21st – 27th March 2022
Why is saving important?
- We save now so we can use our savings for later to spend as we wish
- We have goals for our future, college, buy a car, a concert to go to. Saving helps us to achieve our goals.
- Often life happens; the sole falls off our runners, or we drop our phone. Having savings helps with unexpected events.
- By having savings built up, we do not have to borrow if something goes wrong.
- Saving is a form of rewarding ourselves. We can save for future enjoyment and treat ourselves.
- We can also save long term and watch our savings grow as interest accrues.
Saving is putting an amount of money aside regularly (i.e. every week/month). Saving can bring many benefits. By putting away money now, we can use it later. Saving each week or month can build up an amount that we know we may need. E.g. €5 per week to cover gifts for friends and family.
How can we cut back and save?
The CCPC website have a very useful tool – The Spending Calculator. This tool allows you to enter what you spend in a day, week or year. You can then see some items that you can possibly cut back on, in order to save for a long-term want. E.g. cut back on weekly takeaways to save for a holiday. We can then learn how to reduce costs & save money.
By monitoring our spending, we can understand where our money is going and where we can save money. Apps such as MABS app, ‘Moneylover’ and ‘Spendee’ apps to help track your spending and create wallets for different spending categories. It is important that we chart our spending to see where we are spending our money and where we can make savings.
What is your savings goal?
Write down a Savings Goal, start to save from this week towards this goal.
Saving is a key element of your financial wellbeing. By saving regularly, you can build up a fund for special occasions and achieve our goals. Saving for the unexpected is important. By putting money aside each week or month, we can watch our money grow and we even earn interest on our savings. Saving can also reduce the need to borrow.
Don’t forget to check out our previous blog on Budgeting and take a look at our next blog for top Borrowing tips!
For more information on Global Money Week (GMW), please visit the official GMW website.