Many people know the feeling – months and months go by and you see your savings barely increasing. Meanwhile, your bills and expenses seem to rise continuously. This has been a common sight across the UK in the past few months with the cost of living rising and real wages plummeting. But despite factors outside of your control, you can save if you plan well enough and exercise enough discipline. If you’re one of those getting frustrated with saving, consider some of the habits below that could be hurting your efforts.

Not tracking your income and expenses

The worst mistake you can make when trying to save is not keeping track of your income and expenses. A proper personal budget allows you to identify areas where you can save on your usual expenses and plan how much you can realistically afford to put away. Being more aware of your outgoings is also a good way to avoid spending unnecessarily and this can be a key step if you’re looking to ramp up your monthly saving commitments.

Dipping into your savings

Your savings pot is an attractive option when you need some cash at short notice. But this is a dangerous habit to entertain regularly because it seriously hinders your ability to build your savings. If you need money for an emergency, then you may be able to justify taking money out of your savings. However, if you’re withdrawing money for luxuries or petty expenses – you should think again. Money that is held in your online savings account should remain untouched until you really need it or you can finally afford what you are saving for.

Thinking little expenses don’t matter

You’ve probably heard the expression: “Look after the pennies and the pounds will look after themselves”. This can be applied to many different financial circumstances, especially when it comes to saving. Many people fall into the habit of ignoring little purchases throughout the month – things like coffees, lunches, snacks and other treats. While these may seem insignificant in the long term, these little purchases all add up. Track all of your expenses and spending habits, no matter how small and you might be surprised with how much you can save yourself.

Accumulating more consumer debt

Consumer debt is the proverbial arch-nemesis of saving. It eats away at your disposable and saveable income while increasing in size over time if it’s not paid off. Any consumer debt, such as credit card debt, car finance or product payment plans, should be your main focus of attention before trying to save. Accumulating more consumer debt will only hinder your saving efforts further, so it’s best to avoid accruing more debt.

If you’re guilty of falling into any of these habits, you should be looking to avoid them if you’re serious about saving. Discipline and organisation are perhaps the most important skills you can develop and they will certainly serve you well if you’re saving for a big purchase.