Money savings tip: Mrs Mummypenny’s monthly trick for pensions, mortgage and holidays

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Savings are a part of any sensible finance strategy. However, it can be confusing and sometimes difficult to keep on top of them.

Financial expert Mrs Mummypenny, a chartered accountant, shares her knowledge on platforms such as her Instagram page and her website.

The expert, also known as Lynn Beattie, has appeared in the FT and on the BBC, among others.

Mrs Mummypenny told her monthly savings tips as well as the tool she uses to save effortlessly.

She explained she makes use of the pots option in her online banking.

Lynn said: “I have my money that sits in my current account and then every time I receive some money I move money off into my savings pots, which are in the bank account.

“It sort of moves the money so you can’t spend it.”

A numer of banks provide these kinds of pot with online banking, including TSB.

Starling bank also offers the option.

Lynsey Crombie Queen of Clean’s ‘cheap’ product to eradicate limescale [TIPS] 
Influencer created ‘perfect’ alcoves in council house renovation [PROPERTY] 
‘Really beautiful’: Hidden UK gem just one hour from London [UK TRAVEL] 

Mrs Mummypenny went on: “So, I have a savings pot for the family holiday.

“I’ve got a savings pot for pension contributions, I’ve got a pot for a mortgage. I just move money into them each month.”

The expert also uses a clever roundup function when it comes to her savings.

“I’ve also got the round-up function going on as well.

“So, whenever I buy things up to £10 it saves round-up amount as well.”

This means Lynn automatically saves money everything she buys something, without thinking about it.

A number of banks have the option to do this too.

These include Starling bank and Monzo. Additionally, Halifax and Lloyds offer the option on some of their accounts.

They round up your purchases to the nearest pound and add the difference to a savings account.

It can also be done with Tandem and Revolut, two challenger banks.

For longer-term savings, Mrs Mummypenny did her own experiment to discover the options providing the best returns on your savings.

“I thought I’m going to actually experiment with this myself, with £1000 pounds in four different places and see actually how it grows over time.”

She shared the results after a year with

Source: Read Full Article