Many people find saving daunting, but you only have to put a little away regularly in order to make a big difference. The £2 savings scheme is the perfect example of an easy way to save if you only find yourself with a little bit spare each month. There are many variations of the £2 savings scheme. We list the most popular below.
Saving money each month can be a struggle, especially if you have a lot of outgoings as it is. Since the credit crunch hit in 2008, more and more households have felt the pinch, forcing them to leave saving money at the bottom of the list of priorities. In recent months, the squeeze on finances has begun to lift for many, although of course there are still challenges. If you’ve felt the benefits of the recent drop in fuel and food prices and you feel like it’s time to start putting a little bit away for emergencies, then you don’t have to start big.
Save Every £2 Coin You Come Across
Many people find £2 coins a bit special – they’re relatively new, having only been introduced in 1998. Many of us will remember a time before the £2 coin, so getting one as change can still feel rare. Saving each £2 coin you receive is a good way to build up a savings pot quickly. You may not notice £2 being taken out of your spending money every now and again, making it a pain-free way to save.
Save £2 Per Week
If you don’t deal with cash much, or if you feel that not seeing the physical money you’re putting away is a better incentive, you could set up a Standing Order (S/O) for £2 to come out of your account each week and be put into a savings account. This would give you £104 each year without really trying. Add interest to this from the savings account you choose (an ISA would give you tax-free interest), and you’re on your way to building up a little fund. As time goes on you can always increase your weekly transfer to £5 (giving you £260 per year) or even £10 (giving you £520).
Save £2 Each Time You Spend Under £10
If you use your bank card to withdraw cash often and find that you always end up with lots of change that you spend here and there on pointless items, then you may want to try this version of the scheme. It takes away the cash element when you’re planning to spend a little money in a store that won’t charge you for using your card below £10. Say you’re in a supermarket and you only want to spend £6.99 – rather than taking out £10 and ending up with £3.01 rattling around in your pocket, pay for this purchase with card, then transfer £2 into your savings account. With online banking and account managing apps widely used, you could do this at the same time. This way, you put £2 safely away and you retain £1.01 in your bank account. Taking away the coins in your pocket also takes away the urge to spend them on things that you wouldn’t have bought otherwise.
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