Posted by Flora Maudsley-Barton | October 24, 2018
World Savings Day
Here at Parsonage Financial Planning, we’re getting ready to celebrate World Savings Day by sharing our top tips for watching the pennies pile up and telling you what we wished we’d known sooner. But what is World Savings Day? Established nearly 100 years ago in 1924 by the International Savings Bank Congress, its aim was, and still is today, to raise the public’s awareness of the importance of savings – an idea we can certainly get behind!
This year, we’d like to shine the spotlight on why we think younger generations should consider starting to save up sooner rather than later. Every week, there seems to be another story in the news about why it’s all doom and gloom for Millennials and Generation Z when it comes to financial matters, but with a few small changes, it doesn’t have to be so we wanted to look at what we wish we could tell our younger selves to get us in good savings steads.
With this in mind, we sat down together in the Parsonage Financial Planning office and discussed the best bits of information we’ve received that have helped us to start – or get serious with – our savings.
As a result, we have all chipped in to put together this mini savings guide for the younger generation filled with plenty of practical tips to help them build their savings and prepare for the future. Let’s take a look at what our team said…
- I got my best savings tip from the TV show ‘Friends’. When Monica lost her job, her Dad said ‘well you’ll be fine because you’ve been saving 10% of your income like I taught you to do’. Of course, she hadn’t – but I found this very helpful.
- Even saving £5 a week could be worth it. It might not seem like much at the time but by the end of the year, that’s £260!
- Have one or two savings accounts online – no one will judge you if all you’re transferring is £2.50 and after all, it’s better than nothing.
- Regularly review your direct debits to make sure you’re not paying for a service you no longer use – like the gym membership you might have signed up for but used all of two times.
- Buying two fewer coffees a week could save you approximately £312 a year (based on a coffee costing £3) – why not get your morning caffeine fix when you get to the office, instead?
- Still paying interest on credit cards? Switch to a 0% interest card and only pay what you’ve actually borrowed, interest can creep up on you – and fast.
Helen, Client Support Manager:
- Try switching to a reward current account that gives you cashback when you pay by direct debit for things like your phone bill and put the extra cash into a savings account.
- Look in to paying for childcare using the voucher scheme – tax free savings can double the voucher allowance if both parents are eligible.
Susan, Client Support Assistant:
- Think about using comparison sites when you want to buy something to ensure you get the best price.
- Upcycle and recycle – one man’s trash is another man’s treasure!
As part of our World Savings Day campaign, we want to know the best savings tips you’ve ever received – and you could be rewarded with a sweet treat.
Keep an eye on our Facebook page (www.facebook.com/ParsonageFinancial) in the lead up to World Savings Day on 31st October to share your saving tricks and be in with the chance to win a delicious delicacy from Cake Nest.