Saving smaller, regular amounts is often more effective than saving larger amounts now and again. This is because you get into the savings habit, and you’re not overcommitting too much money. It also lets you budget your spending from week to week or month to month more effectively.
If this isn’t possible, save what you can as regularly as you can. Every bit makes a big difference.
Setting a savings goal is a great way to watch your savings grow.
Find out where to start and what a suitable savings goal is for you.
The Help to Save scheme was launched to help low-income earners. It pays a 50% bonus on the amount saved, up to a maximum of £1,200 over four years – here's how the account works.
Credit unions are financial co-operatives that offer a safe and secure place for people to save and borrow. Credit unions encourage members to save regularly, provide loans at low rates, and help members in need of financial advice and assistance.
Over 310,000 households in the UK use illegal money lenders every year. People may borrow because they have a poor credit history; are newly arrived in the UK; believe they can’t get a loan from a mainstream legal credit provider or more commonly just believe they are borrowing from a friend or colleague.
Find out how to spot a Loan Shark
If you have borrowed from a loan shark or are worried about someone else, contact the Illegal Money Lending Team. Stop Loans Sharks are here to help and keep you safe.
Illegal Money Lending Team also use proceeds of crime money as an incentive to encourage people to save, and to raise awareness of the dangers of borrowing from illegal money lenders.
Open a Community First Credit Union savings account today
York residents may be able to receive a £25 savings bonus through the proceeds of crime scheme
Top tips for borrowing
Here are some handy tips to help you when you borrow money, take out a loan or use credit cards:
- spend time shopping around,
- work out your budget
- never borrow money on the spur of the moment.
- be careful about borrowing more money to pay off existing debts.
- avoid going overdrawn on your bank account without agreement.
- don't borrow from Loan Sharks. If you're finding it difficult to get credit, see if there's a Credit Union in your area instead or see if you can borrow from the Social Fund.
Check out Citizens Advice guide for more