Treat your savings as a necessity like food and clothing. Aim to build a readily available emergency cash reserve - enough to cover such essentials as food, mortgage and car payments, and household bills for at least 3 months.
Instead of relying on your self-discipline, arrange with your bank or building society to automatically transfer a specific amount every month from your current account to an interest-bearing deposit account.
If you get 26 pay cheques a year, use 24 of them - two a month - for the family budget; put the two extra pay cheques into your savings account.
Or use the loose change system to help with the grandchildren. At the end of each day, put all your coppers and 5p pieces in a jar, and then deposit them in a building society savings account in their name every couple of months or so.
Or change the coins for notes at the bank, and let their parents have the money to put towards shoes, clothes or school uniforms.
Try not to supervise your children's saving and spending too strictly. Letting them learn lessons with small amounts will help them later in life.
Related finance service company
Scottish Friendly operates as a financial services group dedicated to the efficient provision of a wide range of financial products and services. These include chid trust funds, regular savings accounts and term life assurance to name but a few. For more information about their child savings product please visit their website here: - http://www.scottishfriendly.co.uk/child-bond/
