Simple Savings Tips to Make You Happier
Saving money makes you happier – it’s a scientific fact, but do you find it difficult to put those extra pennies aside every month? We’ve got the solution.
The majority of savers feel more optimistic, hopeful, calm and confident than non-savers, according to Standard Life Saving in Mind, so if you can manage to make a few cut backs and start saving regularly, you could be well on your way to happiness.
Money Saving Tips
Research from Which? revealed that successful savers share three habits: saving every month, keeping their savings separate, and saving for ‘the future’ rather than a specific goal.
To start saving, why not try cutting back on frequent purchases such as coffee, takeaways or wine, setting up a specific savings account and get used to moving money into it every month with a direct debit.
Science Says Saving Makes You Happier
Savers are Happier
Neuroscience confirms that those who save for future exhibit the following feelings more than those with no savings:
- Hopeful
- Optimistic
- Calm
- Confident
Science says saving makes you happier – download our guide.
Which? Research Reveals that Successful Savers share 3 Habits
1. They save every month, not ‘most’ months
Why it works: It makes a significant difference to the amount you build up
Why not try: Creating a direct debit from your current account to a savings account and timing it to go out as soon as you’re paid – you’ll soon get used to living without it.
2. They keep savings separate from other money
Why it works: You’re less likely to dip into it unless you really need to
Why not try: Opening a ‘rainy day’ savings account and moving any money left at the end of the month into it straight away so you don’t spend it.
3. They save for ‘the future’, not a specific goal
Why it works: If you save for a specific purpose, you’ll stop saving when you reach your goal. And you’ll spend the money.
Why not try: Focusing on the emotional benefits, rather than tangible ones: a savings buffer gives you peace of mind. Saving for specific shorter term goals alongside your longer term pot for the future.
Got you thinking about where to put your extra savings?
Our savings plans start from as little as £25 a month.
For more information, click here.
This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice. You should contact a financial adviser, who may charge a fee, if you want financial advice.
You should also be aware that in some investment conditions and depending on the savings product you have chosen, you may get back less than you have paid in.