Top saving tips revealed

Tuesday, 21 March 2006 12:00

With ever-more news emerging about the UK's savings gap, Britons have revealed their top ten savings tips.

Research from Scottish Widows shows that the nations' favourite piece of advice to get people building up their nest egg is to save "little and often", although other pieces of advice such as "never borrow money" seem a little unrealistic in the 21st century.

However, while Britons have wise words for others, few apply these lessons to their own lives or even learn from their own experiences.

Figures from Scottish Widows show that almost two people in three are putting little or nothing away for a rainy day, and some 47 per cent think their savings habits have not improved with age.

"Our research shows that people do have some very good tips on good savings habits, but few are actually putting these tips into practice regularly," said Anne Young, savings expert from Scottish Widows.

However, this does not mean the tips themselves are not valid.

"Saving little and often is a great way to start improve our savings habits. It is important to get into a good sense of saving routine as soon as possible, even if all you can afford is a little bit each month," she explained.

The UK's top ten savings tips

1) Save little and often
2) Save for the purchases you want
3) Have a rainy day fund
4) Never get a credit card
5) Chose a savings rate with the best interest rate
6) Look after the pennies and the pounds with look after themselves
7) Money doesn't grow on trees
8) Never borrow money
9) Penny saved is a penny earned
10) Be on good terms with your bank manager

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