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Are you raiding your savings?

A costly Christmas seems to be creating a savings hangover for some, as their bank balances haven’t yet bounced back.

That’s according to the latest Halifax Savings Review, which reveals one in four savers added nothing to their savings in the first three months of this year thanks to pressure on household budgets.

It also reports average balances are lower now than in January, and one in four said they had to raid their savings to pay for a holiday or simply cover everyday spending and general household expenses.

Three ways to boost your savings

1.

People who set a money savings goal save faster than those who don’t. So if you really want to get that deposit for a home, or save enough for a dream holiday, name your goal, work out how much you can save each month and get started.

2.

Are you saving to cover a future bill? A new TV or car? Or just to have a bit in the bank? Find out how your savings might grow in the future or work out how you can meet your savings goal based on monthly deposits.

3.

Think you can’t afford to save? Even a small amount of savings can come in handy and stop you tipping into debt if things go wrong. If you are only just making ends meet, you might think you can’t afford to save, but it’s surprising how you can find small amounts here and there and they soon add up.

 

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