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by Kia Commodore

How to save — and end Lazy Money

Too many of us are suffering from the scourge of Lazy Money – i.e. money that doesn’t get to work by earning a return, and instead sits sleepily in accounts that offer no, or a low, return.

Sadly, only 39% of us are happy with the return being earned on our savings. This would be bad at any time, but it’s particularly bad when inflation is high. Lazy Money isn’t sitting still (though it might be lying asleep) - it’s going down in value, as inflation makes everything else more expensive.

We work hard for our money and we work hard to save it – so why do we allow Lazy Money? I’m working with Wise to help end Lazy Money – and to help make saving easier and more rewarding.

Because we should be the ones relaxing – not our money.

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How to give Lazy Money a kick up the backside


To wake up Lazy Money, it’s important to think about how your money is held. Many of us make our money decisions when we’re tired, having spent all day working… for our money. However, waking your money up isn’t as hard or complicated as it might seem.

It’s important to ensure that you have money saved (more on that later). But some people will also look to invest their money.

More than half of us (51%) are nervous about investing, but it can be straightforward. There’s no need to pick stocks or work on a trading floor, a press of a button with Wise can turn on these services – and Wise only charges a small, transparent fee. After all, it’s your money. Wise offers two investment products:






Wise Stocks

Wise Stocks, which invests in an index tracking fund that tracks tracks the performance of the top 1,500 companies in the world – including Tesla, Apple, Microsoft

Learn more about Stocks
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Wise’s investment features are particularly useful for people who manage multiple currencies. Wise allows instant access and for invested money to be withdrawn and converted into 40 currencies, with no hidden fees.

Another option is Plum, a savings app that uses AI technology to help you to save money. Plum monitors your bank accounts to keep a track of your spending and income – then automatically deposits savings, based on what its technology calculates you can afford. Plum then gives you options on how to put the savings to work, with investment options available.

As I said, it’s important to maintain a savings account – and to think about the return this account is providing.

Fixed rate accounts fix your interest rate for a given period. For example, a fixed rate account could offer a 2% interest rate of savings for a period of 2 years. These accounts are good as you have the confidence in knowing your interest rate won’t drop if there are changes in the economy during that fixed period.

Notice accounts are savings accounts that require you to give notice before you make a withdrawal. This notice period is typically around 30 days but could range to as long as 180 days notice. Given the nature of the account, these savings accounts tend to offer higher interest rates to customers.

However, some instant access accounts also give a good rate. For instance, Monzo offers instant access savings accounts that currently offer 4.10% – but these rates are subject to change, unlike fixed rates.

An ISA, or Individual Savings Account, is a savings account that allows you to earn interest on your savings tax-free (up to £20,000 per tax year). ISA accounts can sometimes offer competitive interest rates and, if you’re saving towards a goal such as your first property, you could get a financial boost on your savings through a ‘Lifetime ISA’.
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Saving, made a bit more relaxing


Of course, putting your money to work is one thing. Saving is another. However, saving doesn’t need to be stressful. A few small tricks can make it far easier. Pick a savings frequency that works for you – saving money is great, but only when you’re consistent. Decide whether you’re someone who wants to save daily, weekly, monthly or annually and stick to it. This will help your savings to grow on a consistent basis.

Create a savings goal. If you’re looking to stay on track with your saving, aimlessly saving can often feel pointless and demotivating. Choose a goal to save towards – this could be for a holiday, a car, a new pair of shoes or just towards an emergency fund.


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Review your finances. It's important to regularly look over your income and your spending to see what’s working well and what areas you may be able to cut back on. Creating a budget is a good way to do this as it allows you to see all of your finances in one place and make cutbacks wherever necessary.

And you don’t even need to save alone. Find an accountability partner – everything is better in twos, saving included. Why not find someone to join your savings journey with you. That way, you’re able to hold each other accountable as well as motivate each other so continue to save and reach your financial goals.

Ending Lazy Money, allowing lazy you


Once you’re into good savings habits and have found a way of saving that works for you, it will seem far easier – and far more rewarding if that’s money not allowed to be lazy.

Hopefully, this guide’s helped. If you’re feeling particularly relaxed, I’ve also worked with Wise, and celebrated designer Leticia Credidio, to create limited edition loungewear – inspired by the end of Lazy Money. Perfect for lounging around in as your savings get to work.

Check out Wise’s social media channels to win a set.

*Capital at risk. The fund has returned an 0.93% annual average over the last 5 years, excluding Wise fees. The current rates do not guarantee future growth and your return may increase or decrease. For full 5 year past performance of the funds, please visit our website.
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