Rainy day, why do they say that?
Who is ‘they’?
Well, I guess that’s not important. This blog post however (…dramatic pause…) IS.
I think no matter what income you have its important to save something, as long as all of your bills are paid of course.
Because life throws up lots of surprises, some not so nice, some fantastic.
How gutted would you feel if your washer broke down and you couldn’t replace it, how much more gutted would you feel if you were offered a free flight to somewhere but didn’t have the spending money, or even the money to get to the airport. I would actually fall into a sobbing heap at the latter one.
I’m not gonna lie, I’m good at saving but I never used to be, until I could see what the saving could be used for. So I started making savings goals which motivated me to stick to saving.
My main motivations have been:
• To pay for travel to visit family in London in my late teens
• To move city and rent a flat in London
• To pay for a passport
• To go on holiday(s)
• To fund a career break
Back at the beginning I used to save a fiver a fortnight, as I’d worked out that amount would save me £130 in a year. This may seem small to some of you, but for me at the time it was plenty for a few coach trips to London, and little birthday presents for my Mum, Dad and sisters. It also meant that if there was a not so nice surprise, I had a little something to help me. I’ll never forget the day I drew out my last £20 from the cashpoint and then managed to somehow lose it. Had I not had savings, I would have been walking to and from work that week.
Over the years I’ve increased what I save per week/month but always kept in mind what I want to save for and how much it will total after a year. Income changes and is different for each person, so you should only save what is comfortable for you/your family.
Some good ways to make sure it happens are:
• Work out how much you can save weekly/fortnightly/monthly, make sure it is realistic so you don’t end up struggling or else, what’s the point?
• Decide savings goals and commit to them. If you are saving as a family, do this together.
• Open an account specifically for your savings. If you think you’ll get bogged down in which one has the best interest rate etc. just open a basic one to get you started. You can always change it later.
• Set up a standing order from your main account to your savings account. This way, you don’t even have to think about it each month.
• Try not to look at the balance for a few months. Seeing that little stock pile after a few months is really nice and should keep you motivated.
• If you do need to take money out of your savings, try to put it back in so that you stay on track with your goal amount.
If you have any tips you’d like to share, or want to let me know if this post has been useful, feel free to leave a comment below.
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