Having some money saved away can help in so many ways, whether it is to help manage with an unexpected bill or expense, to treat yourself to something, or just to give yourself peace of mind.
It isn’t always easy to save, but even a little can go a long way.
Why save?
A simple ABC of the benefits of saving are:
- Always having something set aside for life’s emergencies or the unexpected. Whether it’s a broken-down fridge, redundancy or failed car MOT, life has a habit of catching us out when we least expect it. Savings can help to make tricky times a little easier.
- Being able to buy bigger items outright. We all have to make major purchases from time to time, from costly car parts to laptops or new furniture. With money in the pot to buy these or other items, you will avoid having to turn to credit to purchase them, helping to keep your borrowing under control.
- Christmas and other special occasions made easier. The great thing about savings is that you can use them for special days as well as rainy ones! Perhaps you’ve got a holiday, milestone birthday or big Christmas celebration in the pipeline.
How can you save?
- Sell old or unwanted items – this can be a great way to make some extra cash from things you don’t need anymore. Selling online can be quick and easy.
Keep an eye on your bank statements – it’s a good idea to keep an eye on your outgoings for anything you don’t recognise, or subscriptions you don’t really use anymore. - Open a savings account – it can help to have separate accounts for your regular spending and savings at avoid regularly dipping into savings. There are a wide range of savings accounts, including from local credit union Westcountry Savings and Loans. It is a good idea to compare the different accounts available and pick the best one for your goals.
- You can find more savings tips and ideas online, such as with Barclays.
Support from LiveWest
If you need financial help or support, our Tenancy Sustainment team may be able to help you. You can also visit the cost of living section on our website, or our be money ready advice pages.
Image: Shutterstock/Krakenimages.com