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Key Saver Secrets: Being a success at saving.

The Virgin Credit Card, issued by Virgin Money...

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Have you noticed that some people seem to be incredibly successful at saving and others seem to struggle to save at all? There are ways everyone can be a more successful saver.

There are no hard and fast rules, as everyone has different financial circumstances and different requirements from their savings, however there are some basic principles that can be applied to everybody.

Knowledge is key. Where do you currently hold savings accounts and are they paying the best return? How much do you owe? What interest rates are you currently paying? What is your financial goal?

These are all basic questions to ask yourself and from there, you can make changes that will put you on the path to your savings dream.

If you are one of the many people that doesn't pay off the full balance on a credit card each month click here to find details on major credit card companies and their terms which could save you money.

The same is true of a savings account, look into your current rates, access to funds and any fixed term conditions. Look into the financial providers to see if you can get a better deal.

Don't assume that needing unrestricted access to your money means that you have to sacrifice interest rates as there are current accounts that are now paying a decent interest rate on balances.

It is also good to make saving an automatic habit. Your income tax and pension are taken out of your salary, your mortgage, rent, insurance and utility bills are regular direct debit payments from your account.

Set up your payments to a separate savings account in the same way and treat it as a bill and once the money is gone, it cannot be used. This way you will become a much more successful saver.

Once you have organized payments, it is vital that you regularly review your savings plan. Not just to ensure you are still getting the best deal on your account but also that you are paying enough into the savings to achieve your targets.

Perhaps you are saving for holidays, a car, children's university fees, for retirement or just a rainy day. Whatever your target, you will have an amount that you know is needed and a date by which you want to achieve it.

Keeping this goal in mind will help you to remain focused and make some changes to your finances. You can save on everyday expenses as well, which will free up some of your income to add to your savings plan.

Setting up a monthly or weekly expenses budget and sticking to it can reveal a lot about where your money goes. Look at your regular bills and find out if you can reduce these.

It could be simple such as making sure the lights are off when you leave a room, turning the heating down a couple of degrees or walking instead of using the car.

Some changes will be more time consuming, such as switching energy suppliers for a better deal, changing a tariff on a mobile phone bill or perhaps cancelling the gym membership that you get limited use of.

This can seem like a lot to deal with in one go, so start with your current situation and the terms you are currently getting and look at where you would like your financial position to be. Find a more suitable credit card deal if you and make the appropriate changes to be a successful saver.

This was written by Sam, a financial writer based in the UK


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