Inspiring Reasons to Reignite Your Saving Goals This Month

Have your savings goals fallen by the wayside? It’s clear that saving takes dedication and effort, and sometimes life gets in the way of making those saving dreams a reality. Sometimes we just want to enjoy the money we’re working so hard to earn, and with so much of our income already claimed by bills and financial responsibilities, going back on your saving pledges from time to time seems only fair. 

We all deserve to enjoy the money we earn, but failing to put money aside every month for your saving goals is only hindering your progress and setting yourself back. Here we’ll look at some inspiring reasons to reignite your saving goals this month.

Financial security for your children

Do you have a junior cash ISA in place for your children? These smart accounts give parents complete control over how much they put aside for their children until they turn 18. If you took out a cash ISA for your child, then there’s never been a better reason to reignite your savings goals and give them a brighter future in the process. Being able to gift them enough money to put towards their first home, first car or career goals is something you’ll never regret.

Your emergency fund

Everything is a little unsettled at the moment, and many of us are either on furlough or struggling with reduced hours and a limited income, it’s in times like these that having an emergency fund set aside will give you a financial lifeline. By saving as much as you can each month and placing it in an emergency fund, you’ll be able to cover sudden expenses such as broken appliances, unexpected bills, car repairs or even job loss. This fund can help bridge the gap, protecting you from falling into debt and making your financial situation worse.

Your retirement

Not enough of us are thinking about our retirement. It’s something that seems so far away – we can put it off until then, right? Wrong! There’s never been a better time to save for your retirement and the more you set aside now, the more comfortable your retirement will be. Keeping track of your pensions from all your other jobs is also a task you shouldn’t put off, consolidating them into one easy place where you can benefit from good interest rates ensures your savings will work for you and continue to build year upon year. The sooner you start, the better.

And finally, your first home

Tired of renting? Renting is a difficult cycle to get out of. With sky-high rents and rising living costs, building enough savings to put a down payment on a property is a difficult ladder to climb. However, when you choose to make savings automatic and part of your monthly budget, you could be closer to your goal than you think. Every penny counts, and as you edge closer to your deposit goal you can finally leave renting behind.

Saving takes time and dedication, but there’s never been a better time to get back on the savings wagon. So, make 2021 the year you reignited your saving goals and finally reached them.