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There is an old saying.  ‘If you look after the pennies, the pounds look after themselves’.

There are a plethora of things you can do to help you save money and by starting to save money when you are young is ideally what you want to be doing, as starting young, actions become habit.

This can go as young as you want. Do you have children? Start them off by getting them a savings account designed for children. From the Age of 11, many banks offer more advanced accounts complete with interest and savings.

At 16 will be upgraded a full account with high street banks (though no overdraft). Though, some banks do, do children’s bank accounts. These have heavy restrictions on them and are generally designed to prevent youngsters blowing the lot on Facebook Games.

For those who have full bank accounts, things are a little simpler. Firstly, you can set up a savings account instantly using your online banking. Quite literally it will appear out of thin air.

You don’t have to immediately put money in to open the account, though it’s a good place to start, for as soon as there is more than £1 in there, it will acquire interest. Obviously, the more you save the more interest you’ll be awarded. Usually Interest is awarded either 3 monthly, 6 monthly or 12 monthly.

To get started, you need to first work out a plan of action. Check out your budget, and most banks offer charts and graphs to show your account in a more simplified way as oppose to having to look through spreadsheets.

Then, look at how you want to save. You can do this Daily, Weekly or Two Weekly or Monthly.

When saving on a daily basis, the idea is to take your account down to a round figure, but as banks require you to transfer a minimum of £1 you may have to do 2 transactions.

For example, if your account is £145.99 in credit (money you actually have. You’d have to either transfer £1.99 or just leave it. Or transfer it, and then transfer £1.00 back into your account. This is a very easy and quick way to build up savings, and ideal for if you want to ensure you have an emergency fund.

Weekly, would see you transferring £7.00 – £14.00, 2 weekly £28 – £56, and monthly £112 – £224, roughly. Obviously, it is up to you how you save, and how much you save, and sometimes, you may not have the funds to do it, but trying to save up the pennies that are left over at the end of any given day is a great way to see your savings grow without your really noticing it’s gone.

Go into your local banks branch and speak to them about which savings account they think would be ideal for you, and also the perks and drawbacks of all of the accounts they have to offer, for sometimes there are savings accounts that can only be opened in branch, such as investors ISA’s and Stocks.

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