Life Moments

your money

What do you want to do today?

Choose one of the options below for helpful hints on reducing your spending, understand borrowing, starting to save or invest your money.

Where do I start?

Budget, budget, budget!

Budgeting is key to reducing your spending and in order to come up with a budget plan, you need to have a clear picture of your current financial situation. 

Begin by gathering at least 3 months of paperwork to help you build a clear picture of your current incoming payments and outgoings. This isn't as daunting as it sounds and most of the information is available online!

It might help to have the following items handy:

  • Bank statements
  • Payslips
  • Household bills
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Use our budget calculator

Now you've got your paperwork together, use our calculator to find out where you could save. Then we'll think about making a budget plan and helping you save some £ every month.

3 simple steps to better budgeting

  1. 1

    Understand your total spending vs. total income and categorise.

    Once you know exactly how much you have to spend, it's really helpful to categorise your expenses so you can budget for specific items such as: household bills, entertainment, groceries etc. 

  2. 2

    Be realistic about how much you could save every month.

    A mind-set shift on focussing on small changes in order to save can make a world of difference when it comes to managing your money...so start small and cut out your takeaway coffee or another little luxury you indulge in. If you save £2.50 per day, that's £910 a year! Once you start seeing small changes adding up, you'll feel more inspired to make bigger ones in order to save a few extra £s. 

  3. 3

    Set up a savings goal and track your progress.

    Make a list of short and longer term goals to work towards and watch your savings grow.

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    Savings Goal Tool

    Our savings customers who use the Savings Goal Tool in online banking save twice as much as those who don't.

Could you switch and save?

Household bills make up a huge chunk of our annual spending - switching providers could help you save big.


Energy suppliers have a number of different tariffs. So if you’re on a standard tariff (and 66% of people are) you’re likely to be able to save money, just by switching to a cheaper deal.

Price comparison websites have made it easier than ever to see how much you could save by switching energy providers. 

Phone, TV and broadband

It’s easy to stick with one provider simply because it’s too much effort to change, but you could be massively overpaying. Use comparison sites to see if you can get your package cheaper.

It’s always worth asking your provider whether they have any offers available – often these aren’t advertised.

Reward bank accounts

Get 2% back in Rewards on eligible household bills paid by direct debit.

Applicants must be 18+ and a UK resident. To earn Rewards you need to access Online or Mobile Banking once every 3 months. Monthly fee applies.

Simple tips to get you on the savings ladder

New car? Dream holiday? Rainy day? 

Whatever you're saving for, we can help you get into the habit of putting away a bit of extra cash each month.

Start saving today...

  1. 1

    Create a realistic budget

    The best way to work out your budget is to look at your outgoings vs your incoming payments and work out how much you could realistically save each month.

    We've got lots of helpful tips and advice on making a budget- just choose the option to 'Reduce my spending' above.

  2. 2

    Review your current debts

    It's worth checking the interest you are paying on any existing debts and pay them off before you attempt to start saving money. 

  3. 3

    Open a savings account

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    Find the right savings account for you

    If you don’t have a savings account already, check out our range.
  4. 4

    Set a savings goal and watch your savings grow.

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    Set your savings goal

    Our savings customers who use the Savings Goal Tool in online banking save twice as much as those who don't.
  5. 5

    Set up a regular payment into your savings account and get going! 

    If you set up a regular payment, known as a standing order, you don't need to think about moving money each month because it will happen automatically.

    It's a great habit to start - you can easily change or cancel the standing order any time you like and you can choose how often you want to save.

The basics of borrowing

If you need to borrow money, this whistle stop tour will help you understand the differences between credit cards, loans and overdrafts. We'll focus on their key features and important information to note. 

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Loan calculator

Estimate how much you could borrow, your representative interest rates and monthly payments, with no impact on your credit rating. Eligibility applies. Over 18s only.
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Overdraft calculator

Use our overdraft calculator to see what an overdraft could cost. Eligibility applies. Over 18s only.

Credit rating explained

We all have a credit file that gives information about our borrowing – if you want to see your credit file you can get a copy from a credit reference agency like Experian. Your account conduct will affect your credit rating, so it's good to know how you're doing.

Lenders use your credit rating to decide whether to lend you money, how much to lend to you, and sometimes, how much interest to charge. Credit is used for more than just credit cards – you might need it to buy a house, apply for a loan or get a mobile phone contract, among other things.

There are a number of ways your credit score can be negatively impacted, such as:

  • Applying for credit too often
  • Always having a big balance on your credit and store cards
  • A history of missed or late payments on your credit cards or loans
  • Failing to pay your mortgage on time

Remember, if you get a bigger credit card limit than you want, or if your lender increases it without you asking for it, you can ask them to lower it. This is a good way to avoid the temptation to spend.

Representative examples explained

Purchase rate

p.a (variable)

Representative APR


Assumed credit limit


Annual fee

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Borrowing needs tool

If you're still not sure on the right type of borrowing to go for, use our borrowing needs tool.

Royal Bank Invest

Royal Bank Invest is a simple way to help get your money working harder. With savings interest rates hovering at historically low levels, investing has the potential to provide better returns if you’re prepared to take some risk with your money over the medium to long term (5 years or more).

We offer a clear choice of five ready-made investment funds from ‘low’ to ’high’ risk. The more risk you are willing to take, the greater the potential you have for a larger return over the long term.

The value of investments can go down as well as up, your capital is at risk. Eligibility criteria, fees and charges apply.

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Royal Bank Invest

Find out more and explore the investment funds available. You can choose yourself, or get advice online for a fee of £10.

Learn more about investments

Difference between saving and investing

Saving and investing are things that everyone should be thinking about. We'll unpack the key differences and help you discover which could be the right path for you. 

5 habits of experienced investors

From thinking long term to taking a diversified approach, we look at habits that experienced investors adopt to help make decisions. 

When's a good time to invest?

If you’re thinking about investing but you’re not sure where to start, this article could help. Any investment should be looked at as a medium to longer-term project (five years or more). With so many options and jargon, we’ll explain a few key investment facts.

Have you made the most of this year's ISA allowance?

Remember,  you've only got until 5th April to make the most of the 2018/2019 £20,000 ISA allowance. Invest in a Stocks and Shares ISA with Royal Bank Invest and due to tax benefits, you could help your investment grow faster over time.

Tax reliefs referred to are those applying under current legislation, which may change. The availability and value of any tax reliefs will depend on your individual circumstances.

The value of investments can go down as well as up, your capital is at risk.  Eligibility criteria, fees and charges apply.

See where your money goes with Spending

Our Mobile Banking app now comes with Spending.

Spending makes life easier by automatically placing your current account transactions into categories, giving you a complete picture of your monthly outgoings.

Text me the app

Experience the quickest way to manage your money.

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Experience the quickest way to manage your money.

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Time for a financial health check?

We have plenty of tips and tools to help you make the most of your money.

Is there something else you're looking for?