How gardening knowledge could make you a better saver

When you’re out in the garden, enjoying a relaxing day of potting and planting, your finances are probably not at the front of your mind (unless you’ve bought some particularly expensive flowers).

So it may surprise you that many of the skills required to keep a beautiful garden - patience, thoughtful planning, and regular care - can help your savings blossom too.

Let’s explore how your gardening wisdom could apply to managing your money as well.

The information provided here is for informational and educational purposes only and does not constitute financial advice. Please consult with a licensed financial adviser or professional before making any financial decisions. Your financial situation is unique, and the information provided may not be suitable for your specific circumstances. We are not liable for any financial decisions or actions you take based on this information.

Seasoned gardeners know that finding the right plot for your plants, flowers and veg is important. The same can apply to your money. Not all savings accounts are the same. Some offer higher interest rates in exchange for locking away your money for a longer time, while others offer total flexibility. Which you choose will typically depend on your savings goals:

• Fixed rate bonds: Fixed rate bonds typically offer higher AER if you're happy locking your money away for a set period, and can help build towards longer-term goals and wealth.
• Easy access accounts: Easy access savings accounts let you access your money when you need it, making them ideal for emergency funds.
• Notice accounts: A balance between fixed rate bonds and easy access, notice accounts (as the name suggests) require notice before you can make a withdrawal. These can be used for funds you require some flexibility for, but that you won’t need immediately.

Like your garden, diversifying your savings strategy could help grow your savings.

No-one’s finances are perfect. Many of us are signed up to subscriptions we don’t use, spend a little more than we should on clothes or perhaps stretch ourselves for that one big holiday.

Reviewing your finances regularly to identify these ‘weeds’ can help you to save more money in the long run. Like weeding, though, perfection isn’t the goal - it’s just to clear a little space and make your savings more efficient.

Gardens are often at the mercy of the weather. Some weeks you’ll get nothing but rain, and others you won’t see a drop. Planning ahead can help keep your garden looking beautiful regardless of the elements - and the same can apply to your finances.

Common financial wisdom dictates that you should, if possible, keep an emergency fund aside for unexpected expenses like repairs, bills and (of course) unplanned gardening emergencies. Experts differ on how much should be kept in this fund, but generally the advice is anywhere between three to 12 months of living expenses. Keeping this money in a high interest easy access savings account can help you make extra money while you aren’t using the fund.

Pruning plants is vital for long-term growth. Likewise, reviewing your savings goals regularly can help you identify the right savings product for you right now and for your future wealth goals. Perhaps you were originally saving for that dream holiday but you want to start saving for your grandchildren instead, or maybe you’ve adjusted how much you want to earn from your savings and investments. You might even just want to invest a little more into your garden!

Whatever your goals, reviewing regularly and realigning your savings could help you achieve them.

Sometimes, when you’re in the weeds, it can be hard to spot the smaller imperfections in your garden. Taking a stroll as a casual observer rather than a gardener can help you spot them. The same can apply to your finances too. Taking a few moments to step back from your account balances and review the market may lead to better returns in the long term.

Like growing a beautiful garden, building your savings requires the right tools and the right mindset. Raisin UK gives you everything you need to make your savings bloom, with high interest savings accounts from over 40 FSCS-protected banks or building societies.