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I’ve got no spare cash! How do I save money?

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More than a third of us say we would like to save more*, yet never seem to have any spare cash to stash away.

Whether you’re looking to build a financial cushion, trying to put something away for a few home improvemen­ts or maybe towards that well-deserved holiday, building good saving habits can help.

Our money columnist, Kalpana Fitzpatric­k, shares her top tips to help you get started.

AUTOMATE YOUR SAVINGS

If you bank with digital-only banks, like Monzo or Starling, for example, switch on the ‘round-up’ feature that automatica­lly rounds up your spending to the nearest pound and shifts the money into savings for you. For example, if you spend £2.25 on a take-out coffee, 75p is shifted into savings. These small amounts really add up over time, and you’ll have a substantia­l savings pot before you know it. Some high street banks also offer this tool: Nationwide, Lloyds and TSB, for example. If you’re not sure this feature is available with your bank, just check online or on the app and switch it on.

PAY YOURSELF FIRST

As well as using round-up features to boost your savings, make sure you prioritise savings at the start of each month and not at the end, when there is little left. Set up a standing order for a set amount to go into savings each month around pay day. You’ll have to work out a percentage of your income, or a fixed amount, that you are happy to save each month.

CUT YOUR ENERGY COST

If you’re not paying for your energy bill by direct debit, then now is the time as energy costs continue to rise. Paying this way can save you around £85 a year. Make sure you submit regular meter readings to ensure your direct debit is as accurate as possible. Take a look at the Energy Saving Trust (energysavi­ngtrust.org.uk) for energy saving tips to lower energy costs.

SPEND SMART

If you’re shopping online, sign up to cashback sites, such as Topcashbac­k or

Quidco, to get some money back on your purchase. Find the retailer you are buying from, click on the purchase button and you will be directed to the retailer’s site to shop as normal. Your purchase is tracked and you will get some money back within a few weeks. Just be sure that you are buying something because you need it and it is at the best price.

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