Research from the Money and Pensions Service (MaPS) has found that 46% of people do not save regularly. As part of UK Savings Week, Lee Phillips – Wales Manager at MaPS, offers five tips to make your money go further and boost your savings.

1. Use free tools and resources

There are lots of free resources and tools that can help you save.

MoneyHelper’s Budget Planner can help you see where you’re spending and where you could cut back to put more in savings. And its Savings Calculatorshows how long it’ll take to save for a big purchase.

The Savings Calculator also offers tips and support to help you stay on track.

2. Use a savings account with a good rate

Research from The Building Societies Association (BSA) found that 39% of those aged 18 – 34 hold their savings in a current account rather than a savings account.

If your savings are in a current account, you're better off moving them to a high-rate savings account that gains interest. Make sure to shop around for the best rates, as different banks will offer different amounts of interest.

Ensure it’s the right account for you. Consider whether the account has any fees or charges for transfers or withdrawals, and how easily you can access your money.

Use MoneyHelper’s Bank Account Comparison tool to find the right account for you.

3. Use ISAs for tax-free growth

An Individual Savings Account (ISA) is a great way to build your savings in a tax-efficient way.

Each tax year the government sets a maximum amount that you can put into an ISA – this is currently £20,000 and, with an ISA, you pay no income tax on the interest you earn.

There are lots of different types, including those with fixed term rates, Stocks and Shares ISAs and Lifetime ISAs.

4. Benefit from Help to Save

Working people receiving Universal Credit can benefit from the government’s Help to Save scheme, but in 2023/24, only 2% of those receiving Universal Credit opened one.

With this account, the government will add a bonus 50% to your savings after two years, and you can have the account for up to four years.

If you had £1,200 after two years, this would increase to £1,800 with Help to Save.

5. Check for forgotten savings

Millions of pounds sit unclaimed in old accounts, Premium Bonds, and Child Trust Funds. The government's online tracing services help reunite people with lost money from previous addresses or forgotten accounts.

If you are or know someone who is between the ages of 16 and 18, encourage them to visit MoneyHelper for information about how to find a lost Child Trust Fund for free.

MoneyHelper provides free, impartial guidance on savings and other money topics. Visit moneyhelper.org.uk.