Reasons to save money

Reasons to save money

Feeling good about your finances helps you feel good about life in general, which can only be a positive thing for your overall wellbeing and mental health. 

And one of the best ways to get the financial feelgood factor is to build a nest egg. 

Here’s how saving money will give you so much more than a healthy bank balance.

Take control of your finances

When you’re in control of your money, it can help you feel in control of other aspects of your life, boosting your overall sense of wellbeing. 

Whether you’re putting away a set amount each month or topping up your pot with a few pounds here and there, just knowing you are saving on a regular basis is a brilliant start. We understand that saving money can be difficult and overwhelming.

So, we have put together some tips on how to take control of your finances and start saving here

Putting money aside

It’s hard to predict what’s around the corner and a broken washing machine or a hefty car repair bill can blow your monthly budget. in the longer term, caring commitments, health problems or job loss can have an even bigger financial impact.

If you have been saving money, you will be more prepared for the unexpected, and better able to cope with whatever life throws at you. And at stressful times, a healthy savings balance means one less thing to worry about.

Knowing your finances are in good shape will help provide peace of mind about your ability to cope with ongoing expenses, one-off payments or a sudden change in circumstances.

How to avoid debt

Without savings, you are more likely to go into debt, whether that’s to meet an unexpected expense, putting Christmas on a credit card, or using an overdraft to pay for a wedding weekend.

Used carefully, borrowing can be a useful tool to help you manage your money. But if you lose control of your credit balances, it can have a significant negative impact on your mental health. 

Getting into the savings habit is a great form of preventative medicine - just like healthy eating or exercise. For tips on how to take control of your finances and start saving click here.

If you find yourself in debt and struggling to make repayments, you don’t have to face this alone, there is help out there. Charities such as StepChange, National Debtline and Citizens Advice provide free and confidential support.  You can find out more about how these charities can help you with debt along with their contact details and other helpful tools here.

You have brighter horizons

Setting up and maintaining a savings pot is a hugely positive act. Watching your fund grow can help you make plans and feel good about the future.

If you’re saving towards a specific goal or for a particular life event, nothing beats reaching that target - and setting the next one.

Having something to look forward to is hugely positive for our mental health, whether it’s a pair of shoes, a holiday, a new car or even a new home.

Whatever you have your eye on, the simple act of saving will boost your wellbeing even before you buy it.

Saving big or small, we have TSB savings accounts and tools to help you achieve your saving goals. If you have a TSB Spend & Save account or TSB Spend & Save Plus you can also set up Saving Pots for things such as a holiday or winter coat. You can save interest along the way, set yourself goals and track how your savings are growing.

Saving Pots are only for TSB spend & Save account or Spend & Save Plus account holders. Features must be set up through our Mobile Banking App or Internet Banking. 18+ and UK resident only. T&C’s apply.
 

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