Category Archives: Financial Education

Money and Mental Health Policy Institute

Money and Mental Health

It’s just common sense isn’t it; if you are stressed about money then your mental health will suffer.

Hastee is part of the solution allowing people to manage their finances in their own way and not dictated to by societal and cultural norms.

We are constantly on the look out for content to share that inspires people to think, act and ultimately improve their financial wellbeing.

One of those fighting the good fight, is the excellent Martin Lewis who you will know from Money Supermarket fame, but he is also one of the founders of The Money and Mental Health Policy Institute.

 

 

Money and Mental Health Policy Institute is an independent charity, committed to breaking the link between financial difficulty and mental health problems, something very much close to our hearts. They conduct research, develop practical policy solutions and work in partnership with both those providing services and those using them to find what really works.

They have an abundance of content accessible to everyone here, so please have a look when you have a moment if you want to improve your, or your teams, financial health.

Jamie

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The Struggle Is Real…

Independent Research Report – 2019

So it seems the struggle is real and not just over Christmas, but well in to January and beyond. We set out to explore the impact of Christmas on businesses in terms of staff productivity relating to financial stress. There were some obvious findings as you’d expect, but also some fascinating findings, such as:

Workers who are paid monthly are TWICE AS LIKELY to use short term credit compared to those who are paid weekly.

Workers are FIVE TIMES more likely to use high-cost credit in January compared to December.

Workers are nearly SEVEN TIMES more likely to use their overdrafts in January compared to December, FOUR TIMES more likely to rely on funds from a credit union and TWELVE TIMES more likely to use a bank loan.

 

To read the full report please click here – The Struggle is real – Final and if you want to get in touch then please drop us a line here.

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Financial Products – an overview

Whether we like it or not, financial products are a necessary part of everyday life.  From paying our wages into a current account to insuring the cat, the list of financial products is endless.  But what do we need? and more importantly what actually are they?

 

Financial products are used to help us manage our money, to provide us with a bit more financial security and to help us to save, invest, borrow and insure the things we love. Financial products are most commonly offered to us by banks and building societies as well as insurance companies and other lenders to name but a few. The most common financial products include:

 

Banking – for the majority of us, we need to put our hard earned cash somewhere safe and this normally means having a bank or building society current account.  Unfortunately putting it under the bed simply won’t cut it these days.  Here we can arrange an overdraft, budget our direct debits and set up a standing order amongst other things.

 

Savings – if you are lucky enough to have some money left over at the end of the month or you have received a windfall payment, putting money into a savings account can help you build a bigger nest egg for the future.  Interest rates aren’t a deal breaker currently but earning money for it sitting in an account is a good way to watch your savings grow.  There are many different types of savings accounts on the market, meeting everyone’s needs so do your research.

 

Borrowing – at some point it may be necessary to borrow money for the bigger things that we want in our lives, from purchasing for that car to buying our first house.  Borrowing doesn’t have to be scary but choosing the right type of credit is very important so whether it’s a personal loan, credit card or mortgage that you need, again, always explore what the market has to offer first.

 

Investments – some people like to take a bit of risk with their money and investing in shares can be a way to boost your income.  Remember though that these products carry a risk and it is possible to lose money too.  Using a lump sum from your pension pot can also be invested but it is up to you whether you chose to play it safe or take a risk.  Be careful though, this money has to last.

 

Insurance – it seems that everything needs to be insured these days.  For some policies you wouldn’t be without – car, home and contents, life insurance for instance and others you might only want if they apply to your own personal circumstances.  With insurance, it is always worth remembering that staying with your current insurance provider doesn’t always win you loyalty points so always look to see who can offer you a similar or even better deal.  Always use trusted price comparison sites so don’t be lazy…switch.

 

As with any product or service we buy, choosing the best financial product for ourselves can be a complex decision and it takes time and effort to make sure we are getting the best deal for the right price.  Remember these products are not just offered for our convenience, they make huge profits for the companies offering them so make sure that you are getting the most out of your financial products and make them work for you.  Before you sign on the dotted line always ask yourself…

 

  • Do I really need it?
  • Is this the best deal on the market? Can I get it cheaper elsewhere?
  • Do I understand the terms and conditions of the product?
  • Does this product meet all of my needs?

 

Your right to cancel

 

With most financial products you sign up to, you should get at least 14 to 30 calendar days cooling off period to change your mind if you decide that you no longer need the product or you are having second thoughts.  The cooling off terms as well as any additional conditions or penalties for cancelling should be explained to you so always check before you sign.

 

 

Employee Benefits

We spend so much of our time working that there have to be some perks to it right? 

 

Keeping staff happy is a really important role of an organisation because it can improve employee wellbeing, help staff work better and produce better quality outcomes.  Many employers are now committed to providing benefits and perks to ensure that staff remain motivated in their jobs and whilst you wouldn’t just take a job because of the perks it offers you, you might think twice before leaving an employer who offers you valuable benefits.

 

To help you get the most out of your employment, we have outlined some of the key benefits that you are likely to come across.

 

Pensions

 

Whilst paying into a pension may not seem to be a benefit when you’re working, you will certainly appreciate the income once you have retired.  A pension is, in simple terms, a type of long term savings plan to help you live beyond your working life once you no longer receive a wage or salary.

 

Workplace pensions

 

Workplace pensions are schemes set up by employers to provide their employees with retirement benefits.  They are also called “occupational”, “works” or “company” pensions.  There are many different types of workplace pensions available which work in different ways but for most people, employers make regular payments into the pension scheme on your behalf to which you may also be asked to contribute a certain percentage of your salary.  These are called “defined contribution schemes.”

 

These contributions are then invested and hopefully by the time you come to retire, this pot of money (if invested wisely) should give you an income for the rest of your life.  The pension amount that you receive will usually be dependent on your earnings and the length of time that you were a member of the scheme.  However for a lucky few who are/were members of a defined benefit scheme or “final salary” scheme, the amount is guaranteed by the employer and is not dependent on the amount contributed.

 

Seek advice from your HR Manager or speak to your line manager to find out what type of pension scheme you are a member of and how this may benefit you in the future.

 

 

 

Automatic enrolment

 

All employers must provide a workplace pension and this is called “automatic enrolment.”  This means that your employer must enrol you into a workplace pension and make contributions if:

 

  • you work in the UK
  • you’re aged between 22 and state pension age
  • you earn at least £10,000 per year

 

It is important to be aware that if you have been auto enrolled into a workplace pension, you have the right to opt out but if you choose to do this, make sure you are aware of the consequences.  Pensions are almost always a good decision because of the tax and savings benefits, however if saving in a pension scheme is unaffordable for you, then opting out may be the best option. Before you go down this route, speak to your HR Manager or the person who pays you if you are unsure and do some research first before you make this decision.

 

Workplace pension contributions

 

Until the end of March 2019, your employer will contribute a minimum of 2% of your pre-tax salary each month into your workplace pension and you will pay a minimum of 3%.  However from April 2019, the minimum your employer will contribute increases to 3% and your contribution will be a minimum of 5% of your pre-tax salary each month.  Remember you can pay into a pension at 22 until your reach your state pension age, so starting early can certainly help.

 

State pension

 

The Government also offers a pension scheme as long as you have paid sufficient National Insurance contributions whilst you were working/self-employed.  Currently the state pension is £164.35 per week per person.  To see if you are eligible, go to https://www.gov.uk/new-state-pension for further information.

 

You can find out how much state pension you could get by going to https://www.gov.uk/check-state-pension.

 

Other benefits

 

As the saying goes, a happy workforce is a productive one and feeling valued often goes a long way.  Common incentives that are offered include health insurance, free eye tests, gym memberships, support with childcare and education, shares in the company and staff discounts.  Increasingly, employees are being offered flexible benefit schemes, this is where employees are given options, a bit like a menu, so you can tailor your rewards to your or your family’s needs.

 

Find out what your employer offers

 

It is easy to overlook and even forget what your employer offers in terms of benefits but make sure you know what you are entitled to….

 

  • Check your contract of employment, sometimes benefits are included here.
  • Ask your HR Manager for details, if you don’t have one, ask a Line Manager or Office Manager to point you in the right direction.
  • Check the company’s internal website, employee benefits could be included here too.
  • If you have a staff handbook, have a look through it for information regarding benefits.

 

 

 

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Understanding your payslip

Am I paying too much tax? What do the numbers and letter of my tax code mean? Am I owed anything?  Being able to understand your payslip is not as straightforward as you think.  Read on if you want to find out more…

It may sound simple to work out exactly how much you will be paid for the work that you have done, but it’s not always that straightforward.

Unfortunately we don’t bring home everything we earn as there are number of things that are taken out of our wages before we even get it and these are called deductions.  The main deductions you will see on a payslip are:

  • Income Tax – percentage of your earnings given directly to the Government to help fund public services e.g. Education, Health and Social Services.

 

  • National Insurance – tax on earnings to help pay for state benefits such as state pension and sick pay.  The payslip usually breaks down the amount of money contributed by your employer yourself.

 

  • Workplace pension contributions – money to help you in retirement.  Again the payslip breaks down the contributions made by both your employer and yourself.

 

  • Other deductions for example student loan repayments – paying back the money you have borrowed (plus interest), but only if you earn over the threshold

 

Your payslip also includes:

  • Tax code –This specifies how much income you can earn before you start to pay income tax. Most people are entitled to a personal allowance, in other words, a set amount of money that you can earn before you start paying income tax.  However you don’t start paying income tax once you reach this amount, it is spread over the year so you will pay income tax and national insurance every time you get paid.  This is called PAYE (Pay As You Earn.)

 

  • National Insurance number – this is a unique reference code used by HMRC, the organisation that collects all UK taxes and national insurance, to recognise you when paying National Insurance contributions. HMRC stands for Her Majesty’s Revenue and Customs.

 

At the end of each financial year (usually April) you will receive a summary document from your employer called a P60.  This shows how much Income Tax and National Insurance you, and your employer, has paid throughout the year.  As it is your responsibility, you should always check your P60 or your payslip to make sure that your employer is using the correct:

  • tax code
  • National Insurance number
  • employee number (if you have one)

 

If you think that there is anything wrong on your payslip or that you think that you may have paid too much Income Tax, speak to your HR Manager if you have one or the person who sorts out your wages.  If they can’t help you, contact HMRC directly at https://www.gov.uk/. They have telephone helplines and web chat facilities for specific queries.  However if you have a general query you can tweet them using @HMRCCustomers.

Finally, if any of your income is earned on a self-employed basis, you will need to declare this to HMRC.  You will be asked to complete a self-assessment and pay any Income Tax and National Insurance contributions directly to them.  Again you can find out more at https://www.gov.uk/.

 

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Is all debt bad?

Good Debt versus Bad Debt: Understand the type of debt you have to see if your credit is working for or against you.

If someone asked you ‘Are you in debt?’ – apart from possibly being slightly put out by the personal nature of the question – how you answer will probably depend on how you view the word ‘debt’. Strictly speaking, a debt is something (usually money) that has to be repaid to the person/organisation that loaned it to you in the first place, normally with some additional cost for the privilege. By this definition anyone who uses an overdraft on their bank account, has a mortgage or who owes their mate £20 because they forgot to take any cash to the pub last Friday has debt.

So that’s nearly all of us then. But is being ‘in debt’ different to having a mortgage? Do you think of debt as being worrying whilst others think it is perfectly acceptable? Does the term being ‘in debt’ imply that owing the money is causing you problems? Is there a way to make credit work for you rather than against you? Read on…Credit that works for you…

In this day and age, it is almost impossible to live debt-free. Let’s be honest, most of us can’t pay cash for our homes or our university education. So if you want to achieve these things, it is likely that credit can help you. Debts, such as a student loan or a mortgage, which help you achieve a very specific positive aim, are normally the best kind of credit. Generally they have lower interest rates than other debt. And they can actually help you accumulate money in the longer term, by taking advantage of rising property prices or by securing you a higher paid job when you graduate.

A ‘car loan’ might also be considered as a good use of credit, especially when the vehicle is essential to getting to work or doing business. However, remember that unlike homes, cars and trucks normally lose value over time.

Used wisely, this sort of credit, paid back over a long-term with relatively low monthly payments, will allow you to achieve your specific aspiration whilst enabling you to keep the rest of your money free for the other things in life; investments, emergencies or simply enjoying yourself. The key of course, is everything in moderation – even a mortgage can become a nightmare if you can’t afford the repayments. So don’t overstretch yourself and make sure you will continue to be able to make the payments, if interest rates rise or your income falls.

Equally, in certain emergency situations, credit is the sensible option. If your washing machine broke, buying a new one on credit may actually work out cheaper than using a laundrette for the next six months, until you have saved for a new one. But again, make sure you have a plan for the repayments and can afford them.

Some credit, particularly credit cards, may also come with a 0% interest rate, which means you only pay back what you borrowed.  These deals are often for a limited period of time and revert back to a higher rate once the introductory period has finished.  If you know you will pay the bill off within the introductory period, it’s a win win and once the 0% interest rate has finished, remember to switch to a new provider so that you don’t incur additional interest.  Remember if you fail to keep up with the repayments, you may be considered to be a risk and the lender can increase the interest rate at any time.  So make sure you always read the terms and conditions before you sign on that dotted line.

 

Credit that works against you…

There is no particular type of credit that is instantly a no-go. Depending on your circumstances and your options, credit could be the right choice, particularly in emergencies. However, credit starts to work less in your favour when it is used to pay for things that you could do without and can’t really afford (that holiday to Thailand, for instance!). Or when used to purchase things that quickly lose their value and/or do not generate long-term income.

There is nothing wrong in buying something simply because you want it, but make sure you can afford it, and won’t be paying it off long after it’s gone out of fashion.

Shorter term credit works best if you use it, as the name suggests, only in the short term! This sort of credit is more likely to carry a higher rate of interest, particularly if you borrow for a longer period. This means that if you pay it off straightaway, you may benefit from no or lower interest. But if you delay – only paying the minimum payments on a credit card for example – then you will be paying the debt off for months if not years and will probably have paid for the item twice over.

To sum up, make sure that you are using credit to create positive outcomes for you and your family – not to put cash in the lender’s back pocket rather than your own!

 

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The lowdown on credit.

What is credit?

Credit is a sum of money made available for you to use, which you have to pay back plus some extra (interest/charges for the privilege!). See, it sounds simple when it’s put like that. But, the slightly trickier bit is choosing the right one for you! There are lots of different forms and types of credit, so make sure you do your research and decide which is the right option for you. You’ll need to consider things like the terms of a loan or credit card and interest or APR that you repay.

Why might I need credit?

If you want to buy something now and don’t have the money available, at that time. Also if the cost of the product or service is so expensive that you would be unable to pay for it all at once.

What types of credit are there?

  • Personal loan – the provider gives you a lump sum of money which you pay back on a monthly/weekly basis. Interest is added so that you pay back more than you borrowed.

Sometimes you can spend the money on what you want, at other times the lender will specify what it is to be spent on as part of the loan agreement.

  • Secured loan – similar to the above, but to buy high cost items such as a house. The loan is secured against the item bought, if you don’t keep up with the repayments the lender can force you to sell the item and repay the loan in full.

This is the only way most of us can hope to buy our own home. Interest rates are far lower than personal loans as the lender has a way of getting their money back if you don’t pay.

  • Credit cards – you have a card and a maximum amount you can spend on the card. You use the card to buy things and then receive a bill once a month. If you pay the bill in full you won’t pay any interest. Otherwise the bill tells you the minimum amount you must pay – this covers the interest plus a small amount of your spending. As long as you don’t go over the maximum spending limit and pay at least the minimum amount each month you can carry on using the card. It is easy to get carried away with a credit card – remember you are going to have to pay the bill sooner or later Only paying the minimum amount every month means that it could take you a long time to pay back the money borrowed and you will inevitably pay much more interest.

 Storecards – very similar to credit cards, but limited to use in a particular    shop or chain of shops. The interest rates tend to be higher than credit cards.

It can be tempting to take these out if you are offered some form of freebie or a percentage off your purchase – but it is another bill to remember to pay, and if you forget or only pay of part of the balance, the interest could be far more than the value of the  purchase

  • Charge cards – as the name implies a card that you charge purchases to. Unlike credit cards, the balance has to be paid in full when the bill arrives at the end of the month. So you are only offered credit for a very short period of time.

There is often a monthly fee for the privilege of having the card and they are generally only available to people with a good monthly income and credit history.

  • Hire Purchase/Conditional Sale/Rent to Buy – there are slight differences between these three, but the basic premise is that you have use of an item but don’t own it until you have fully paid for it (so if you don’t meet the repayments, the seller can take their goods back). The money you pay to use the item contributes to the cost of owning it at a later date. After an agreed number of payments you either own the item outright or have the option to own it. Sometimes you have to make a lump sum payment at the start and/or the end of the agreement

The lender has different legal rights over the item according to how much of the total (including the cost of borrowing) amount you have paid. If you miss payments make sure that you get some expert advice as to your rights.

  • Leasing – you obtain use of an item for a regular payment, but you don’t own it and hand it back at the end of the lease period. It is similar to renting a house, but on a higher wear and tear item such as a car. Some lease agreements have an option to purchase clause, which means that you can pay further money at the end of the agreement to buy the item outright.

The difference between leasing and HP is the intention at the start of the agreement – HP is designed for purchase, leasing for renting but sometimes with the option to change your mind at the end.

  • Doorstep loan – this is a type of personal loan which is obtained from an agent who calls at your home. The same agent will also collect your repayments, often on a weekly basis. These loans might be given to consumers who would be turned down by high-street banks due to poor credit histories.

The cost of these loans tends to be quite high due to the services of the agent.

  • PayDay loan – A sum of money lent to you until your next pay day. They are intended to be short term loans to cover unexpected costs that you may incur. Relatively small amounts are lent and the money is usually made available very quickly.

These loans are expensive and are intended for very occasional use only in emergencies. Pawnbroking – to use this form of credit you need to have an item of value (often jewellery). The pawnbroker lends you a percentage of the value of the item and then holds the item in secure storage. You have a fixed amount of time to repay the amount borrowed plus interest (usually the maximum is around six months) in order to get your item back. If you fail to do this the pawnbroker has the right to sell your item.

If you need cash in a hurry, have and are willing to risk an item of value, this could be a cheaper way of borrowing than a PayDay loan.

  • Credit Unions – not a product, but a not-for-profit financial institution set up by members with something in common to benefit their community,. Credit Unions offer similar financial products and services to banks and building societies, including providing loans for smaller amounts at reasonable rates.

Loans from credit unions are generally cheaper than loans from most other providers for smaller amounts and do not incur set-up fees, administration costs or early redemption fees. If you have one near you, and/or you are eligible for membership of one, it is normally a very good place to start looking for smaller or shorter term credit.

 

 

What should I think about before buying?

APR is probably a phrase you constantly hear referred to on adverts and in the press, but surprisingly few people actually understand the meaning of it. With any kind of credit, you are likely to be charged interest – and a good way of comparing that interest rate is the APR or Annual Percentage Rate.

The boring bit…the way APR is calculated is pretty complex. However, it is important to look at this figure because the higher the APR; the more interest you will be paying, which is never a good thing!

One word of warning though – the A in APR stands for Annual, which means that if you are intending on taking out credit for a year or more it should give you a good comparator. But if you are looking for shorter term credit over 30 days say, the APR might not be so useful, as the figure still relates to what interest you would pay if you borrowed it for a year. In these cases, it is essential to know the pounds and pence amount of interest as well as the APR, so that you are sure you can understand and compare properly.

 

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What debt should i be paying off first?

When you’re in debt, it is important to know exactly what type of debts you have (priority and non-priority), in order to know which you should be tackling first.

It makes very little sense paying off an overdraft when you have missed a TV licence payment. Yes, you may continue to incur interest by staying in the red on your overdraft, but that won’t be anywhere near as bad as the prosecution, court appearance and a fine of up to £1,000 you might face it you don’t pay your TV licence. Makes sense, right?

Knowing which debts should take priority and understanding what happens if you don’t pay, should help keep the roof over your head and you and your family out of trouble.

Priority Debts

The aptly named ‘priority’ debts, refer to arrears where the consequences of not paying them can be incredibly serious. They include:

  • Mortgage repayments
  • Rent
  • Fuel debts (e.g. gas and electricity)
  • Child support and maintenance payments
  • TV licence payments
  • Certain payment orders by the court

The result of not paying can include losing your home and other assets, imprisonment, bankruptcy and the disconnection of supply to gas and electricity; therefore these should be dealt with before any other debt.

Non-priority Debts

The outcome of failing to resolve ‘non-priority’ debts is often less serious, for example you cannot be imprisoned for not paying non-priority debts and you are unlikely to lose your home or belongings.. However, creditors can take you to court and sue for any money that you owe. They include:

 

  • Credit cards and store cards
  • Catalogue debts
  • Overpayment of benefits
  • Money owed to family and friends
  • Overdrafts and bank loans
  • Loans to money lenders

Payments to non-priority creditors can be reduced to as little as £1 per month if your income is low but you may need help to put this in place.

If you are having trouble paying your priority debts and/or your non-priority debts are really racking up, Step Change can provide specialist help.

 

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Savings and Debt

So with all the waxing lyrical we’ve been doing about saving, you might be forgiven for thinking that it boils down to a simple concept: saving = gold star and a toffee; not saving = could do better.

That is it in a nutshell really, but there are some situations where it’s not that straightforward. What do you do if you have credit card debts you want to pay off? What do you do first? Pay off the debt or start the savings habit? And what about a mortgage? Should you try and pay it off early if you can?

Financial priorities

You will rarely be able to earn more interest on your savings, than you will pay on your borrowings, particularly if you are an Income Tax payer. So, it often makes sense to pay off your debts before you start to save.  Equally, paying off your mortgage first, if you do find yourself in a happy situation of having some spare cash, often makes sense.  But be careful though as paying of your mortgage early could incur additional charges so always check with your lender first.

You might feel that you would prefer peace of mind and an emergency lump sum set aside as your first priority.  Or it might be that you would rather maintain your mortgage at its current level and start building up a nest-egg to fund your children through university or to take that longed for trip around the world.

Whatever you do, never prioritise saving over meeting the minimum payments on your debts or your mortgage, or over the really essential things like food and electricity.

Starting to pay off

If you can cover the basics, then you do have some options.  There is no right answer, but it helps to start to think about what works best for you and your family in your particular circumstances. Whichever route you take, make an informed decision, fully clued up on the consequences. Here are some things to consider:

  • What would you do if you had an emergency? Do you have the funds set aside?
  • Would you be able to borrow more money if you had to?
  • Are you fully on top of your debt repayments, just keeping up with them, or falling behind?
  • Are you paying off the most expensive debts first? Check the rates of interest that you are being charged and prioritise the ones with the highest interest charges first.
  • Do you have a specific savings objective in mind? And how important is it to you?
  • Can you overpay on your mortgage without incurring an early repayment charge?
  • Can you get the funds back if you need them? And how quickly?

 

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Savings – Habit of a lifetime

Everyone’s reason for saving will be specific and individual to them, it could be to achieve a dream like buying your first home, or having that big trip away, or it could be for a more general aspiration; to ensure you have enough money for any financial emergencies that might crop up (the boiler breaking down when you least expect it for example!). There is no right or wrong reason for saving and whilst it might not change your life overnight, it should help to bring you peace of mind, and even increase your overall well-being…

 

Saving makes you happy?

So how can saving bring you happiness?  Well we are not claiming that saving is the answer to all the world’s ills, but there are numerous ways in which putting a bit aside each week or month can make you feel more positive about your situation.

  • It might be the overwhelming sense of satisfaction and pride you can derive from being able to buy something that you have effectively saved for; knowing that you have worked hard for every penny and can treat yourself to that shiny new TV!
  • Or, knowing that next time you have to take an emergency trip to the dentist, that sets you back say £160, you will have it covered and so it will be nothing more than a slight inconvenience (and maybe a sore face).
  • Maybe simply knowing you are saving even the smallest amount here and there, means you feel more in control of your future.

Whatever the situation, starting the saving habit can be a shortcut to feeling happier and more on top of your situation.

Saving really is not just for those who have wads of spare cash at the end of each month, it is for everyone – even if you feel you can only afford to save a few pounds a month, you will soon see it start to mount up!  So don’t get disheartened if you can’t pay for that new dining room table in the first month, it will come, and the pleasure you get when you finally can afford it is certainly worth the wait.

 

When Should I Save?

Just like there is no right reason to save, there is also no right age or stage in your life to start saving – it will all depend on your particular circumstances.  But the sooner you can start, the better – both in terms of the good habits you build for later life, but also the sooner you begin, the bigger amount of money you should be able to put aside.

Have we persuaded you yet?  There really is no excuse not to start getting on top of this today!  Have a look below at some top tips to get you on your way

 

  1. Start small – that way you won’t even notice it. Why not try putting your spare change in a jar and watch it grow.
  2. Do it often – the more you do it, the more of a habit it becomes.
  3. Try the 1p saving challenge – save 1p today, 2p tomorrow, 3p the day after…..get the idea?? If you manage to do that for a whole year, you will end up with £667.95 and the most you will have shelled out is £3.65 on your final day.
  4. The rounding challenge – this is a good idea if you like to manage your money online. At the end of each day, round your bank balance to the nearest £1, £5 or even £10 if you can by transferring it to a separate savings account.  All of those little bits of money will eventually add up.
  5. If these ideas sound too time consuming, why not simply decide on a set amount per week or month to put away for a rainy day.

 

 

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