{"componentChunkName":"component---src-templates-blog-post-blog-post-jsx","path":"/2019/10/10/how-to-save-money-according-to-people-who-actually-manage-it","result":{"data":{"contentfulWebBlogPost":{"id":"c91900bc-eb18-587c-ab62-49d9411ed704","webSlug":"/2019/10/10/how-to-save-money-according-to-people-who-actually-manage-it","title":"How to save money, according to people who actually manage it","description":{"description":"We asked the experts in the Monzo Saving Squad to share their best tips on how to save money."},"slug":"/2019/10/10/how-to-save-money-according-to-people-who-actually-manage-it","startDate":"2019-10-11T00:00+01:00","isFeaturedPost":null,"authors":[{"id":"081a86ed-160b-54b0-a313-3d09e1b7e1d7","name":"Beatrice Borbon","jobTitle":{"text":"Head of Content"},"profilePicture":{"file":{"url":"//images.ctfassets.net/ro61k101ee59/5hiBWTn1EJ66BHW4jrQnze/8c28123e3a57287b7f927d0daeb44aed/beatriceborbon.png"}}}],"blogContent":{"content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Saving isn’t easy, and it can sometimes feel impossible. In fact, according to the Office of National Statistics, ","nodeType":"text"},{"data":{"uri":"https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/articles/howwellareyoudoingcomparedwithotheryoungpeople/2018-10-04"},"content":[{"data":{},"marks":[],"value":"59% of 18 to 29 year olds have no savings at all","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"There are reasons outside our control that can make saving especially difficult (like ","nodeType":"text"},{"data":{"uri":"https://www.huffingtonpost.co.uk/entry/rents-are-up-in-almost-every-region-of-great-britain_uk_5cb725bde4b082aab08f6eca"},"content":[{"data":{},"marks":[],"value":"rising rents","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" and ","nodeType":"text"},{"data":{"uri":"https://fullfact.org/economy/employment-since-2010-wages/"},"content":[{"data":{},"marks":[],"value":"stagnating real wages","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"). But if you find saving tricky and you’re keen to make a start, we asked the experts in the ","nodeType":"text"},{"data":{"uri":"https://www.facebook.com/groups/monzosavingsquad/"},"content":[{"data":{},"marks":[],"value":"Monzo Saving Squad","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" (our Facebook group dedicated to saving) to share their best tips on how to actually save money.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Pay yourself first","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Also known as ","nodeType":"text"},{"data":{"uri":"https://monzo.com/blog/2019/06/28/pay-yourself-first-how-to-save-money/"},"content":[{"data":{},"marks":[],"value":"the golden rule of saving","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", lots of the savers we spoke to said they set money aside in savings as soon as they get paid.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"ro61k101ee59","contentful_id":"ro61k101ee59"}},"id":"q5e1awnsFoelOxzNFeUWD","type":"Asset","createdAt":"2019-10-10T16:57:35.254Z","updatedAt":"2019-10-10T16:57:35.254Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"revision":1,"contentful_id":"q5e1awnsFoelOxzNFeUWD"},"fields":{"title":{"en-GB":"[Blogpost] Monzo users share their best tips for saving money-02"},"description":{"en-GB":"Sophie – Always pay yourself first. \n\nChris – Put aside money as soon as you get paid – it’s easier to save if you still have it! \n\nKayleigh – Save a huge chunk on pay day. Move it straight into your savings account or a Monzo Pot, leaving you with a tight but liveable budget for the month."},"file":{"en-GB":{"url":"//images.ctfassets.net/ro61k101ee59/q5e1awnsFoelOxzNFeUWD/631332ece440f3ff914a5143a8b41429/_Blogpost__Monzo_users_share_their_best_tips_for_saving_money-02.png","details":{"size":163300,"image":{"width":3334,"height":3153}},"fileName":"[Blogpost] Monzo users share their best tips for saving money-02.png","contentType":"image/png"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Use Pots to sort your money","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Monzo features like Pots and ","nodeType":"text"},{"data":{"uri":"https://monzo.com/i/salary-sorter"},"content":[{"data":{},"marks":[],"value":"Salary Sorter","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" can help you organise your money and set your savings aside.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"ro61k101ee59","contentful_id":"ro61k101ee59"}},"id":"c3L5i1AfuVjm714cgS0G4Rj","type":"Asset","createdAt":"2019-10-10T16:58:59.618Z","updatedAt":"2019-10-10T16:58:59.618Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"revision":1,"contentful_id":"3L5i1AfuVjm714cgS0G4Rj"},"fields":{"title":{"en-GB":"[Blogpost] Monzo users share their best tips for saving money-03"},"description":{"en-GB":"Alan – I use Salary Sorter to separate my money into different Pots each payday. It allows me to see exactly where my money goes.\n\nPaul – Pots Pots Pots. It's amazing just how effective putting money into Pots is for making you forget about it. \n\nCarrie – As soon as I get paid, I put money into Pots for everything I need to pay for. Then I give myself a decent amount of spending money, without being unrealistic. Anything extra goes in savings!\n"},"file":{"en-GB":{"url":"//images.ctfassets.net/ro61k101ee59/3L5i1AfuVjm714cgS0G4Rj/b236608c2b0e951692075097447ff38d/_Blogpost__Monzo_users_share_their_best_tips_for_saving_money-03.png","details":{"size":218043,"image":{"width":3334,"height":3614}},"fileName":"[Blogpost] Monzo users share their best tips for saving money-03.png","contentType":"image/png"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Give yourself a weekly allowance","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Budgeting for an entire month can be tricky – so some savers pay themselves weekly instead.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"ro61k101ee59","contentful_id":"ro61k101ee59"}},"id":"c5uiu82RAkIokDGjLbjGVkO","type":"Asset","createdAt":"2019-10-10T16:59:35.800Z","updatedAt":"2019-10-10T16:59:35.800Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"revision":1,"contentful_id":"5uiu82RAkIokDGjLbjGVkO"},"fields":{"title":{"en-GB":"[Blogpost] Monzo users share their best tips for saving money-04"},"description":{"en-GB":"Daniel – After bills, I split the rest into four week allowances, so each week is like a mini payday. It keeps me focussed on not going over the top with spending.\n"},"file":{"en-GB":{"url":"//images.ctfassets.net/ro61k101ee59/5uiu82RAkIokDGjLbjGVkO/3356e83d46ea7246a7284007c1070db0/_Blogpost__Monzo_users_share_their_best_tips_for_saving_money-04.png","details":{"size":71307,"image":{"width":3334,"height":1348}},"fileName":"[Blogpost] Monzo users share their best tips for saving money-04.png","contentType":"image/png"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Use a zero-sum budget ","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"A ","nodeType":"text"},{"data":{"uri":"https://monzo.com/blog/2019/02/06/zero-sum-budgeting"},"content":[{"data":{},"marks":[],"value":"zero-sum budget","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" involves giving every pound you have a purpose. It’s useful if you want to control your spending and stop wasting money on unnecessary things! ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"ro61k101ee59","contentful_id":"ro61k101ee59"}},"id":"c67s9ojRRxWnlLgu0Bc1Fmg","type":"Asset","createdAt":"2019-10-10T17:00:29.205Z","updatedAt":"2019-10-10T17:00:29.205Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"revision":1,"contentful_id":"67s9ojRRxWnlLgu0Bc1Fmg"},"fields":{"title":{"en-GB":"[Blogpost] Monzo users share their best tips for saving money-05"},"description":{"en-GB":"Cathy – I have Pots for every category I spend money on, and sort my salary into budgets for each category. Every £1 is accounted for."},"file":{"en-GB":{"url":"//images.ctfassets.net/ro61k101ee59/67s9ojRRxWnlLgu0Bc1Fmg/739be0e32a934be73a33c4a7c321d860/_Blogpost__Monzo_users_share_their_best_tips_for_saving_money-05.png","details":{"size":113428,"image":{"width":3334,"height":1646}},"fileName":"[Blogpost] Monzo users share their best tips for saving money-05.png","contentType":"image/png"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Jump on the microsaving trend","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"},{"data":{"uri":"https://monzo.com/blog/2019/05/30/micro-saving-with-monzo"},"content":[{"data":{},"marks":[],"value":"Microsaving","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":" is an increasingly popular saving strategy that involves saving small amounts, often. You can even ","nodeType":"text"},{"data":{"uri":"https://monzo.com/blog/2018/07/18/round-up-monzo-purchases-automatically"},"content":[{"data":{},"marks":[],"value":"do it automatically through Monzo","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"ro61k101ee59","contentful_id":"ro61k101ee59"}},"id":"c6NV89QifbAKJiNKsd7xlyP","type":"Asset","createdAt":"2019-10-10T17:01:33.983Z","updatedAt":"2019-10-10T17:01:33.983Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"revision":1,"contentful_id":"6NV89QifbAKJiNKsd7xlyP"},"fields":{"title":{"en-GB":"[Blogpost] Monzo users share their best tips for saving money-06"},"description":{"en-GB":"Paul – Microsaving really adds up, and you barely notice it.\n\nDenise – If you struggle to save, the penny round ups are a great way to start and it builds up quickly!\n\n\nSheona – Rounding up into a Pot has been amazing for saving without thinking about it!\n\n\nLouis – Automate as much saving as you can. I don’t do a lump deposit on payday, I just automate everything and watch it add up!"},"file":{"en-GB":{"url":"//images.ctfassets.net/ro61k101ee59/6NV89QifbAKJiNKsd7xlyP/4197c9e58de098476950659e1af37885/_Blogpost__Monzo_users_share_their_best_tips_for_saving_money-06.png","details":{"size":203056,"image":{"width":3334,"height":3975}},"fileName":"[Blogpost] Monzo users share their best tips for saving money-06.png","contentType":"image/png"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Cut back on your spending","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Reigning in your spending is an obvious way to save more money. It's just often easier said than done!","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"ro61k101ee59","contentful_id":"ro61k101ee59"}},"id":"L2RCisuIjElBDugClA7GL","type":"Asset","createdAt":"2019-10-10T17:02:18.241Z","updatedAt":"2019-10-10T17:02:18.241Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"revision":1,"contentful_id":"L2RCisuIjElBDugClA7GL"},"fields":{"title":{"en-GB":"[Blogpost] Monzo users share their best tips for saving money-07"},"description":{"en-GB":"Kerry – I started taking my own cheaper coffee to work and then set up £3 to go into my Savings Pot every day. I don't notice it but it builds up fast!\n\nMavinesh – I only eat out once a month and avoid taking cabs. I have a £20 pub budget and then home! "},"file":{"en-GB":{"url":"//images.ctfassets.net/ro61k101ee59/L2RCisuIjElBDugClA7GL/b5ea92ea8ab2a29b04d081608bf340ff/_Blogpost__Monzo_users_share_their_best_tips_for_saving_money-07.png","details":{"size":125390,"image":{"width":3334,"height":2278}},"fileName":"[Blogpost] Monzo users share their best tips for saving money-07.png","contentType":"image/png"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Try to avoid temptation","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Make it harder to do ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"ro61k101ee59","contentful_id":"ro61k101ee59"}},"id":"c4oBlvJyPLmethwDqKSzSXF","type":"Asset","createdAt":"2019-10-10T17:04:31.539Z","updatedAt":"2019-10-10T17:04:31.539Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"revision":1,"contentful_id":"4oBlvJyPLmethwDqKSzSXF"},"fields":{"title":{"en-GB":"[Blogpost] Monzo users share their best tips for saving money-08"},"description":{"en-GB":"Louise – If you’re trying to reduce impulse purchases on your credit card, remove it from your Amazon account, online wallets or Apple Pay so it’s not there to tempt you!\n\nJames – Out of sight out of mind: Put your money in interest accounts you've no access to. \n\nMavinesh – I never buy on impulse, I have a cooling off period of two weeks."},"file":{"en-GB":{"url":"//images.ctfassets.net/ro61k101ee59/4oBlvJyPLmethwDqKSzSXF/4c46b60b2d382e3001612804a9425c80/_Blogpost__Monzo_users_share_their_best_tips_for_saving_money-08.png","details":{"size":165467,"image":{"width":3334,"height":3153}},"fileName":"[Blogpost] Monzo users share their best tips for saving money-08.png","contentType":"image/png"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Put pay rises straight into savings","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If you're fortunate enough to get a salary bump or otherwise see your income increase, it’s easy to spend all your new earnings. But our savers said they found success by putting extra income from pay rises straight into savings.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"ro61k101ee59","contentful_id":"ro61k101ee59"}},"id":"pqkpMYqvwz6VmyTV3vK6T","type":"Asset","createdAt":"2019-10-10T17:05:24.621Z","updatedAt":"2019-10-10T17:05:24.621Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"revision":1,"contentful_id":"pqkpMYqvwz6VmyTV3vK6T"},"fields":{"title":{"en-GB":"[Blogpost] Monzo users share their best tips for saving money-09"},"description":{"en-GB":"Sylvia – Once you finish university and get a job, don't adjust your spending to your new salary. Trick yourself that you still have what you had to spend in university.\n\nJake – When I’ve had pay rises, I always add the pay rise to savings rather than spending more.\n"},"file":{"en-GB":{"url":"//images.ctfassets.net/ro61k101ee59/pqkpMYqvwz6VmyTV3vK6T/0884b1a128d15d6556ed7bed1ad01dfa/_Blogpost__Monzo_users_share_their_best_tips_for_saving_money-09.png","details":{"size":127351,"image":{"width":3334,"height":2296}},"fileName":"[Blogpost] Monzo users share their best tips for saving money-09.png","contentType":"image/png"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"And most importantly, celebrate your successes! 💪","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Be realistic, try to stay motivated, and don’t forget to enjoy yourself! \n","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"ro61k101ee59","contentful_id":"ro61k101ee59"}},"id":"c2ABOPmMrRG4BAnjzq2vhca","type":"Asset","createdAt":"2019-10-10T17:05:59.731Z","updatedAt":"2019-10-10T17:05:59.731Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"revision":1,"contentful_id":"2ABOPmMrRG4BAnjzq2vhca"},"fields":{"title":{"en-GB":"[Blogpost] Monzo users share their best tips for saving money-10"},"description":{"en-GB":"George – Start small and work up. Get used to the concept of just saving something...start to get the satisfying feeling of seeing your savings grow...then increase! Don’t ‘over save’ as you’ll just end up taking it out early and break the habit. \n\nDenise – Once you have a little bit saved it motivates you to continue!\n\nGeorge – Make sure at least one of your Savings Pots is working towards a treat for yourself!\n"},"file":{"en-GB":{"url":"//images.ctfassets.net/ro61k101ee59/2ABOPmMrRG4BAnjzq2vhca/23a7b197663fcf184e153a776052721b/_Blogpost__Monzo_users_share_their_best_tips_for_saving_money-10.png","details":{"size":206860,"image":{"width":3334,"height":3442}},"fileName":"[Blogpost] Monzo users share their best tips for saving money-10.png","contentType":"image/png"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[],"nodeType":"hr"},{"data":{},"content":[{"data":{},"marks":[],"value":"Put our savers' tips into practice and open a Savings Pot with Monzo to earn interest and see your savings grow 🌱 ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"ro61k101ee59","contentful_id":"ro61k101ee59"}},"id":"c59yXUescBGqJOIeEeZ0bER","type":"Entry","createdAt":"2019-06-28T12:32:26.469Z","updatedAt":"2019-06-28T12:32:26.469Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"webBlockCta","contentful_id":"webBlockCta"}},"contentful_id":"59yXUescBGqJOIeEeZ0bER"},"fields":{"name":{"en-GB":"Open a Savings Pot"},"cta":{"en-GB":"Open a Savings Pot"},"href":{"en-GB":"https://monzo.com/-deeplinks/create_pot/savings/"},"category":{"en-GB":"blog post"},"action":{"en-GB":"open savings pot"},"label":{"en-GB":"bottom"}}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}},"ogTitle":"How to save money, according to people who actually manage it","ogDescription":{"text":"We asked the experts in the Monzo Saving Squad to share their best tips on how to save money."},"ogImage":{"file":{"url":"//images.ctfassets.net/ro61k101ee59/1gZa3lEpT2bw1rSGbr729n/c09d2f873ab292c3994dbb52651f8182/_Blogpost__Monzo_users_share_their_best_tips_for_saving_money_Saving_Money.png"}},"ogImageUrl":null,"category":[{"categoryName":"How Money Works","description":{"text":"How money works"},"image":null}],"discussionId":"82645"}},"pageContext":{"slug":"/2019/10/10/how-to-save-money-according-to-people-who-actually-manage-it"}},"staticQueryHashes":[]}