Almost 15 million people across the UK arent making any effort to save money just now, according to analysis

from Scottish idows! "hats almost a third of the adult population! #f those who do manage to save, almost a third have less than $1,%%% & not enough to pay the average monthly mortgage and council ta' (ill, which is currently $1,%%)! *veryone knows its a good idea to save money, (ut clearly many of us struggle to actually do it! +ost finance e'perts recommend having the e,uivalent of (etween three and si' months worth of your salary stashed in an easy access account in case of emergencies, (ut youre not alone if your pot falls well short of that! -ut how could you save more. /ere are some of the ha(its of successful savers0 1. They save regularly 1ou may not (e a(le to save a huge amount every month (ut a small amount saved often will soon add up! Some people find it useful to save money into a regular saving account, which re,uires them to pay something in each month, often (etween $1% and $2%%! Savers who dont make a deposit will usually lose their high rate of interest so theres an incentive to make a payment even if its just small! [Related link: Open a top-rated savings account] 2. They save at the start of the month not the end 3ts tempting to wait until the end of the month and save any leftover cash! -ut really successful savers set some money aside as soon as theyre paid! "hat way they can factor their savings into their monthly (udget and save a consistent amount each month! !. They keep control of their spending 3f you think you cant afford to save anything, its worth taking another look at your (udget to see if you can reduce spending elsewhere! 4eally successful savers see their monthly savings deposit as a priority over more discretionary spending! 3f youre looking for ways to cut (ack, and wondering how much money that would free up for your savings account, theres a handy tool availa(le on the +oney Advice Service we(site! "he 5ut6-ack 5alculator shows you the monthly and annual cost of the things you pay for regularly, such as cigarettes or chocolate! "he results can (e ,uite alarming7 ". They actively manage their money

"heres no denying that the low (ase rate means (anks arent paying savers much interest just now! *arning less than one per cent on your savings is pretty demoralising, especially when inflation is so high! Successful savers are proactive a(out switching their money to (etter accounts so they can earn the highest amount of interest possi(le! +any accounts are (oosted (y a 126month (onus, so its important to keep track of when that ends and (e ready to switch to a higher6paying (ank! [Related link: The #est-rated cash $%&s right no'] (. They have a rainy day fund 1ou might (e saving for a num(er of reasons8 for a holiday, to overpay the mortgage, to decorate the house! -ut whatever your goal, its important to have an emergency pot of money that you wont dip into unless you really need it! 4eally successful savers dont factor this emergency fund into their savings goals, (ecause they know that they cant (low that money on a dream (reak or garage conversion! ). They clear their de#ts first 3t makes no sense to (e paying high interest on a loan or credit card, while earning low interest on savings in the (ank! Although it makes sense to save up an emergency fund, most people are (etter off clearing their de(ts (efore adding to their savings! Successful savers dont waste money on high interest loans if they have the cash to clear them! *. They keep track of their loose change /ow much money do you lose down sofas. /ow much do you dump in a penny jar and never cash in. +oney works harder in a savings account than it does sitting in an ashtray in your kitchen! 3t really is worth emptying your penny jar occasionally! 3 cashed mine in last year and discovered $9:!12! And remem(er, if you saved an e'tra $1 a week out of your small change, rather than (uying a maga;ine or a couple of (ars of chocolate, that would add up to more than $5% a year e'tra in the (ank! +. They set savings goals 3f youre saving for a specific goal, then its a good idea to work (ackwards! 3nstead of deciding how much you can afford to save each month, consider how much you need in total and how ,uickly you

need it! "hen you can work out how much you need to save each month to reach that goal, and tailor your other spending accordingly! 4eally successful savers understand that setting goals can (e really motivating! ,. They start young "heres plenty of evidence that saving as a child helps you manage your money (etter as an adult! #K, so theres not a lot you can do a(out that now, you were either encouraged to save or you werent! -ut you can get your own children in the ha(it of putting some of their cash aside, even if its just their 5hristmas money! 3f you can teach them the (enefits of regular saving, youre helping them to (ecome successful savers in their own right!

It is simple 1- You stop compulsive purchases, buying things you do not need and will throw in a drawer never use and spending beyond your means to keep up with the Jones's. 2- You use the money you save to pay down any debts and stop paying 2 ! interest on credit cards which are the main route to eventual poverty. I saw an article in the "unday #imes the other week about painting unused shoes that your daughter bought on impulse and will never wear to decorate a bedroom with. #hat is where the hard earned money o$ten goes as many people have got into the habit o$ being unable to walk out o$ a shop without buying something whether they need it or not.