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Saving: 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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