Myth busting: saving

It can be difficult to start saving but it’s easy to find yourself at the end of the month with not much, or nothing, leftover. So where to begin?

For many of us, saving can feel like a journey we’re not ready to start but what if we’re believing the hype and making excuses when we could already be on our way?

Savings Myth #1: Saving is boring and means giving things up

Think about saving not as depriving yourself now, but enabling yourself to do things in the future. Have you been dreaming of a foreign holiday? Are you desperate for a new car? Want to treat your children to something special? Saving can get you there. Set yourself a goal of how much you want to save and what for - it’s a great way to start the journey.

Savings Myth #2: I can’t save much, so it’s not worth it

You may be able to save more than you think - how much do you spend on energy bills, car insurance, Sky TV, your mobile phone bill? These can all be expensive and you may find that with a bit of negotiation or changing provider you could save yourself significant amounts of money. Then you can start saving money that would have otherwise just been wasted - win win! 

Savings Myth #3: I don’t earn enough to save

The ability to save depends on your mindset, not your income. The most important thing with saving is to start, and to save money as soon as you get paid. Pay yourself first by either setting up a standing order to transfer savings on payday, or save directly from your pay with Salary Finance - you may be surprised by how much you can save when it happens automatically without having to think about it! 

Your money will still be there and available should you need it, but getting used to money leaving your account straight away will help you get used to saving and allow you to watch them grow.

Being better with money isn’t easy, but it can be done and the first step is finding the willpower by setting yourself something to save for. Instead of finding reasons not to save - or believing the myths!