Benefits of Saving
There are many benefits to saving regularly, some of these are:
- You will have money put aside in case of an emergency
- Saving regularly helps you manage your money better
- When you save you become more aware of what you are spending your money on
- Saving is a good habit and once you start you will find it easier to save a little more
- Sets a good example to your kids, teaching them how to save
Did someone say Christmas?
Despite the weather at times, it is the middle of summer, so saving for Christmas might seem a little crazy to think about at the moment. However, most people can all relate to feeling a little panicked towards the end of November. This is when they realise there is just a month left until Christmas and maybe one or two paydays in between. There is always so much to buy; presents, food and not to mention the parties and never ending get-togethers. Worrying about money can take the fun and enjoyment out of Christmas. Planning early is actually a really good idea and with less than 6 months until December, now is the time to start.
Studies show that tracking your money while you save is a good way of figuring out where your money actually goes. You might think you spend it all on food or the kids, but chances are you can’t account for all of it. Download one of the free spending tracker apps from your iPhone or Android app store and start logging your spending. Once you get clear on what you are spending your money on, you’ll find you want to make a few changes and may be able to save a little bit more.
Make the Commitment
For now, though, just decide on an amount to put by each week and start this week! Don’t be tempted to put it off. There will always be next week, but this just lets another week slip by. Before you know it, the summer will have gone, we will be into autumn and you’ve not saved anything. Do it this week and make a commitment to yourself to save a little every week. After all, you are going to be thanking yourself for it in December when you can afford to buy Christmas presents and food without worry.
Saving is Fun
Why not make it something fun for the family and get your kids involved in saving too. Children always like to buy their family or friends a little present for Christmas. As well as getting them excited about being able to do this, it is also teaching them about managing their money and saving. As they grow up they will remember what you taught them about money and it will carry on into their adult lives and help them too.
How to Start Saving
People find that by transferring money to their Nottingham Credit Union account, or having the money paid in there, makes it easier to save. When your savings are separate from your bank account it removes that temptation to dip into the money. Even better, we offer a Christmas Savings Club that just ring fences that money for Christmas only. This means if you do have money in your regular NCU account, the Christmas money can remain separate. With our Junior Savers account, setting things up for your kids to save too couldn’t be easier.
Contact a member of our team today and get everything set up and start saving for Christmas today.