Small changes taken by Britons can ‘add up to substantial money savings,’ according to the bank.
THE WEEK BEFORE PAYDAY CAN FEEL LIKE THE LONGEST OF THE MONTH, but following a few simple guidelines can help stretch that paycheque and make one’s money go farther.
When one’s bank account contains a few more digits than usual, it’s easy to squander, yet this payday binge can leave one with empty pockets just three weeks later. Clare Framrose, Atom bank’s Head of Propositions Design, Savings & Banking, spoke exclusively to This website about her top four saving ideas for consumers who want to stretch their money farther.
“Dividing up your income as soon as it comes in is one of the best strategies to minimize overspending,” Ms Framrose advised.
“Set aside enough money to cover your costs and necessities, then divide the rest between short-term, easy-to-access savings in an Instant Saver account and long-term savings in a Fixed Saver account, which will earn a higher interest rate.
“Whatever money is left over can go into a pot and be spent on whatever you want.”
“Research we performed indicated that 75% of Brits feel saving £1,000 would make them happier than spending £1,000, and that 69% of self-confessed ‘spenders’ have experienced post-spending guilt,” Ms Framrose stated.
“Focus on a future objective that conserving money could lead to to limit the temptation of frivolous purchases and make your money go further.
“Aim for a future reward above instant gratification to minimize impulsive spending, whether it’s saving for a well-deserved vacation or taking a step toward saving for a mortgage.”
Depending on what it is and how much it costs, a person’s financial goals can be divided into short, medium, and long-term categories, allowing them to keep their eyes on the future while avoiding the temptation to spend today.
Creating separate ‘saving pots’ for each of these aims also has advantages, according to the savings guru, because when money isn’t easily available at the swipe of a card, it’s less tempting to spend it.
Impulse shopping is no longer limited to delectable-smelling baked goods or gleaming storefront displays, and online impulse buying can sometimes come at a higher cost.
“When you’re exhausted at the conclusion of a stressful day, browsing your favorite online sites.”Brinkwire Summary News”.