Life costs a lot.. here’s how to keep on top of it (Picture: Getty)
Ever since we were old enough to work, we’ve been taught about the importance of saving.
We were told to ‘save for a rainy day’, but how do you decide what counts as a rainy day? How do you know what’s worth dipping into the pot, and what can wait until next month?
If you’re one of the lucky people who has enough disposable income to siphon some off for savings each month, it can be hard keeping that pot untouched. We’ve all been there: spending a little too much on a night out, indulging in some retail therapy or booking a last-minute getaway.
It’s tempting to borrow from yourself to pay for that thing you’ve wanted for a while, and while we all deserve to treat ourselves, you might want to first consider if you have the funds to cover the potential expenses we all face from time to time.
Below, the team at MyFavouriteVoucherCodes have listed 10 major life events you should continue saving towards.
A personal finance crisis
Here’s the rainy day we were talking about.
‘One of the biggest reasons that people dip into their savings is to cover the cost of a personal finance crisis,’ the experts at MyVoucherCodes tell Metro.co.uk, adding that, if you don’t have an emergency fund already, you should.
‘No one can anticipate when a personal finance crisis could happen, but you can prepare yourself as thoroughly as possible for when it does (although we hope it never does).’
As the cost of living goes up, wages are staying the same. This means that many people are living paycheck to paycheck, and putting aside a little to help you out if you lose your job can make all the difference.
To keep an emergency fund safe and avoid temptation, try putting it in a savings account that isn’t instantly accessible. Knowing you have to wait a day or three for the money to drop in your account can help prevent impulsive purchases.
Be prepared for the worst-case scenario (Picture: Getty/Metro.co.uk)Tech upgrades
To our parents, upgrading your tech to the latest gadget might seem like an unnecessary expense. But we are an increasingly digital generation that rely on a laptop and phone for everything, from doing our jobs to getting around and chatting to friends.
When funds are tight, a simple brick phone can do, but there’s still the chance your phone or laptop could break, or you could lose it.
For a lot of us, having a fast laptop is the difference between getting a job and not. So, if you’re fed up of your laptop constantly being slow and overheating, or simply want a phone that doesn’t die within half an hour, it’s time to start saving.
‘If you want to save up to spend big on something that will tangibly improve your day-to-day living, as opposed to luxury items that get used once …read more
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