How to Start Saving | Royal Bank of Scotland

How to start saving

New car? Dream holiday? Rainy day? Whatever you're saving for, it's easy to get into the habit of putting away a bit of cash each month.


Icon expand 1. Work out your budget

This will help you see where your money is going each month. And it’ll help you work out how much you can comfortably afford to save. Just enter your income and expenses into our easy budgeting tool, to see how much you’re spending and how much you could be saving. If you have any outstanding debt, it’s usually wise to pay that off before you start saving.


Icon expand 2. Set a goal

Write down the name of your goal on a piece of paper and how much you want to save up. Or give your savings account a nickname with your goal in mind. If you’re new to savings, try starting small – it all adds up in the long run. If you already have a savings account with us and are registered for online banking, login to set up your Savings Goal.


Icon expand 3. Start saving

If you don’t have a savings account, open one. Having a separate bank account that you just use for saving without a bank card will make it harder for you to just spend your cash. You could set up a regular payment from your current account into your savings account. So each time you’re paid, it’ll be transferred over automatically. After a while, you’ll find that you don’t even miss the cash once it’s gone into your savings. Or you could try and save just whatever you have left at the end of the month. 


Icon expand 4. Watch your savings grow

Even small regular amounts will add up and the longer you can leave it untouched, the more you will save. Once you’ve been saving for a while, review your budget to see if there are any other areas where you can cut back to help you save even more. 

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