“I’d recommend doing a little research into your own financial situation to help you work out a rough figure to aim for.
“For example, three months’ worth of your usual living expenses could be a nice sum for an emergency fund. Once you have a figure in mind, it should be easier to steadily aim for it.”
How to save lots of for a home
In line with Atom’s analysis, one of many high causes folks save all year long is for a home and, with the common home value coming in at £277,000, it’s actually no imply feat.
Claire stated: “First things first, decide on your budget – not only the amount you could save for a deposit, but also the amount you could afford to spend on mortgage payments each month, to work out a clear budget for your future home.”
After you have that determine in thoughts, cross-reference it together with your present month-to-month earnings and bills and work out the quantity you’ll be able to comfortably put apart every month to realize your finish objective.
Clare stated: “It’s also a great idea to keep your savings account in a different bank from your current account to diffuse some of the temptation to dip into it.”
