- TSB’s savings pots, a key feature of TSB’s Spend & Save current accounts, reveals what customers are planning to spend their savings on.
- Other goals include weddings, pets, hot-tubs and haircuts.
New analysis of TSB savings data reveals that its customers’ most popular savings goals include holidays (43%), new cars (16%), a dream home (14%), Christmas (11%) and a ‘rainy day’ fund (5%).
The figures are based on named savings pots – a key feature of TSB’s Spend & Save and Spend & Save Plus current accounts, which helps customers put money aside for big life moments and short-term goals, while earning interest along the way.
After an extended period of travel restrictions, the top priority for savers is a holiday, with popular destinations named with their savings pots, including New York, Dubai, Spain, Florida and Las Vegas.
Top 10 most popular names of TSB Spend & Save savings pots
|Name of saving pot
|Order of popularity
|New house / home improvements
|‘Rainy Day’ funds
|Future / Life
|Children / Family
More savings goals include haircuts, tattoos, hots tubs, moving out funds, and pets. And as wedding season approaches, a number of customers are saving for their big day, with the most popular subcategories including hen / stag do, engagement rings, and wedding dresses.
Pella Frost, TSB’s Director of Everyday Banking said: “Having a goal in mind can make a huge difference in how motivated you are to save and we can see our customers are building up their savings pots working towards their own personal goals. After a challenging year, they’re planning for a much-needed holiday, that new car, or their dream home, while others are looking further ahead to big life moments.”
TSB’s Spend & Save accounts include features to help customers with their everyday banking needs, such as Savings Pots, Save the Pennies (an automatic spending round-up), Auto Balancer (which moves money from Savings Pots so customers avoid going into the red) and text alerts to help customers manage their money better.
This latest savings pots data follows research from TSB, which found that over 55% of Brits wanted to maintain savings habits developed over lockdown*.
TSB’s tips to make the most of your money:
TSB offers consumers tips on how they can manage their money and work towards savings goals.
1: DO THE MATHS
Do a complete heath check of your finances. This means looking at your incoming and outgoing monthly funds - jot down your essentials such as utility bills, food, rent/mortgage and anything else like credit card or debt repayments. Also take a look at your spending before the pandemic but focus on the non-essentials and your average spending per month so you understand what your future spending might look like.
2. GET BUDGETING
Now you know your spending patterns, you can split your funds into non-essentials and savings. Set yourself a monthly and daily budget. Having an end target or goal in mind can really help with motivation. On payday put your savings money aside in a separate account so you won’t miss it. By doing so, you’re not dipping into your savings fund and still working towards your overall target.
3. GET THE RIGHT TOOLS
Having the right tools can really make a huge difference and make it easier for you. Do your research on the current accounts and savings accounts available and choose one which suits your needs. For example, do you need an account you can dip into from time to time or would you like to lock away some savings to stop the temptation of dipping in? Some accounts offer features that take out the hassle of transferring money – like ‘round the pound’ features which round up your debit card transactions to the nearest pound and move your spare pennies into a savings account. Having access to your online banking can make it easier to monitor your spending too. So do shop around. And don’t forget to consider an emergency fund for whatever life throws at you.
4. TALK ABOUT MONEY
If you’re not sure where to start and need a hand with managing your finances, there are options to help you begin new financial habits. For example, your bank can help provide the right solutions for your needs. Alternatively, Citizens Advice is also a great source of information. Remember to seek help if you need it.
5. KEEP AT IT
Starting a new habit can be daunting but do keep it up. And remember any change no matter how big or small can make a big difference. Keep in mind what your overall target is!