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Unless you have a specific savings goal in mind, such as saving for the deposit for your first home or maybe a new car, it can be difficult to find the motivation to save money regularly, or even understand why you should save money for the future. Why should you save for the future, when it’s more fun to spend all your money “now”? If you’re a young person, it’s understandable that you might find saving ‘boring’ or maybe it even causes you worry or stress. However, there are many reasons why it makes sense to adopt good savings habits, now.
Whether it is to achieve your goal of buying your own home, or pursuing your dream career, having some savings can provide you with opportunities to take on new adventures. Some of the best opportunities can present themselves with little notice, have you ever thought, “I’d love to do that, but I just don’t have the money right now”. By saving a little over time, you may find its easier for you to say, “yes!” next time.
If we can learn anything from 2020, it’s that unexpected situations or challenges can arise without notice and savings can ease pressure and stress during uncertain times. It’s a good idea to create an emergency fund – a pot of money that you set aside and do not touch. None of us know what’s around the corner, but the next time something unexpected happens, you’ll be proud of yourself for having a backup plan in place.
If you’re not used to making regular monthly payments, maybe you still live at home and haven’t yet paid rent or bills, starting to regularly save could be good practice for when you do have these costs coming up. Setting up a direct debit to go into a savings account each month will get you used to seeing those monthly payments leave your account and prepare you for when monthly bills come along.
Several pieces of research have been conducted, particularly over the last few months, to show that having some savings has great mental and psychological benefits. Knowing you’ve got that buffer in case you need it can alleviate stress and anxiety, and make you feel better about yourself.
Having savings can help you invest in your future and move into new chapters of your life with the peace of mind that you have some extra money to fall back on. Maybe you want to step into a new career path, but the timing is never right because you’re worried about changes in your income. If you have some savings that you can access if you need to, you’ll feel more confident in making the leap.
Looking for a new car, or to go on holiday? Rather than putting these sorts of expenses on a credit card and potentially incurring debt, if you save up for them, you’ll be able to pay outright without having to worry. It may take longer to be able to afford what you want, but it’ll be worth the wait, and you’ll feel a sense of satisfaction in having achieved your savings goal.
No one knows what’s going to happen in the future. You could one day get married, have children, start your own business, or do something else that you have no intention of doing now, but could change your mind in five years. Having savings will help you achieve these life events or will at least ease the financial burden when they come around. Just because you don’t envisage yourself doing something, doesn’t mean it will never happen. Plans can change over time, and if you have a nest egg to help you out if or when you need it, those changes may feel a lot less scary.
Why not check out the Consumer Council’s free online budgeting tool and identify what money you have left over at the end of the month that could go into a savings account. At Progressive we have a wide range of savings accounts available to suit a variety of different needs, and our friendly staff are always happy to chat about how you could make the most of your savings.
We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.