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You are here: Home / Manage Money / Are Your Saving Habits Impacting Your Future?

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Make Every Penny Count: Budgeting tips and tricks to keep more money in your pocket, by Ricky and Naomi Willis

Are Your Saving Habits Impacting Your Future?

By Naomi Willis | last updated 15th January 2019

Are you a saver?

According to research from Shepherds Friendly people are saving for all sorts of things like home improvements, a holiday or putting money towards a deposit for a first home.

And that’s great! Saving towards a goal is really important.

Rather than just blindly putting money aside each month, you are giving yourself a target.

All money getting saved it being stored safely in places like a savings account, a Cash ISA or even in a savings jar. 

However, saving for things like this is just saving for the short term and you’re not going to see a very good interest rate.

Long term saving

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Are you also considering saving for the long term?

The results from the survey show that the majority of people are only using their money for the immediate future, rather than planning for later on down the line.

While it’s fun to live in the now and see the results from saving hard (like new windows for your home, or amazing memories from a summer family holiday), you also need to consider saving for yourself.

Planning to put extra aside each month for your retirement or even for your children’s future is just as important, if not more than important, than saving up for a new car or a new TV.

Saving in the long term does have its advantages too.

With standard savings accounts or Cash ISAs, the interest rates are very low.

However, when you look to invest your money, historically, in the longer term, you can get a higher return on your money. Please do be aware that your capital is at risk and past performance may not be a guide to how much you get back.

Check out this infographic to see how saving habits vary across the country. Does it match up to where you live?

The state of UK saving habits
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Naomi Willis
Naomi Willis
Content editor at Skint Dad
Naomi knows the burden of living on very little and became debt free by following her own money saving tips and tricks. She is an expert on saving money at the supermarket and side hustles.
Naomi Willis
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Ricky and Naomi Willis from Skint Dad

Ricky and Naomi Willis, founders and editors of the Skint Dad website.

We know every penny counts, so we’re sharing resources, tips, tricks, and deals that will keep more money in your pocket.

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Make Every Penny Count by Ricky and Naomi Willis
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Skint Dad
  • Home
  • Save money
    • Frugal living tips
    • How to save money on groceries
    • Save money on energy bills
    • Latest supermarket offers
    • 1p Saving Challenge
    • Sun holiday codes
  • Make money
    • Make money online
    • Best paid surveys
    • Best side hustle ideas
    • Free money
    • Genuine work from home jobs
    • TopCashback Easter Treats
    • Rare 50p coins
    • Rare coins (UK)
  • Manage money
    • Best budgeting apps
    • WhatsApp scams
    • Pay day loan claims
  • Our Book
  • News
  • Deals
    • Sainsbury’s toys sale dates
    • TU 25% off sale dates
    • When is the Next sale
    • 25% off Wine
    • Blue Light Card discounts list
    • Domino’s NHS discount
  • Community
    • Newsletter
  • About