Lloyds Bank has shared money saving tips and finance tools that could help people build their savings faster
Lloyds Bank provides straightforward financial tools and a range of tips that could transform people’s approach to cutting bills and to saving. The banking giant even suggests that one particular strategy is the ‘fastest way’ to accumulate savings, potentially delivering greater peace of mind through a more substantial nest egg.
In a blog, Lloyds Bank explains: “There might be many reasons why you may want to save money quickly. You might want the security of a larger savings pot or have a significant purchase on the horizon.
“The fastest way to save money is to resist those purchases of non-essential items. There are some things that simply can’t be avoided, meaning it can be harder than ever to put money into savings. That said, there’s still a few things you can do to cut down on your monthly outgoings.”
Within its advice on ‘helpful money savings tips and tools’, the bank emphasises that establishing a savings strategy is an essential initial step towards understanding your spending habits. Reviewing bank statements and identifying common patterns is a helpful approach, covering everything from large expenses like mortgages to smaller costs like morning coffee.
Using one of Lloyds Bank’s Savings Calculators may then help you identify where you could save and how much you will need to reach your financial goals. For instance, one of its tools lets users calculate a realistic savings timeline, while another helps you determine what may work for an emergency fund, according to the Mirror.
The bank goes on to explain that implementing minor yet significant lifestyle adjustments could further boost these savings. Importantly, this might involve planning meals ahead, verifying your benefit entitlements, or ditching subscriptions you no longer need.
It highlights two things in particular you may be able to cut back on. “Cancelling subscriptions you no longer use or could do without can be a quick way to save money,” the bank’s advice continues. “Maybe you haven’t logged into a streaming service in months? Or still receive a monthly delivery of lunchtime snacks you no longer want?
“The subscription management tool in our mobile banking app gives you more control over these types of payment.” To learn more about Lloyds Bank’s saving tips, visit its website by clicking here.
Could I be eligible for benefits?
The UK Government’s website explains that several free, anonymous benefits calculators are available, enabling people to check what they may be entitled to. This could give you an estimate of:
- The benefits you could get
- How much your benefit payments could be
- How your benefits will be affected if you start work or increase your hours
- How your benefits will be affected if your circumstances change – for example, if you have a child or move in with your partner
The Government recommends that people make use of the following calculators:
For more information, you can also visit GOV.UK here.
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