Saving and Spending

Why is saving important?  

These are just some of the main reasons why saving our money is important:

• Helps us achieve our goals
• Save now to use later
• Provides future security
• Reduces the need to borrow
• Save for special occasions
• Can earn interest

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.

It sounds easy, right? Well it can actually be hard to identify where we can cut back in order to save…

Where can we cut back spending and save?

We are going to look at a very useful online tool by the Competition and Consumer Protection Commission (CCPC).

They have a very helpful Spending Calculator tool. This tool can help to figure out what you are spending every month, or every year, on items that you might not really think about or budget for.

By monitoring our spending, we can understand where our money is going and where we can save money.

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.

You can also visit the Global Money Week Official Website for more information.