Pennies Vs. Pounds – Big and small savings methods for 2019
| Wednesday | 9th October, 2019
As summer comes to a close and winter approaches, there is no better time than now to start thinking about how to save money, both in preparation for the holiday gift-giving season and the year beyond. However, some of us have more money set aside than others each month, and even so, not everyone wants to or has the luxury of being able to store away their earnings.As a middle ground, here are some examples from both sides of the proverbial - and hopefully thoughtfully invested – coin. Big and small savings methods to get you started.
Big – Investment
If you have a healthy amount of capital and are unsure of what to do with it, an investment can be a great way of using the money you already have to generate additional income, rather than leaving it to fester in an account with little to no interest accumulating. Unsure of where to start, or wondering what the best investment type is to go within getting you started? Property is one of the most lucrative and secure asset classes available. Not only is it a tactile, tangible investment, alleviating some of the stress of uncertainty, but it can be a great way of generating a secondary income stream. Tenants inhabiting a property of yours will provide you with a continued rental yield income, and there is even the potential for your investment to grow in value should the demand for the chosen area surge. For more information on thriving areas in the UK such as Liverpool and Manchester, RW Invest provides expert service for first time investors and experienced buyers alike.
Small (or Big!) - Secondary account
Nationwide’s current advertising slogan revolves around making ‘PayDay=SaveDay’, and there is certainly truth to that statement. Try and set aside an amount of money into an auxiliary pot each month as you get paid, the earlier the better. Over the build-up of a few months, you can start to accrue a healthy buffer to your primary account, and this can have numerous benefits, both for peace of mind and security should any emergency payments pop up.
Small - 1P Savings
There’s a trend going around at the moment called the 1P savings challenge, where you put away an increasing amount of money each day. The idea is that you start with 1P and end at £3.65, accumulating just under £700 in a year. This challenge might be a little on the impractical side, considering you’d have to try and scrape together a finicky amount of change each day, but the idea of saving small increments of change is a good takeaway from the exercise. Get yourself a jar, piggy bank or money box, and each time you break a note or have pennies and change left over, fill it up. The saying goes that if you look after the pennies, the pounds look after themselves, and before you know it you’ll have a decent rainy day fund for, well, a rainy day.
Small (or Big!) Investing in your children
Saving for your children’s future on their behalf is an excellent step to take for those with financial foresight. Setting aside even a small amount in a savings account for them as they grow up can be an incredible help for them in later life, as they move to University, begin driving or even look to put a deposit on a house. Another quick and inexpensive method that you can try with your child is teaching them about the value of money at an early age, and perhaps buying them a money box or piggy bank. While saving on a small scale, it will teach your child the importance of saving and prepare them to save for themselves down the line.
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