Do You Have Enough Money In Your Savings?
Saving money doesn’t come naturally to everyone. I used to make mistakes with my money and spent every penny which entered my bank account. But now I’m much better and actually enjoy saving. It’s nice to see money in your savings build up and up over time. There are loads of different types of savings you can do. It might be for something big like a house deposit or a car. Or it might be for a holiday or that designer bag you fancy. But everyone should also have an emergency fund or rainy day savings.
Did you know that financial advisors suggest that you have enough savings for three months essential outgoings? This means if god forbid you lost your job you’ll have three months where you didn’t have to worry about money. So if your mortgage/ rent, bills, food and other essentials comes to £1,00 a month then you’d need to save £3,000.
A few years ago Anti-debt charity ‘Step Change’ said that if every household in the UK had just £1,000 saved, it would reduce the number of people falling into problem debt by half a million. To some £1,000 might sound like a lot of money, but it could save you in the long run.
Shocking stats about savings
Last year the UK Savings Statistics shared some insightful, but worrying stats about Brit’s savings habits. 15% of Brit’s have no savings at all, and 1 in 3 Brit’s have less than £1,500 in savings. While some savings are better than none think about how far £1,500 money in your savings would really get you if you were to be without a job.
Young adults are the worst of all with 53% of 22-29 year-olds having no savings at all. We’re the generation which seems to struggle to find money leftover to save with. We’re battling finding our feet after education or internships and apprentices. A lot of people are battling every heightened rent rates and for many, the thought that buying a property will never happen.
How to get money in your savings
40% of people stated that lacklustre wages were the reason they didn’t add money to their savings. And while putting money in your savings can be hard it’s a really good practice to get into as early as possible. Here are a few ways you can start saving without having to do anything drastic:
- Create a budget and stick to it. You’ll be surprised at how much money of your spending is impulse
- Withdraw cash and leave your card at home. Then save any leftover cash you have left
- Do a daily savings challenge and you could save £600-£1500 over a year
- Open a Monzo account and roundup your purchases to the nearest pound. You can save that extra money in a pot and watch it increase and increase
- Have a car boot sale or sell items online and save the money you make
- Make some money online through 20Cogs and save that
Do not save what is left after spending, but spend what is left after saving
18 responses to “Do You Have Enough Money In Your Savings?”
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Rhian Westbury
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I am awful at saving! The problem we have is we ive in a culture of buy now pay later so many of us have things on finance which increases our monthly outgoings leaving a lot less to play with after all the bills come out This year our aim is to cut down on reckless spending by cutting takeaways and meals out and taking food with us when we go on days out. If we are tempted or almost spend money on things such a coffee but then don’t end up buying it then the money goes into the savers.
You’re so right about it being a culture of buy now pay later and while these schemes can be great they aren’t helping us to save
It’s such a healthy attitude to save early in the month and to make it a priority. Thankfully my kids are showing signs of being really responsible with their money. Mich e
This is great advice.
A lot of banks now do a save the change scheme where they round up to the nearest pound every time you spend and put it in your savings account
In just a few months it has really helped me build my savings up
I really think schools should be teaching children about the importance of savings, mortgages and pensions.
It would make a huge difference to the next generation x
It’s amazing how much you can save with the round-ups and how you don’t even miss the money. I wish I had that kind of education in school as it’s really needed x
I definitely don’t at the moment – the only money I have saved right now is tax savings! I definitely need to save more.
My bid to to start saving some money this year by doing a clearout and sale, it helps to clear the clutter and increase my savings at the same time
That’s a great idea. You can pass your less used items to better homes and you make some money x
Great tips on to save. I do strive to save and always have something in the rainy day fund. Have recently had to dip into it to pay for a funeral so need to start saving again.
Some great tips here, we always try to have 2 pots to save to, like a life contingency, you know for when the refrigerator breaks down! And another for our family travels. This way when something happens its not always a case of ”oh well, no holiday now”. I know not everyone is as fortunate to be able to do this but I definitely recommend having 2 or more saving pots!
That’s a great position to be in. When we move and our finances are better aligned I want to have different emergency funds like you x
I did a car boot sale last year and it was brilliant. I made around £120. It’s a great way to get rid of unwanted items and make some money.
100% agree, your items go to better homes and you make some money x
I definitely don’t have enough in my savings at the moment – it seems I manage to save a lot and then have to use it on something!
Some good tips here, I will save if there is something i really want. These days it’s difficult to save as the cost of living is high and with people on low wages, saving is inaccessible to most
I hear you on this one, it is always good to make sure you have enough savings. Like the sound of a car boot xx
We have some savings, it never feels enough! But I’m proud that we have any at all considering I’ve been a stay at home Mum for the past 5 years.
I dont have any savings at the moment. So hard to save up when its hard to even afford to live.