And while it can take time, depending on how much you have to put away, it is important to remember that every little helps.
If you would like to start to build it back up again, take note of the following tips:
1. Revise your budget
Now is the time to sit down and go over your budget with a fine toothcomb. Get rid of things you don’t need like cable and cut back on takeaways - the money you save should be put away rather than spent on frivolous items.
2. Put refunds away
Tax refunds or bonuses should be put into your savings account rather than spent straight away. Depending on which account you use, it can earn you interest over time and having money already saved is a great incentive to put away more.
3. Set up a direct debit
If you’re in the position to put away a little each month, set up a direct debit so that a sum of money will automatically go into your account each month. It doesn’t matter how small it is – every little helps.
4. Don’t spend it straight away
If you have been scrimping and saving for a few years, it’s hard not to want to spend any extra money on nice things like clothes or a holiday. However, if you put it away (or even just a portion of it) into a savings account and allow it to grow, you will be in a better position to treat yourself and less likely to end up with an empty account again.
5. Make it hard to get at
Don’t put your money into an account that you can get at fairly easily – you want to make it hard for you to take it out. Go for one where you have to give notice to remove money and choose one without an atm card - the harder it is to take out money the better.
6. Stay motivated
Don’t get dismayed or annoyed if you have to dip into it again – that’s what’s it for. It is important, however, that you don’t lose the motivation to save – keep at it!
