Jul 30, 2024
High-Yield Savings Accounts: Better interest rates than regular savings accounts (1% vs. 4.5%-5% returns).
High Yield Savings Bonds: Lock money for a set period for higher interest returns.
ISA Accounts (Individual Savings Account): Tax-free savings and investment accounts.
Investing: Consider a Stocks and Shares ISA.
Pay Yourself First: Immediately transfer savings to the savings account upon receiving salary.
Visual Goals: Use vision boards, apps, or trackers to monitor progress and remind oneself of goals.
Gamification: Track savings with progress bars and milestones; celebrate achievements (e.g., dinner for every £5,000 saved).
Accountability Partner: Share savings progress with someone close (e.g., a partner) to stay motivated.