A poll by National Savings and Investments has revealed that people who put aside some money into savings are generally happier, having a nice little boost whenever they put money into their savings account or look at their balance to date.
The amount doesn’t have to be particularly big either, with customers finding that just £1.66 every day, totalling around £50 a month, is enough for them to start building a healthy little nest egg that gives them some satisfaction.
Of course, it’s not just about feeling good. Having some money set aside means that if any unexpected bills or emergencies pop up, you should have enough cash to cover the extra costs and won’t need to worry about putting debts on credit cards or short term loans.
In the survey, almost two thirds of people said that they wanted to put more money into savings every month and that they would feel much better if they did, believing it would take a lot of stress and worrying about finances off their mind. However, many people also thought that it would be very difficult for them to do so as the cost of living continues to rise and wages fail to match it.
The £1.66/day figure was then brought up as an example of how easy it is to start saving, and how little contributions can very quickly add up. The retail customer director of NS&I, John prout, had some advice for people that do want to start saving or wish they could save more: “For people who aren’t satisfied with their savings, it doesn’t require big changes to lay aside an extra £1.66 each day. It can be as simple as walking short distances rather than taking the bus. Those using regular savings tricks have shown that it’s so often the simplest daily changes that can make a big difference.”
If you’d like to save more, perhaps it’s time to analyse your spending and see if there’s a way you could cut down by less than £2 a day?