Money expert shares five ways to start saving this month to help finances stay on track until summer
18.01.2024 - 12:11
/ dailyrecord.co.uk
A third (32%) of Brits managed to increase their savings in the last six months of 2023, rising by an average of £1,540, according to new research from Tesco Bank. While most households have had to navigate the higher cost of living and other financial pressures, some have been able to stay on track with their key savings goals.
Tesco Bank analysis revealed that as many as half (51%) of people stashed money away for the Christmas period, with the average saved by December totalling £566. Holidays were next on people’s top savings list with 44 per cent of respondents putting aside an average of £1,105 to go away during the colder months and enjoy some winter sun.
Some 24 per cent of people also set cash aside for a new car, saving an average of £1,263 for a new set of wheels.
This is followed by 40 per cent saving an average of £523 for birthday celebrations, and one in five (21%) saving for weddings - which can be a big expense regardless of whether you are part of the wedding party or a guest.
Property ambitions are also a big savings motivator. A third (32%) of people are saving for home renovation projects, putting budgets together worth £1,165 on average and 22 per cent have been putting money away for house deposits, with an average of £1,114 saved in 2023.
However, high living costs have also meant that for a quarter of Brits (25%) their savings have dipped in the last six months.
Ban Mahsoub, Spend & Save Director at Tesco Bank commented: “While there continues to be pressure on everyday finances, it’s promising that with some careful money management a third of us have been able to stick to our savings goals. Tracking your outgoings and ringfencing money for certain spending is exactly the right thing to ensure