08 August 2019

A broken habit

We used to be a nation of savers. Nowadays however, it’s estimated 11.5 million adults across the country have £100 or less in savings*, and half of twenty-somethings having no savings at all**. So, what’s changed?

There’s little doubt the financial crisis affected our attitudes to our money; rents and house prices have been steadily rising, as well as the cost of living - leaving us less disposable income at the end of the month. Saving has been the last thing on many people’s minds.

Our mission

We’re on a mission to get people saving again - whatever your goal, age, dreams or who you choose to save with. Because it’s essential you have something to fall back on if the unexpected happens, like (heaven forbid) a surprise flood in your kitchen, an unexpected bill, or broken boiler. As well as being able to reward yourself with a holiday or new car.

Payday = Saveday

If you’re not in the habit, it’s really hard to know where to start with saving. Many of us pay all our bills at the start of the month when we’ve got money, then save whatever we’ve got left at the end of the month.

But actually, research has shown that people who save the day they’re paid, often have far more success.^

Payday Saveday: A day a month to put a little bit away - no matter who you bank with, or what you’re saving for.

Getting started

Start saving now: Don’t put off saving as the sooner you get into the habit the better off you’ll be.

Start small and save often: Even a small amount can build up over time. According to The Money Advice Service’s website, getting into a regular savings habit is more important than how much you put away.

Manage what you spend: Budgeting for your everyday spending can help you figure out how much you need to live on, and how much you can afford to put away. It’ll help you feel more in control and can help you avoid going into debt or spending beyond your means. Check out our free online guide to managing your money and our free online budget calculator.

Make saving automatic: Set up a standing order so you don’t need to remember to save every month. That way you won’t have to remember to make the payment and you won’t be tempted to skip a month.

Change your spending habits: Making a few small changes to what you spend can help you save. One coffee less a week or taking lunch into work can soon add up.

Nationwide – The home of savings

Helping people to save has been core to our purpose ever since we were founded some 170 years ago. We have a range of savings accounts to help you start to save.

*Money and Pension Service (2018)
**BBC News 5/8/19
^Mintel’s Deposit and Savings Account (June 2018)

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