How you can make your savings work harder

Saving money can seem like a step too far when you're trying to make your salary last to the end of the month, but it doesn't have to be such a headache.

Take a look at these handy tips to find out the best ways to not only boost your savings, but make the most of what you already have tucked away.

Consider splitting your savings

Depending on the lump sum you have to work with, and your current circumstances, splitting your savings could be beneficial. You could lock some of your cash in a fixed rate bond as well as putting the rest into a high interest rate current account. Whereas before savings of up to £85,000 were covered if the bank went under, regulations changed in 2016, and now only deposits up to £75,000 are covered: this makes it even more important to spread your savings.

Shop around for the best rate

Shopping around for the best rates is something we hear time and time again, but there's a reason - even if it takes a little longer it's worth it to find the best available rates. It also pays to be wary of the bank you use, because many of them belong to the same financial group, so if you hold more than £75,000 spread between banks in the same group, only the first £75,000 is covered.

Make use of credit cards

If you use them the wrong way a credit card can be a dangerous thing to have, but if you are careful with your spending and repayments they can be a great tool for giving you a little extra breathing space. A good idea is to switch your funds into a balance transfer credit card that charges 0% interest for an introductory term. Lastly make sure you are on top of your repayments.

Set up an automatic savings plan

With technology ever increasing, it's vital you make use of all the options on offer to you. Why not set up a regular amount to be transferred from your general account to your savings account? This way you don't manually have to do it and you're definitely saving a small amount each month. You can always top up the standard amount if you feel you can afford a little more one month, or take the money back if you have something you need to pay for.