Did you know that 28% of UK adults hold most of their savings in their current account?* If that’s you then it could be worth considering a savings product that would allow you to gain interest on your money. There are numerous different types of accounts to suit short, medium and long-term saving, some even allow instant access to your cash in case of an emergency.
It’s also important not to pressure yourself into doing too much or keeping up with everyone else, we all have our own specific situation with incomings and outgoings.
The needs of a family are constantly changing as both the adults and children grow and their spending habits change. It’s worth reviewing your budget regularly to seek out gains that weren’t available in the past.
A good place to start is with your subscriptions. Is there anything hidden away that you barely use but might save you £10 a month? Have the kids outgrown their gaming subscription? Do you still need that family music pass? All of these small amounts can add up and you could add that to your savings instead without really missing it.
Another strategy might be to add a little motivation. Keeping a holiday brochure on the kitchen table or a picture of your dream house on the fridge, this might just be the difference between keeping up your saving habit or allowing it to slip.
Some people are better at looking ahead than others, but if you’re already comfortable with your savings, it might be worth getting ahead.
If you have children, you might want to start to think about college funds, or helping with a deposit for a first home? Some help with the children’s accounts available at The Cumberland can be found here.
If you’re child-free (or soon to be) then now could be the time to plan for that dream vacation that you’ve been putting off? Or saving for retirement? Why not make an appointment with a member of our team to talk through your options?
*UK Savings Week Stats. Research was conducted by Opinium 24-28 May 2024. The sample size was 2,000 UK adults. uksavingsweek.co.uk