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How to save money

Building up a savings pot can feel challenging, but it doesn't need to be. A few simple changes to the way you manage your money can go a long way.

Here are some steps to help you get started.

1. Create savings goals

Setting a goal for your savings – whether it's for a holiday, a purchase, or an emergency fund – can help you stay focused. Decide what you want to save for and when you need to have the money saved by. You'll then be able to work out a plan for how you can achieve this.

Write down your goals and keep them visible. Placing a note on your fridge, for example, can help keep them at the front of your mind. 

2. Open a savings account

A savings account can give you somewhere to keep your money and help remove the temptation to spend it.

You'll need to decide what kind of savings account works for you. For example, an E-Saver or Term Deposit Account might offer a higher rate of interest than other accounts. But you may have limited access to your savings. A regular Savings Account might make it easier to access your savings, but offer a lower rate of interest.

3. Pay yourself first

When your salary gets paid, try to move as much as you can afford into your savings account first. This makes saving a priority. If you're saving the same amount each month, set up a recurring payment so you don't forget to move your money.

If you need help seeing how much you can save each month, create a budget. You'll be able to see where you're spending your money and any areas you can cut back, so you can save more.

4. Round up your spending

When you make a purchase, you can try rounding up the amount to the nearest dirham. You could then add the fils to your savings pot.

Saving small amounts can quickly add up without impacting your day-to-day spending. There are apps that do this automatically, so you don't need to think about it.

5. Keep saving

Once you've reached your savings goals, you don't need to stop. You can set yourself new targets to save towards.

Next steps

Find out more about our range of savings accounts.

You can continue to build on your savings each month or if you want to take more of a risk to grow them, you could look into investments.

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