"Take care of the pennies": The timeless wisdom shared by our savers

In our recent savings newsletter, we asked our customers a simple question:

What’s the best savings tip you received when you were younger?

We had some great tips come through with many customers sharing lessons that had been passed down through families, learned through personal experience or developed over years of saving.

Several customers shared practical tips. One respondent recalled being told to "Put money into savings before you go to the pub on payday", highlighting the value of prioritising saving before spending! Another shared "Don't spend what you don't have", a simple reminder of the importance of living within your means.

Whilst there were a variety of answers, one theme stood out above all others:

"Take care of the pennies, and the pounds will take care of themselves."

It's a saying that’s been around for generations, and judging by the responses to our newsletter, it continues to resonate with savers today.

Small actions, big impact

The popularity of this simple piece of advice is that financial progress can be made by small consistent action rather than dramatic changes.

Our newsletter readers referred to the importance of paying attention to everyday spending and recognising that seemingly small amounts can add up over time. Although everyone's circumstances are different, the responses revealed a shared appreciation for the role that regular habits can play in achieving longer-term goals.

Starting early

Another strong theme that emerged from the responses we received was the value of developing a savings habit early.

Many customers reflected on advice they’d received from parents and grandparents, often recalling childhood lessons about putting money aside and planning ahead. For some, these early experiences helped shape attitudes towards money that have stayed with them.

The findings suggest that many savers view the habit of saving itself as an important foundation, regardless of how much is being saved.

Alongside this is that consistency is key. Starting a savings habit is important but keeping this up is just as vital to making it count.

Looking ahead

Customers also shared the view that starting to save into a pension as early as possible was among the most valuable lessons they’d received.

For many respondents, pension saving represented another example of how long-term outcomes can be influenced by habits established early and maintained consistently.

Timeless advice from today's savers

The response to our question demonstrates that whilst financial products and technology may continue to evolve, many of the principles that people value most remain unchanged.

From watching the pennies, to building savings habits early, maintaining consistency and thinking about the future, the themes shared reflected a common belief in the value of small steps taken over time.

P.S. Whilst our Savings Director Ben Mitchell wasn’t allowed to enter the competition, he did want to share his first savings tip.

“Being from Yorkshire, my nana would definitely have told me to “Mind the pennies and the pounds will mind themselves”, which has clearly been a bit of a theme. Another tip I’ve always held onto is one my dad picked up while he was living and working in Germany, which is where I was born. Roughly translated, the saying goes “You can’t afford to buy cheap shoes”, in other words beware false economies. And to round out the inter-generational tips journey, the best tip I’ve collected as an adult has come from Warren Buffett, who tells people to flip their budgeting process: work out what you need to save in order to achieve your life goals, and what you have left is what you have available to spend.”

Thank you to everyone who took the time to share their savings tips. Your responses provided a fascinating insight into the lessons and habits that continue to shape the way people approach saving today.

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