	Consider: What's your attitude to risk for your savings?
		c	Consider: How much are your circumstances likely to change?
		d	Decide: What's the best type of savings account for you?
		e	Consider: Should you get advice from an IFA?

		a	Find out: How much do you have in savings accounts?
		b	Decide: Should you use existing savings to kick start your savings plan?
		c	Decide: Should you save or invest?
		d	Decide: How should you split your money between savings and investments?

		a	Work out: What's your disposable income?
		b	Decide: How much can you afford to save?

		a	Do: Find the best savings accounts
		b	Do: Find a qualified IFA
		c	Do: Set up your investments
		d	Do: Set up payments into your savings accounts

		a	Do: Start working to a careful budget
		b	Find out: Can you cut your compulsory expenses?
		c	Find out: Can you cut the cost of your essential outgoings?
		d	Consider: Can you spend less without noticing a difference?
		e	Consider: How can you earn extra money?
		f	Decide: Should you use spare cash to boost your savings?
		g	Do: Make a note to review your plans