Each time you get tempted to splash out on a new top or a nifty little gadget, think about transferring that same amount from your current account into your savings account instead.
If you’re the kind of person who occasionally buys things on a whim, you are most certainly not alone – we all like an impulse buy at times. But if you fancy squashing the habit, you could try setting yourself the challenge of changing your ‘impulse buying’ to ‘impulse saving’.
Put simply, this means spontaneously squirrelling money into a savings account rather than splashing out. Making this change is no mean feat, but you can make things easier by setting yourself goals such as ‘holiday fund’; that way, you have something to aim for. Then, each time you get tempted to splash out £20 on a new top or £50 on a nifty little gadget, think about transferring that same amount from your current account into your savings account instead.
If moving the whole amount into savings feels like a lot, you might prefer to put aside a percentage of the amount you were about to spend. Equally, if this still feels daunting, why not divert just a few pounds into savings each time you plan to pick up a fancy coffee or a shop-bought sandwich?
There’s no denying that ‘impulse saving’ will require a lot of discipline and self-control, but you may well find that you get quite a lot of satisfaction from watching your savings mount up, rather than seeing your bank balance fall steadily towards zero.
But even if you don’t, saving a little and often into a savings account can soon build into a useful pot, and can make a real difference to keeping your finances on track. For an extra look at managing your money, try out our Savings Calculator.
This Money Matters post aims to be informative and engaging. Though it may include tips and information, it does not constitute advice and should not be used as a basis for any financial decisions. Sainsbury's Bank accepts no responsibility for the opinions and views of external contributors and the content of external websites included within this post. Some links may take you to another Sainsbury's Bank page. All information in this post was correct at date of publication.