We all know saving is hard - that's why we created Chip! But (as well as downloading our super little green app) there are plenty of ways you can train yourself to stash more away. All you need is a little guidance...
If you’re struggling to save, here are the most common reasons why this might be – along with the quick fixes that actually do work. Think of it as our how-to guide to being better off, with pretty little effort.
These 7 things could be standing in between you and the riches you know you deserve... it's time to overcome them.
If there’s never enough cash in the bank, savings are off the table, right? Wrong: you’ve just got to get tactical. If there’s something you enjoy, work out how to make money from it. Whether it's a full blown one-man business or a spare-time filler you could be raking it in and enjoying yourself at the same time. If not, you could always ask for a pay rise (or get a better paid job) – we dare you. If you’ve got the skill, the experience and the cojones, the worst your boss can say is ‘no’.
You don’t have the savings habit
It doesn’t matter – you don’t need it. Lots of personal finance gurus say the best way to get the savings habit is to ‘skim’ your bank account – just sweeping spare change into a savings account little and often. Luckily, this is the process that Chip automates, so you don’t need to remember, you don’t need to motivate yourself and you definitely don’t need to do any calculations.
Your quirks get in the way
It could be your love of Little Mix, or your daily devotion to extra-hot almond milk lattes – either way, it’s about priorities. Everyone should have a frivolous blow-out at least once in a lifetime: the secret is to do it strategically. Challenge yourself to cut down and hoard the extra cash (in your savings account) for something truly special later in the year. Having a savings goal – something you really, really want – makes going without much less painful.
Saving is boring
Yes, of course saving isn't as fun as spending your money on the things you love, but think of the bigger picture. That picture gets a hell of a lot brighter when the people you love are saving with you. That's why with Chip 2.0, we've created Squad Goals. So, if you've got a Lad's holiday or a girl's weekend planned, you can save up together. Invite your friends to a goal, track their progress, motivate them and make enjoy the saving journey.
You don’t see the point
Why save, when you could be sipping on your latte? Because free cash. Interest is free money paid to patient people, and your Chip savings account pays up to 5% bonus (in the same way as interest) on your stash. That’s got to be worth having.
You don’t ‘do’ money
You’re allowed to think saving is boring and time-consuming – but it’s also making other people richer than you! If you really don’t want to give any head space to thinking about saving, just let Chip do it for you. We hear from people all the time who’ve literally forgotten about Chip – and then discovered a handy £300 that’s been quietly piling up without them noticing.
You’re in debt
While most of us rely on credit cards, overdrafts or mortgages to get things we need, borrowing gets stressful if you can’t afford to pay back what you owe. If debt is stopping you getting on top of your savings, get professional help: try StepChange Debt Charity for free advice about managing and reducing what you owe. You can also use savings to pay off overdrafts or credit cards, to give yourself a fresh start.
Life is what happens while you’re busy making other plans. Unexpected costs are sometimes just part of the deal, and savings are a buffer against them, so keep a stash just in case. Have a separate savings pot for the cool stuff you want to do, buy or achieve.