Do you feel confident about saving?

When the cost of living keeps going up, putting money into savings might not feel like a priority - or even possible.

But many people are still making a point of saving for the future.

In fact, research from Skipton Building Society shows that nearly two-thirds (61%) feel confident about their ability to save.

And encouragingly, almost a third (29%) say they feel more optimistic about saving than they did this time last year.

But that still leaves a huge number who feel differently.

And among those feeling less positive about saving, nearly three-quarters (72%) say the rising cost of living is the biggest barrier. 

That’s followed by:

• rising essential expenses - 62%
• not having enough disposable income to save - 49%

So perhaps unsurprisingly, money is foremost on people’s minds, with almost a third (29%) saying they think about their personal finances every day.

How can I start saving when money is tight?

If putting money into savings seems difficult or unrealistic right now, then don’t give up.

There’s no hard and fast rule that says you need to be diverting huge sums of cash into savings accounts.

Putting even just a few pounds aside here and there could make a big difference in the long run.

Start small

Don’t give yourself a mountain to climb straight away.

Even £1 a day adds up to £30 a month and can help you get into good habits. 

Automate your saving

Set up a standing order to move a small amount into savings after you get paid, so you don’t even have to think about it.

Set a budget and stick to it

Make sure you know how much money you have coming in and where it’s going, so you can see what you have left over that you could afford to save.

Check out our guide to creating a budget to get started.

Set goals

You can stay motivated if you’re feel you’re achieving something.

So give yourself clear targets and track your progress.

Look for the best savings account

If you have your money in a current account, remember that they usually offer lower interest rates than savings accounts.

So see if there are other options that might offer better returns.

Find out what extra support you could get

You might be entitled to financial help from the government, so find out what you could claim.

You can either give us a ring and we’ll check for you, or use our free benefits calculator to see what support is available.