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?