5 24 Rule – Easy Way to Save More Every Month

Ever feel like you’re working hard but your bank balance barely moves? The 5 24 rule might be the shortcut you need. It’s a plain‑spoken method that turns a tiny habit into a noticeable boost in savings.

How the 5 24 Rule Works

The idea is simple: for every £24 you earn, set aside £5. That’s roughly 20% of your income. You don’t have to do anything fancy—just pull that £5 into a separate account the moment you get paid. Over weeks and months the numbers add up fast.

Why £24? It lines up nicely with a typical weekly paycheck for many UK workers. If you’re paid monthly, just divide your total earnings by 24 and apply the same 5‑for‑24 split. The rule works with any income size, whether you’re on a modest salary or a higher bracket.

Putting the Rule into Practice

Start by tracking your net pay for a week. Say you bring home £480 after tax. Divide that by 24 – you get £20. Then multiply by 5, which gives you £100. That £100 should land straight into a savings pot each week.

If pulling out a chunk every week feels heavy, break it down further. Take a look at your daily spend: £480 a week is about £68 a day. Save roughly £14 per day (20% of £68). Small, but consistent.

Automation is your best friend here. Set up a standing order that moves the exact £5 (or the calculated amount) into a high‑interest savings account the day after your salary hits. You’ll forget it’s even happening, and you won’t be tempted to spend it.

Got irregular income, like freelance gigs? Don’t panic. Apply the rule each time a payment lands. If you receive £600 one month, calculate 20% and stash it away. When a slow month hits, you’ll already have a buffer built from the busy periods.

What can you do with the saved money? Pay off a high‑interest credit card, add to an emergency fund, or invest in a low‑cost index fund. The rule isn’t about where you put the cash, just that you move it out of your spend‑on‑hand pocket.

People often think 20% saving is unrealistic, but the 5 24 rule makes it feel doable because it’s tied to each pay cycle, not a big lump sum. It’s a habit, not a sacrifice.

Want to see results fast? After three months, you’ll have saved about 12 weeks × £5 = £60 per week, which is over £720. That’s enough to cover a small holiday, a gadget, or a solid chunk of a debt payment.

Remember, the rule works best when you keep your spending honest. Review your expenses once a month, cut any recurring costs that don’t add value, and let the saved £5 per £24 do the heavy lifting for you.

Give the 5 24 rule a try for a month. Track it in a spreadsheet or an app, and watch how quickly a modest habit can change your financial picture. Simple, clear, and effective – exactly what budgeting should feel like.