What is UK Savings Week?
UK Savings Week was launched in 2022 and is supported by The Buildings Society Association, the trade body of UK building societies and seven large credit unions.
The idea behind the week is to raise awareness of the benefits of having savings, promote good practices and share tips to help people build their savings.
When is UK Savings Week in 2023?
This year, UK Savings Week will take place from 18th September 2023 to 24th September 2023.
Although it is only a week, the idea is that it will help you build habits that you can then carry forward into everyday life to help build your savings over time.
What are the benefits of having savings?
From both a mental health and a financial point of view, there are many benefits to having savings to fall back on.
In terms of financial well-being, having savings is important for a number of scenarios which could occur.
Should your home or car need urgent, unexpected repairs without any savings to rely on, this could heavily impact your budget and put you in danger of not being able to pay all of your bills that month.
There’s also the possibility that an illness or injury may prevent you from working, and bills will still need to be paid despite the drop in income.
In any case of an emergency, unexpected costs or loss of income, regardless of the situation, having savings to fall back on makes the situation a lot less stressful and relieves some of the financial worries.
On the other hand, savings can help you reach goals and milestones in your life. For example, you may wish to purchase a house, a new car or a holiday – and to do this, you might need to save up a significant sum of money.
How do I start saving?
First of all, it’s important to remember that saving is a long-term process, it’s something you need to commit to and stick to wherever possible to be able to save well.
If you’re starting your savings from nothing, don’t feel disheartened if it isn’t growing as quickly as you expected. It will take time, but it’s worth sticking with it in the long run.
The first step is to work out your incomings and essential outgoings; this way, you can work out how much money you should have left each month after paying for all your bills and essentials, such as groceries and fuel. You can use our monthly budget planner to help you work this out.
Once you’ve worked out your incomings and expenditures, you’ll be able to see whether you have anything extra left over each month – if you do, you can either aim to save the full amount each month or a percentage of it.
If you work out your budget and find that you don’t have any money left over after all of your essential outgoings, our BudgetSmart tool may be able to help you increase your income and reduce your bills. It’s easy to navigate and full of practical advice with hints and tips on how to get the most out of your money.
What should I do with my savings?
Once you’re in the swing of saving money every month, it’s useful to have somewhere to put it so you don’t get it confused with your money for bills and other outgoings.
Some banks will allow you to create separate pots to divide your money into and help you organise it better, if this is something your bank offers, you should be able to find it on online banking or through a mobile banking app.
If your bank doesn’t offer this, it may be worth setting up a savings account, this can be either through your current bank or with another provider.
There are lots of different options when it comes to savings accounts, so it’s worth looking into what’s best for your situation.
Can I start saving while I’m in debt?
If you’re currently repaying any debts, it’s usually better to focus on paying this back before you start trying to save large amounts.
If you’re struggling to repay your debt and feel like you need support, call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.
This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.