Savings advice: How Britons should ‘save more’ and decrease the risk of a ‘financial crisis’
With summer approaching and the end of lockdown looming, it can be difficult to keep track of the costs that come with enjoying the newfound freedoms.
That’s why Zainab Kwaw-Swanzy, a Barclays Millennial Finance Specialist, has given her top saving recommendations for the summer of 2021 in order to assist Britons avoid a “money crash.” The savings expert offers plenty of tips, which she has shared exclusively with This website, ranging from savings challenges to habits to consider adopting.
When there’s so much on offer to spend your money on, it’s frequently easier said than done to start excellent savings habits.
This is why Ms Kwaw-Swanzy enjoys combining the excitement of a summer treat with the benefit of saving money.
“This summer, instead of treating yourself, put £5 into a jar or a savings account. This way, you’re balancing every delight with the added benefit of contributing to the growth of money,” she explained.
“Go slow and steady to get into the habit of healthy saving practices and lower your risks of sliding into a ‘money crash.’”
Holidays are typically costly, but looking into different types of lodging might provide you with a getaway experience for a fraction of the cost.
“Grab a bunch of friends and try booking a vacation rental rather than a hotel,” she said. Not only does this choice provide you with more space and flexibility, but it is also often less expensive than paying for individual hotel rooms.
“You might even find that going on an adventure in a campervan or being close to nature in a tent is just as fun and less expensive!”
Lockdown has demonstrated all the numerous ways to keep oneself engaged without leaving your front door, while it may not be to everyone’s taste. Once a month, take advantage of this newly acquired talent by having a “no spend weekend.”
“You’ll find yourself doing things you enjoy, such as going for long walks, organizing a movie night, or attempting to prepare a nice supper out of pantry essentials. Not only will it be beneficial to you to recharge your batteries, but your financial account will appreciate it as well.”
Many individuals are prone to impulse purchases, and while £10 here and there may not seem like a big deal at the time, it can quickly add up. “Brinkwire News in Condensed Form.”