Friday, 10 January 2014

Saving is a great way to prepare for life’s financial emergencies.

Wouldn’t it be wonderful if we all had a healthy nest egg to use if we needed it? Sadly life is not like that, and for most hard working families, our monthly income barely stretches for the whole month. However, even families who have a fairly modest income can set aside a little money each month in order to gradually build a nest egg of emergency cash.

Saving money is not as difficult as it may seem and often your little pot of cash can grow much more quickly than you imagined it would. Here are some tips to help you start out on the road to successful saving.

One tip is to open a savings account and put a little in every week or every month. You need to be strict with yourself. Often if you make it too easy to access the money, you may be tempted to dip in to it time and again and this will not let the savings grow.

Try to cut back on some unnecessary expenses, or to reduce your expenditure in a month. Then with the money you save, put a little away. Even £25 per week can add up to a significant sum over time. Most successful savers say that saving a third of their wage works best. This is not possible for everyone. Young families and the high cost of living mean that the majority of us need to use the bulk of our income just to live! However, if you are working and earning a regular wage, there will be an amount, even if it is small, that you can stash away for a rainy day.

If you find you are short of cash and don’t have savings, don’t worry. You could be eligible for a short term cash advance on your wages. They are simple to apply for and you could have the money you need within an hour of submitting the application.
The important thing to remember is that there are options available to you. If you need to borrow a little money you can do so, and then when you are back on track it will be a good idea to start saving.


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