Struggling to Save? Here’s How to Start

According to the Financial Conduct Authority’s latest Financial Lives survey, millions of UK adults are walking a financial tightrope – with one in ten not having any savings whatsoever, and another 21% having less than £1,000 tucked away.


But while the report paints a worrying picture, there’s good news too: your situation can change. Even small steps can have a big impact on your financial wellbeing. If you're feeling the pressure, here are some practical ways to regain control and start building up savings – no matter how tight things feel right now.


1. Start with a Financial Health Check


Before you can make changes, you need to know where you stand. Look over your recent bank statements and make a list of:


  • Your total monthly income

  • Fixed costs (e.g. rent, utilities, transport)

  • Variable costs (e.g. groceries, eating out, subscriptions)

  • Any outstanding debts


It’s not always easy to face the numbers, but understanding them gives you clarity – and control.


2. Build a Bare-Bones Budget


A “bare-bones” budget covers essentials only: housing, food, utilities, and necessary travel. This can help identify any unnecessary spending that could be trimmed or paused.


Ask yourself:


  • Can I switch to a cheaper utility or phone provider?

  • Are there subscriptions I’m not using?

  • Could I swap one takeaway a month for a home-cooked meal?


Redirecting even £10–£20 a month can be the seed of a savings habit.


3. Create a 'Rainy Day' Savings Pot


Once you’ve identified some breathing room, open a dedicated savings account – ideally one that’s separate from your everyday current account to avoid dipping into it. Many banks now offer:


  • Instant-access savings accounts

  • Round-up savings (which round your purchases up to the nearest pound and save the spare change)

  • Digital pots that let you assign money to specific goals


Even saving £1 a day adds up to £365 a year – a helpful cushion when the boiler breaks or the car needs repairs.


4. Prioritise Debt, but Don’t Neglect Saving


If you’re dealing with debt, it's important to prioritise high-interest balances first – like credit cards or payday loans. But that doesn’t mean you shouldn’t save at all. Having even a small savings buffer means you’re less likely to fall back into debt when unexpected costs arise.


Consider a 70/30 approach: put 70% of any extra money towards debt and 30% into your emergency fund.


5. Seek Free, Trusted Advice


You're not alone – and you don’t have to figure this out on your own either. The FCA’s report noted that help is available. You can speak to:


These organisations offer confidential, free advice tailored to your situation.


6. Set a Simple Goal to Stay Motivated


Saving can feel abstract when money is tight, so make your goal real. Are you saving for car repairs? An unexpected bill? A quiet Christmas? Naming your savings pot gives it purpose and keeps you motivated.


Final Thought


We know that managing money isn’t always easy – especially when things feel tight. It’s not just about what you earn, but how you stay on top of it. Making small, steady changes can ease the pressure and help you feel more in control. If you’d like some practical support or a second pair of eyes on your finances, we’re here to help.


Restaurants, cafes, and takeaways can benefit greatly from working with a specialist accountant. If you hadn’t noticed already, we are specialist accountants in Leeds for food service businesses, so unlike most accountants, we have years of experience working with businesses just like you. If you're interested in finding out more about how we can help your restaurant become more profitable, book a call with one of our accounting experts.