Savings

I know in the current economic climate it can feel borderline impossible, if not actually impossible, to save any money. People are barely getting by, struggling to make ends meet for the most basic of provisions - food, gas, electricity, fuel. 

I also think it's important to have conversations about money, it's one thing us Brits are good at hiding from, and actually more transparency can help. Not only will people talking minimal or non-existent disposable income help others feel less alone in their circumstances and realise that most people are these days, but it can also open a dialogue surrounding money saving ideas, tips and tricks for saving on a budget etc. 

I've been noticing a massive increase recently on tiktok of people sharing their "cash stuffing" at the end of the month. For some this seems to be an amazing way to budget and to save for the future - birthdays, Christmas, holidays etc. For me, that amount of money lying around the house absolutely terrifies me and I choose to keep everything we do digital, well aside from having the odd bit of cash for emergencies or odds and sods. What about you? Are you more inclined to use cash at home or do you withdraw as you use like me? 

For savings purposes, we deposit monthly into savings pots - one of those is for Alfie. We put in 100pcm for him religiously so by the time he reaches 18 and has access to it he should have £21,600 to start life with. We have decided it'll be up to him what to do with that money but hope we're raising him with he financial literacy to be sensible with it and put it towards education, a home, a car etc. Now I'm going to be completely honest here and say that some months, especially recently, taking that 100 and putting it aside for in 10 years time has been a struggle! We've had to do a bit of penny pinching to make sure Alfie gets his savings pot added to as we think it's really important for him to have it, but it doesn't always mean it's easy.

We've had to go without sometimes, choosing to say no to a meal out or getting the cheaper alternative, and that's absolutely okay, but I didn't want to give off the impression it's an easy 100 to part with because it isn't. 

We have the mobile home in Kent which we're very lucky to have, but knew when buying it that it felt a sensible use of savings to keep some money there for the future without having it to hand to spend. 

Over the years I've struggled massively with over spending on stuff I didn’t really need, so one of the ways I've changed my habits for saving is by allowing someone I trust to help me manage my money, and me focusing more on the here and now. 

We work very, very hard for our income, as do all of you, and ultimately it's up to us what we do with it, isn't it? 

How do you choose to save, if you do save? Are you a cash saver? An ISA? Perhaps you invest in stocks or property for future income? There are so many different options available these days and they all seem to have their pros and cons. 

It's amazing how we all do it so differently and there isn't a one-size-fits-all when it comes to spare money and savings. The world would be a very boring place if we were though, hey?! 

Let's talk about it!