Penny pinching for a rainy day

Do you have a rainy-day fund?  I know it’s a luxury to save when there are so many bills to pay and life is just a never-ending drain on your money. Whatever goes into your bank account swiftly bounces straight out, but, but, but…. on wet days like we’ve been having recently do you wish you had a brought one less coffee and saved that £2.00  (£4.00 in London) and put it towards a rainy day fund or your credit card bill?

We have become so disillusioned with saving that few of us seem to do it, but it does soon add up. If you save as little as £13.00 a month for 20 years you’ll have nearly £4,000 in the bank. Granted it’s not a huge amount of savings but I reckon a lot of people could easily save £13.00 a month and some savings is definitely better than none.  If you can save £20.00 that’s well over £5,000 in 20 years at the current interest rate and if the rates improve that’s more dosh for you to spend on a fancy holiday or a pair of diamond studs. The point is in a world where we can buy more clothes than we have space for at the expense of everything saving a few pounds a month will make a difference to your pocket, your future, the planet and probably your pride coz you’ll be well happy you have a little nest egg growing. Great if you can save more, but don’t think a few pounds a month won’t make any difference – it does, quickly and chances are you won’t miss it.

If you feel the need to open an account right now – I’ve just opened a new savings account with the Post Office – took about three minutes online and I opened it with a whole £1.00!  I’ve no massive goal and I’ve made a note to check the interest in a year’s time in case it goes down to zero. I’m just gonna fling in a couple of pounds here and there over the month, one less bunch of flowers, return an item at the supermarket till, walk instead of take the bus and transfer the £1.50 I’ve saved from the pocket of TFL as I walk. Proper penny pinching but I think I’m gonna enjoy the challenge and the treats as I will spend whatever I save on big birthdays, I won’t have much in there for 50 but the next withdrawal will be 60 – that’s a holiday with my girls and hopefully we’ll still have our own teeth.

Hopefully you’ll realise I am absolutely no financial expert and this is my opinion, not my qualified advice – you have Martin Lewis for that. If however I have inspired you to invest in a bond that makes a million I do of course want at least 1% of your savings pot.

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