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With the cost of living causing many of us to tighten our purse strings, it’s easy to let any savings goals slip along the way. However, a recent survey by Leeds Building Society has shown that, despite the significant increase in day-to-day costs, 59% of people in the UK are still managing to save each month.

Not only this, but 61% stated that they had a savings goal with 14% putting money aside for a specific purpose. And those age 18 – 34 were more likely to plan to begin saving money in 2023 than any other age group.

Rather than recent price hikes deterring people from saving, according to Matt Bartle, Director of Savings at Leeds Building Society, “the cost of living crisis may have prompted more people to take a proactive approach to managing their savings and ensure their cash is working as hard as it can for them”.

If you’re inspired to build up your savings pot, our top tips can help you set some aside for a rainy day.

Get on top of your outgoings

The first step is to figure out your monthly expenditure to see what you have available once all your essentials have been taken care of. Take into account payments such as rent or mortgage, utilities, food, childcare costs and travel expenses.

When you know what you have leftover, you can set a portion of that aside to begin building your savings. Consider setting up a separate savings account so you’re not tempted to dip into any ‘spare’ money.

Reduce non-essential spending

If you’ve got limited funds leftover after all of your outgoings, try reducing costs by switching to a different supermarket, shopping around for energy suppliers or reducing the number of monthly subscriptions you have.

Set yourself a weekly budget and stick to it. This might mean forgoing that morning latte or limiting the number of takeaways you have.

Reduce debt

Getting rid of any debt should be priority as you’ll likely be paying interest on top of what you’ve borrowed.

Personal loans, pay day loans, credit cards and store cards are high forms of debt that can be harder to reduce due to the cost involved. Tackle one at a time and aim to completely clear the debt from these types of lending first.

If you’re still struggling after taking these steps, it’s wise to get professional debt advice.

Check your benefits

There are people in the UK who are likely to be missing out on benefits because they don’t know what they’re entitled to. These include help with energy bills, childcare costs and low-income benefits. It’s worth checking to make sure you’re receiving the maximum amount that you’re eligible for.

Reduce travel costs

If you’re spending a great deal on fuel, look into other transport options such as getting the bus, cycling or even walking if your journey allows. If you regularly take the train, do some research to see if you’re travelling at off-peak times or whether there are any railcards available.

Finally, don’t be overwhelmed by trying to save. Even putting aside a small amount each month can soon add up and give you a healthy rainy day pot by the end of the year.