{"id":761,"date":"2022-12-09T09:55:23","date_gmt":"2022-12-09T09:55:23","guid":{"rendered":"https:\/\/www.redstarwealth.co.uk\/blog\/?p=761"},"modified":"2022-12-09T09:55:23","modified_gmt":"2022-12-09T09:55:23","slug":"savings-savings-savings","status":"publish","type":"post","link":"https:\/\/www.redstarwealth.co.uk\/blog\/savings-savings-savings\/","title":{"rendered":"Savings, Savings, Savings"},"content":{"rendered":"

According to The Money and Pensions Service\u2019s Financial Capability Survey<\/a>, 11.5 million UK adults have less than \u00a3100 in savings and only 49% of people could last 3 months or more without borrowing money if they lost their main source of income.<\/p>\n

Why Might You Struggle to Save?<\/h2>\n

It\u2019s difficult to save money if you have any debts because you are tied into making repayments.<\/p>\n

It\u2019s also difficult to save when you don\u2019t have a budget plan as it\u2019s harder to keep track of your money. Budgeting can help you see where you might be able to reduce your spending and where (if possible) you can afford to put money into savings. Use our free budget calculator<\/a> through our sister company’s website if you need some help making your budget!<\/p>\n

It\u2019s hard to save money if you have a habit of overspending. It can be easy to spend beyond our disposable income, especially at times like Christmas<\/a>…<\/p>\n

The Cost of Living Crisis<\/h2>\n

UK savings will likely only decrease in continuing months. This is because many people cannot afford to save money at the moment, giving the huge inflationary pressure on living expenses.<\/p>\n

You can only afford to save money when your expenses are more than your income. Therefore, many people might see their savings slowly being depleted, the growth of their savings coming to a standstill, or their savings’ growth slowing down.<\/p>\n

\"\"<\/h2>\n

Why is Saving Money so Important?<\/h2>\n
    \n
  1. It enables you to achieve your financial goals<\/li>\n
  2. You can form an emergency fund for any unexpected expenses. This in turn gives you security and peace of mind as the emergency fund acts as a safety net so that you can afford to cope with the unexpected<\/li>\n
  3. It can help you avoid taking out credit, protecting you from entering a cycle of debt. This point is particularly true when considering how many people turn to things like payday loans when they have unexpected bills<\/li>\n
  4. It means you can accumulate wealth, which is good if you want to do something like channel money into an investment<\/li>\n
  5. It helps protect your credit score as you can make payments on time<\/li>\n
  6. If saving for a house, it means you can put down a bigger deposit, meaning you will have a smaller mortgage with more competitive interest rates<\/li>\n<\/ol>\n

    We know that it can be really difficult to save money when the price of everything constantly seems to be on the increase. Sometimes saving is not a viable option, as you may simply not have any spare cash to put away. However, if you are able to, building your savings is certainly worth considering\u2026<\/h3>\n","protected":false},"excerpt":{"rendered":"

    According to The Money and Pensions Service\u2019s Financial Capability Survey, 11.5 million UK adults have less than \u00a3100 in savings and only 49% of people could last 3 months or more without borrowing money if they lost their main source of income. Why Might You Struggle to Save? It\u2019s difficult to save money if you […]<\/p>\n","protected":false},"author":7,"featured_media":768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[254,256,7,245,244,246,53,249,72,250,60,41,24,253,102,251,48,8,252,255,247,248,243,76],"yoast_head":"\nSavings, Savings, Savings - Red Star Wealth<\/title>\n<meta name=\"description\" content=\"11.5 million UK adults have less than \u00a3100 in savings. 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