January. A lot of resolutions, a lot of promises and what feels like a lot of days. So, how about we help you turn some of those resolutions into everyday habits?
When it comes to saving money and finding the best way to do it, sure, using Google for hints and tips is great. But sometimes, it can be hard to find real-life examples that really relate to you.
That’s where Hodge comes in. We asked our colleagues to share some of the ways they save money.
What were the results?
We started simple with the first question: Do you have a savings goal for 2025? Then, we asked: What are you savings towards?
71.1%
of our colleagues have already set a savings goal for the year
64.2%
are saving for a holiday
54.7%
are saving for a rainy day
28.3%
have started saving for retirement
You can find more on saving into a pension by clicking here.
Our third and final question to colleagues was:
How do you save and what do you think could help our customers save more money?
- 80% said putting away as much as they can afford each month helps - pennies make pounds
- 64% said that they use a regular savings account
- 49% save money by making their lunch each day rather than buying it on the go, helping curb spur-of-the-moment spending
- 41% sell unwanted belongings on platforms like Vinted, and some save this money in a separate pot to help boost their funds
If you haven’t heard of Vinted, a certain Money Saving Expert has a handy guide on how to make the most of it! Find out more here.
Stand out savings tips
From your friendly Hodge colleagues:
- Acknowledge your pension scheme – Review your pension contributions regularly and consider adjusting how much you put in annually.
- Keep on top of the latest interest rates – Stay updated on the latest interest rates and product details across different providers to make the most of your savings.
- Mortgage vs. pension contributions – If you have a mortgage, paying into a pension scheme and you’re lucky enough to have any spare cash, it can be tempting to overpay your mortgage. However, something to think about is whether you have tax-relief on additional pension contributions you make as this could offer better long-term benefits. More on this here.
- Use an incoming and outgoing tracker – Set realistic savings goals while understanding that life can throw curveballs. Don’t feel pressure if you miss a month – adjust and adapt and keep saving what you can.
- Try budget tracking apps – If you’re comfortable with technology, budget tracking apps can help you track your spending and savings. Some even offer reward systems to keep you motivated.
- Take advantage of banking features – Many online banks offer savings tools like multiple ‘pots’ within your account. You can schedule payments into these pots, no matter how large or small the amount, or even round up spare change from purchases into savings. As we like to say, take care of the pennies and the pounds will take care of themselves!
Finding a healthy financial solution to suit YOUR lifestyle is the key. We’re here to provide tips and hints to help you save money.
At Hodge, we’ve got a suite of savings support to guide you in the right direction and build a healthier relationship with money. Visit our help and support hub by clicking here.
This article is correct at time of publishing and for general information purposes only. We recommend you speak to a professional financial adviser for advice. You can find a financial adviser and further personal finance information at unbiased.co.uk.
