The UK bank has recommended a ‘smart’ method that customers can use to boost their savings
People could save money by making an ‘easy tweak’ (stock photo)(Image: Getty)
Barclays customers looking to boost their savings could try a ‘vanishing trick’ that’s been recommended by the bank. While most savers will have a specific goal they’re working towards, there are lots of methods people can try out to boost their savings. Some people might prefer to save in larger chunks, while others focus on the pounds and pennies.
For people who regularly use cash, the Barclays-approved ‘vanishing £2 coin trick’ could be a helpful solution. The savings method was recommended by the bank on a webpage titled: “Savvy ways to save without noticing.”
Sharing the tips, Barclays explained that its list included ‘five wily ways’ to save money ‘without really noticing’, pointing out that ‘smart tweaks to your everyday financial habits could help boost your savings.’ Barclays added: “Some of the tricks you can do once and then forget about. Others you can turn into an unthinking habit, one you won’t want to kick!”
What is the vanishing £2 coin trick?
One of the methods recommended by Barclays is known as the ‘vanishing £2 coin trick’. Barclays explained: “The £2 is the least common coin in circulation, so give it a special status for your savings.
“Every time you get one in change, switch it from your wallet or purse into an old-fashioned jar at home. You may need to resist the temptation to dip into it – a stack of these chunky coins can look particularly tempting. Only empty it out when full or at the end of the year.”
In another tip, Barclays suggested transferring any pennies left in your current account balance at the end of each day into a savings account. For instance, if your balance at the end of the day is £58.87, you would transfer the 87p. “Even as little as 30p a day can add up to more than £100 a year.”
For customers looking for an alternative method, the bank also suggested reducing cash withdrawals by £10 when using an ATM. So instead of taking out £50, you only withdraw £40. The tip could be helpful when you’re spending on non-essential items.
According to Barclays, setting milestones can help people reach their savings goals. The bank explained: “Saving up enough money for a house deposit or large purchase could be easier if you break it up into smaller targets.
“Think of them as milestones on the way to your goal. You can also set up a regular payment to your account, so you don’t have to think about topping up your savings.”
The bank said writing down the goal could also be beneficial, as it can help people with motivation. Barclays suggested writing down the goal and then putting it somewhere it can be viewed regularly.
