Top tips for newbie savers!

So, I’ve been thinking. Chip’s helped so many people start saving money and manage their money better.

If that sounds like you, or if you’re someone who’s always been on top of their finances, what advice would you give to someone who has no idea where to start?

Do you have any strategies or tips for saving money that you think would be useful to a complete novice? Skipping the morning coffee and saving the £3, or popping your change in a jar?

You might just help someone out!

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I think I am “on top of” my finances, in the sense that I know what I have coming in and what is going out.

My advice to a “novice” is:

  1. Make a list of all the things that you are likely to or know that you will need to spend money on in the future.
  2. Allocate a sum to each expense (either based on past experience or educated guesswork).
  3. Assuming you receive a monthly paycheque and that is your main source of income, break any payments that are less than monthly down so you divide a yearly payment by 12 etc. Any payments more frequent than monthly need to be appropriately multiplied.
  4. Now you have the approximate amount you “spend” per month. “Spend” in quotes because some of this money may not be spent each month and will accumulate.
  5. Again assuming you have a fixed monthly income, take the amount of your expenses from the income.
  6. If the figure in 5 is negative, that is bad. If it is positive, then that can be regarded as your disposable income. You can choose to save that money, or spend it.
  7. Depending on the breadth/coverage of the expenses you came up with in 1, you may choose to save for emergencies, or if you think you have covered almost everything then you are likely to be able to choose to spend more.


When you go food shopping, make a list and stick to it.

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I use an app to keep track of my spending - it lists regular monthly incoming and outgoings on a recurring basis and then I record any other outgoings so I always know how much money I have available at any time.

From my experience with Chip, there are the key pieces of advice I would give:

  1. Don’t be afraid to save (even when you think you are broke)
  2. Make saving a habit
  3. Create realistic saving goals
  4. Every penny matters
  5. Make manual saves regularly…even if it is 1p
  6. Monitor your money using an app (Money Dashboard is brilliant)

It’s such simple advice, but it’s changed my life!

Which app do you use?

Hi! I personally use Emma (gives better views over my finances).

And we have an integration with them so your Chip balance would be a part of that! :raised_hands:

(not so subtle plug) :laughing:

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Haha! Nicely done! Thanks, Harry. I’ll check Emma out.