If you are struggling to keep up with your monthly expenses on the salary you are earning, the idea of saving might seem unimaginable. But, you can start somewhere no matter how small. It is worth the effort as it can give you peace of mind and prepare you for unexpected rocky financial times ahead. You can start off small and as time goes on, it will become easier to save and your savings will accumulate.
Peace of mind
Most of us have had nights lying awake wondering how we are going to pay the rent this month or how we are going to afford something we need. You might worry about how you are going to keep up with paying your bills if you were to lose your job.
As you save and your savings accumulate, this worry reduces. If you run into a tough financial situation or lose your job, you will have your savings to fall back on. You will also have peace of mind for your own retirement or for your children’s college fund. This will help you to sleep better at night.
Expands your options
Having money saved up will allow you to have more options. For example, if you are unhappy in your job your savings will provide a buffer if you were to leave before securing a new more enjoyable role. Perhaps you are looking to move as you need a bigger house? You can use your savings for a deposit.
Sometimes we have unexpected medical expenses which stress us out and make us sicker! With a savings pot you will have funds available to cover the shortfall.
Or maybe you just fancy a weekend away from it all. Relax, sit back and enjoy, knowing you have saved up for your break.
Make your money work for you
Once you start saving, your money can start to work for you through the power of compound interest. As you save your money earns interest. That interest then earns interest and so on.
Building up an emergency fund is the best way to get started. Our new savings solution can help you get started. We’re also busy finalising a nifty tool to help you prioritise and keep track of your goals. Sign up to find out more today!