Struggling to Save? Let’s Talk About It

Imagine waking up to an unexpected expense! a broken boiler, urgent car repair, or emergency that demands quick attention and having no savings to cover it. Unfortunately, many in Derbyshire face this challenge, living without a financial safety net.

Saving money is difficult for many people. Some households struggle to make ends meet, with some overwhelmed by bills and others having no extra income to put aside.

The reasons for these difficulties are common:

• Low income – When earnings barely cover basic expenses, saving can seem impossible.
• High living costs – Rising prices for essentials like housing and groceries can make it hard to set aside money.
• Debt – Repaying loans and credit cards often takes priority, leaving little for savings.
• Lack of financial education – Many are unsure where to start or feel overwhelmed by the options for saving.

While these challenges are real, there are ways to start building savings, even with small steps. Here are a few tips for getting started…

• Set a small goal by saving a small amount regularly, even just £3 a week. Over time, this can grow into a helpful buffer for emergencies.
• Set up a standing order to transfer a set amount to a savings account each month. This can make saving feel less like a task. Or as an alternative you can use Payroll Deductions as a great way to save money
• Little savings can add up. Review your daily spending, and see if there are small changes you can make, like bringing lunch from home or skipping a daily coffee.
• Take a close look at your income and expenses. Knowing exactly where your money is going can help you find areas to save.
• Aim to gradually build a small emergency fund. Even having a few hundred pounds set aside can make a big difference when unexpected expenses arise.

Starting small is key. These manageable steps can help build a financial safety net for the future, one that can provide peace of mind and stability

Did you know?