New research has found that women will be more savvy savers this year as they spend less and check bank balances more – this new attitude could make for some great offset savers in 2010.

The Co-operative Bank has found that three quarters of women will not be splashing out on impulse buys this year – over two fifths of women are planning to spend less on clothes, fashion accessories and eating out alone. When looking at broader attitudes to spending, the research also found that over three quarters of women have recently tried to cut back on their spending and believe they have become savvier with the way they spend their money as a direct result of the economic uncertainty.

To make the most of your offset you need to invest as much as you can, every month. This means taking some tough decisions when it comes to your lifestyle – so it’s great to see that a lot of women are becoming more savings-concious. It’s not easy, but the rewards will be worth it every time that mortgage statement comes in at the end of the month.

The findings also found that women are taking a greater interest in their bank balances, with the majority of women now more likely to open a bank statement and read it than this time last year, and a third of women also regularly going online to check their balance.

Offset needs to be managed all the time. So for more people to now recognise the importance of checking statements and being always aware of their financial situation is great as it means more potentially successful offset mortgage borrowers.

John Hughes, director of retail products for The Co-operative Bank, says: “The research clearly demonstrates that women are now much savvier with the way they spend and save their money. They are sticking to a budget and paying greater attention n to their bank balances.

“Saving can be hard immediately after the festive period but saving regularly throughout the year can make a big difference in the long run, whether saving for a specific event like a summer holiday or just for a rainy day.”

SOURCE: Co-Op, 26/01/10

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