Skimming Your Bank Account: The Easiest Way To Save Money

Skimming Your Bank Account: The Easiest Way To Save Money

Start skimming your bank account regularly and you’ll be amazed with how much you have saved in just a few months!

OK, first of all, when I talk about skimming your bank account I’m not suggesting you take part in anything illegal!

But, if you’ve been keeping up with me this week, you’ll have noticed I’ve been banging on about saving challenges, and with good reason.

Regardless of what I have seen on social media and from other bloggers about New Year’s Resolutions being a load of bollocks, they’re wrong!

New Year is the perfect time to make changes to your life, the problem lies in the way we go about achieving them.

If you have set yourself a target to lose five stone, compete in a triathlon, never touch alcohol again and quit a thirty year smoking habit in the same year, you’re doomed to fail.

If you break up the changes you want to make into small, achievable chunks, you’ll knock them off your list one-by-one with ease.

This is why i am a firm believer in skimming your bank account.

If you are a customer of Lloyds bank, you’ll already know where I’m going with this if you have signed up for ‘Save the Change’.

What is skimming?

Skimming your bank account is a simple saving technique that allows you to save small amounts of money without it stretching your budget too much.

Committing to a lump monthly sum can seem daunting if you’re just starting off saving.

Plus, it’s also not always possible for people struggling with debt problems or low income workers to commit to a set sum every month.

However, skimming your bank account helps with that.

How does skimming work?

Set up a savings account if you don’t already have one.

Use your debit card to pay for anything you need to buy throughout your day.

At the end of the day, log into your internet banking and check your balance and round it down to the nearest £1.

So for instance, let’s say your balance is £951.34.

You would round that sum down to £951.00 to make a nice even number, and transfer the 34p into your savings account.

Some accounts will not allow you to transfer under a pound, if that is the case with your bank account round down to the nearest 5 or £10, so £950.00 in this example.

I can’t afford to skim my bank account daily

You wouldn’t be on your own so don’t worry.

That is the beauty of this saving technique compared to the other 52 week, 365 day type challenges.

Just skim when you can, maybe a couple of times a week.

If you think you can afford to do it more, crank it up a bit.

Set reminders

If you think you’re likely to forget to do it, set yourself reminders or maybe even have set skimming days!

Final word

A little bit stored away a few times a week will soon add up, giving you some much needed emergency funds, or even some extra money towards next Christmas.

When 52% of Brits think they will still be paying off last year’s credit card bill as they are putting up the tree and decorations for 2017, maybe it’s time to plan ahead!

Thinking Thrifty

Thinking Thrifty

David Jack Taylor is the founder and editor of the Thinking Thrifty blog. An award winning personal finance and lifestyle blogger, he shows how it is possible to live extremely well for less.
Thinking Thrifty
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2 thoughts on “Skimming Your Bank Account: The Easiest Way To Save Money

  1. It’s a really good idea, particularly for those who are struggling to find money to save. It can often be the case that we believe we must have a large sum of money before we start saving, but just starting the act of saving is the best thing to do, even if it does seem like a small amount of money. It soon adds up!
    Francesca – From Pennies to Pounds recently posted…Start a Side Hustle – It Will Be One of The Best Things You Ever DoMy Profile

    1. Couldn’t agree more Francesca. All these types of saving challenges and methods are to get you into the habit of saving regularly. The amount isn’t important to start with, instilling those good saving habits is what counts the most!

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