5 Tips for Saving

1. Get To Know What You Have To Spend

Some of us save, some of us spend and some of us balance it all out.

If you’re more of a spontaneous spender, saving is an important step. The best way to start is to list off all your expenses and compare them to your income. Look for areas where you can cut back. Decide where you can sensibly make changes that suits your lifestyle. Remember, all those small things add up.

2. Set Up A Savings Account

First up, figure out how much you want to save. Get yourself a dream, give yourself a target and get yourself saving.  Put your details into our Savings Calculator and you’ll get a clear idea of how much you need to be saving each month in order to meet your target. This is also a good time to organise your accounts.

If you haven’t already got one, now is the time to do it. We have lots of different saving accounts to choose from. To avoid the temptation of dipping into your savings, consider an online notice deposit account. This type of account requires seven days’ notice to get your money out, so you might think twice. There’s no minimum opening balance required and it’s all online, so you can watch those savings build up every time you log into your account. Set up another instantly accessible savings account for your emergency fund too, just in case an unexpected bill pops up.

3. Assign Your Money the Day You Get Paid

We all love payday, but seeing that lump sum hit your account can make it very tempting to splash out. As soon as you get paid, use our mobile app to put a chunk of it over to your savings account, so you’re not tempted to spend it.

You can also take a deep dive into your finances with the My Money Manager tool to spot where your budget is going. This tool charts your spending in charts and graphs, making it simple to track where you’re spending your money. You can also set up unique savings goals linked with your accounts so you have a target to aim for. If you think My Money Manager could help you in your saving journey, it’s available to download on AIB's Tablet Banking App and AIB Internet Banking.

4. Shop Around

We’ve all seen the figure of how much you can save by switching providers for things like your Wi-Fi and electricity. Take a plunge; set aside a switching day, you can get them all changed once and for all. You’ll likely be on hold for a few hours, but getting it all done at once is better than attacking one call every lunch break.

5. Reward Yourself

Build in a buffer for fun and set aside some money each month to treat yourself with. Take advantage of coupon sites and deals where you can, and don’t forget to sign up for AIB Everyday Rewards to get cashback from lots of stores when you shop.

Find out more tips on shopping around and savings through banking here.

Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.