How To Save Money Effortlessly With Microsaving
Money is a lot tighter, and saving money can be tough. Taking hundreds of pounds out of your account on payday can hurt, but it is possible to save without really noticing it thanks to microsaving.
What is microsaving?
Microsaving is a simple way to save small amounts of money regularly. The best way to save is through roundups on your spending, so if you spend £3.50 on a coffee it’s rounded up to £4 and 50p goes into saving. You’re unlikely to notice the money going out of your account (unless you spend loads), but it can soon add up. Microsaving can help you build up your savings, or save more without making huge sacrifices.
You don’t have to roundup purchases to do microsavings, you can set up automations for small amounts of savings for any reason. I have a microsaving set up that every time I mark a book as read it adds £2 into a pot.
This method is especially good if you’ve struggled with other savings methods, or have irregular income so can’t put take large amounts out of your income regularly. It can be set up automatically so you don’t need to physically put the money aside, so it’s really convenient.
Microsaving can compliment and work alongside other forms of saving methods and help you achieve your goals quicker.
How to start microsaving
Microsaving is easy to set up and can be done either through your bank account (depending on who you bank with) or through dedicated savings apps.
It’s worth seeing if you bank offers round up services first as this may be the most convenient. For example I use Monzo and they offer a roundup service where the savings goes into a pot. You can even choose to hide the pot so it’s not instantly visible when you head into your app. Other banks also offer this service.
You can also look at apps that offer this service such as Plum, Chip or Moneybox. All you need to do is download the app, connect your accounts and set up your savings preferences.
If you’re not going to do roundups then decide how much you want to save per transaction. Depending on the app you use you can customise this, for example to save 50p every time you spend £5.
How to set up other forms of microsaving through IFIIT
IFITT is an application that lets you set up automations. Everything from getting the weather report every day at 7am to muting your phone when you arrive at work. The possibilities are almost endless, but it’s also great to use for automating finances.
You can set up an automation so that when X happens, it does Y. This is how I have my book saving set up as I track my books in a to do app, so my automation is ‘When I mark a book as completed, it moves £2 from my monzo account into a book pot. And you can do anything, from saving £5 every time it rains (this could add up very quickly in the UK) to savings challenges.
There are lots of savings challenges set up in the app that you can connect to such as the 1p challenge or the reverse 1p challenge.
One automation I’ve spotted on there is to save every time you hit your Fitbit steps target for the day. When I get my Fitbit set back up I may have to start this.
Maximise your savings
Don’t just leave your savings in a general or super low interest account. If you want your savings to grow look into the best options for you.
There are loads of different savings accounts depending on your needs. If you want easy next day access to it look into savings accounts, but if you don’t you can lock it away in an ISA or bond, or even consider investing it. With apps such as Moneybox you can direct your micro savings straight into your chosen investment fund. Investing is a longer term game, so if you think you’ll need the money in the next few years it’s probably not worth looking into.
Do you roundup purchases or microsave in another way?
19 responses to “How To Save Money Effortlessly With Microsaving”
Leave a Reply
All About Me
Rhian Westbury
Travels and Destinations
Nothing currently planned
This is somthing we do, and also put any change in the jar as well. It is surprising how quickly it adds up
I used to do that but rarely ever use cash any more x
Oh, wow. Microsaving sounds like a great way to make it easy to save money. I know I need to be better about it, so I’m going to try this.
This is such a great way to save – thanks for the introduction. I like the idea of rounding up and this is something I’m going to introduce to the kids as it would be a great habit for them to have.
This is fully awesome! I’m definitely going to look into an app or see if my bank has a rounding option.
It’s nice when you just don’t notice it x
oh wow!!! This is the first time I hear about microsaving! I LOVE IT!!! This is saving without even knowing that you’re saving…Super like!!
This really makes so much sense. I have a savings account but I really don’t add to it regularly enough, I need to do this!
This is the first time I heard about this. And it sounds like it will helps me a lot. Interesting!
Microsaving is a game-changer for tight budgets! ✨ Your post brilliantly highlights how small amounts, like roundups from daily spending, can accumulate without being noticed. It’s the little things that add up, making savings more accessible and sustainable. A fantastic read for anyone looking to boost their savings effortlessly!
Smaller amounts can add up pretty quickly which is always nice to see. I used to do it with change and cash but I rarely use cash any more x
Micro-saving really improved my spending.
Microsaving is a great habit to get into especially if you have a lot of expenses and debts. Small steps have a huge impact. Thanks for sharing.
Rhian, love your tips and suggestions.
I do have microsavings going on. I need to use IFITT more to maximize the options.
I have never heard of the concept of micro saving, but it sounds far less daunting then saving big chunks! Thank you for sharing.
I love how you break down the microsaving apps, making it easy for someone like me to pick the right one. Thanks for turning the saving struggle into an achievable and even exciting journey!
You’re welcome, I’m glad it was helpful x
This is a great way to start saving small amounts, they all add up over time!
I am hearing about the term microsaving for the first time. The concept is very helpful to save money and I agree that although the roundup amount of each and every one of our spending looks small in the beginning, it all adds up at the end.