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19/11/2019

Talk Money Talk Pensions week: the importance of saving

19/11/2019

Talk Money Talk Pensions week: the importance of saving

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Savings are something that are spoken about from a very early point in most people’s lives. It begins at school when you’re taught the importance of saving and as you get older there’s no escaping just how important being prepared for the unexpected actually is.

For some this can be the easiest thing in the world, earning enough money to cover all bills, save some cash and still have money to play with. But for others, it can be a completely different story.

In a lot of cases, saving even the smallest amount of money can seem impossible. According to research, 1.5 million adults have less than £100 in savings and investments.

To mark Talk Money, Talk Pensions week – which runs until November 22nd – we’re shining a light on the best way for people to improve their financial wellbeing and encourage people to do a little money talk.

Why saving is important

We all need to start somewhere – even if you feel like you’re struggling, saving just a small amount can grow into a whole lot more. It can help you rest easy and open your options when it comes to unexpected expenses, holidays or simply treating yourself.
As such, we thought we’d lay out the reasons why the habit of saving is important and how it can help better your financial wellbeing.

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Resting easy

In our line of work, we understand that money worries can keep you awake at night. Wondering if you’re going to be able to pay all your bills, worrying you can’t afford that all-important birthday present or, at the other end of the scale, how long you’d survive moneywise if you lost your job.

By putting money aside regularly and watching your saving pot grow, it can help to give you peace of mind. It gives you security that, should an emergency pop up or if you’re struggling one month, that you’re covered.

Sure, some money worries may still sneak in, especially if you’re dealing with debt. But by getting into the habit of saving, it can hopefully reduce your stress levels, let you sleep easier and allow you to enjoy life a little more.

Opening your options

As well as helping you to rest easy, saving can actually open up your options when it comes to a number of things.

The more you save, the more you have; and the more you have, the more options are available to you. Saving can help you buy your first home, set you up pretty for when you retire or should you find yourself unable to work through illness.

We know money isn’t the answer to everything, but it is vital to get through day-to-day life. You can’t predict what’s going to happen in life, so having savings allows you to be prepared for anything that it throws at you.

Getting in the habit

It’s been said it takes 21 days to form a habit. And whilst it may not always be possible to do this when it comes to saving, setting up for money to be set aside automatically can definitely help.

The best way to do this is to set up a standing order to a savings or separate account. By doing this, you won’t need to remind yourself to do it, making it easier to get into the habit of saving without even trying.

We suggest setting this up monthly, but you can set it up however frequently you like. The best time is usually payday, as you know the money will be there to put aside – just make sure you leave yourself short.

Making adjustments

For some of us, how much you put aside is an easy equation as there’s always money left over to do so. But for others, this can be a real worry as they may not have much or any money left over to save.

However, this doesn’t mean that having savings is out of your reach. You can still find a way to save, all you have to do is rework your budget and make savings where you can.

You can do this by:

  • Cutting back on expenses that you could live without
  • Shopping around for better deals and making switches where possible
  • Try not to impulse buy – although we understand this can be easier said than done
  • Check for cashback – there are a number of apps available to help you find these deals all over the place

This can seem difficult at the time, but if you can save even a little somewhere in your budget, putting money aside each month can become that little bit easier.

At the end of the day

When it comes to saving, you don’t have to go big or go home. We want to leave you with the words of Ernest Haskins:

“Save a little money each month and at the end of the year you’ll be surprised at how little you have.”

If you’re struggling with money worries, contact us today on 0808 2234 102. We can work through your debts from the moment you contact us and offer you advice and solutions tailored to your situation.

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