“Saving a small amount soon builds up to a large amount”.
– Scottish Proverb
The satisfaction of having savings is widely understated.
Having even a small amount of savings provides a financial ‘safety net’ for when unexpected bills come through the door, and let’s be honest, the past year has seen too many of those bills coming through the door from energy providers, mortgages and now our council tax.
Savings can provide an increased feeling of security, peace of mind and a sense of achievement, for many of our members at Right Way Credit Union.
If I had £1 for every time a member said, “before the credit union, I had no savings.”
Most of us are living from month to month with too much month at the end of each paycheque.
As if the pandemic wasn’t bad enough, we are now contending with the Cost of Living where we can barely afford toilet paper; long gone are the days of bulk buying the stuff…
According to a survey by the Money and Pension Service (MaPs), around a quarter of UK adults (11.5 million people) have less than £100 in their savings account, with one in six having no savings.
With the most financially squeezed being hardest hit, as usual. Check out Moneyhelper.org.uk for more information.
Many of you will have to hear the old rule of thumb “put away at least three months of essential outgoings in a separate savings account”… now, I don’t know about most of you, but at the age of 43, I am still working on achieving that goal.
I wont lie, some of the reasons being I like holidays, eating out and well, I have two kids to bring up. However, recently it’s more because the cost of EVERYTHING has gone through the roof while our wages have stayed the same.
Don’t even get me started on the price of tomatoes.
So how do we manage to save money for that rainy day when it is already pouring?
My advice is little and often and you can do that with Right Way Credit Union (RWCU).
You can save as little at £1 per week and trust me, it doesn’t seem a lot, but it soon adds up.
As my wee granny used to say, save the pennies and the £££’s will look after themselves.
Everyone’s money is safe as its protected under the Financial Services Compensation Scheme (FSCS) just like the bank.
Plus – savings with your local credit union gives you access to affordable loans should you need them AND you will be helping others. Our slogan isn’t #PeopleHelpingPeole for nothing.
Opening an account is easy, you can do it online HERE or pop into our one of our local branches.
If you are lucky enough to have loads of money to save and looking for a great return on your savings (you lucky so and so) then check out Martin Lewis MoneySavingExpert.com page for some top hints and tips on where to get the best bang for your buck.
So go on, start saving those pennies today.
What are you waiting for?