Parents need to know about this!
Simply log in to your online bank account and switch on the Save the Change feature. Each time you spend money your bank will then round up the amount automatically and put the extra in a savings account.
All you need is a debit account as well as a dedicated savings account with the same bank. So if you bank with Halifax for example, you can sign up as long as you also have a Halifax savings account.From the bus ticket on your daily commute to picking up a snack for your kids, every time you use your debit card you'll be adding money to your savings.
So if you spend £3.15 on a daily coffee your bank will round this up to £4 and the remaining 85p will be put into your Save the Change savings account. It means you don't have to think about setting aside that 85p yourself and most likely won't notice it going into savings. Just this alone means you'll save over £300 in a year.
And that's just your daily spend. If you do a weekly food shop, the bank will round up the amount again, along with petrol and any other costs you have and pay with your debit card. It may seem simple and not a lot of money each time, but a way to save without you really noticing could be the key to building up money. If used all year, you could have the money you need for Christmas without feeling the pinch.Do you have any money-saving tips? Chat to other parents in our budgeting forum.
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