“I’d recommend doing a little research into your own financial situation to help you work out a rough figure to aim for.
“For example, three months’ worth of your usual living expenses could be a nice sum for an emergency fund. Once you have a figure in mind, it should be easier to steadily aim for it.”
How to save for a house
According to Atom’s research, one of the top reasons people save throughout the year is for a house and, with the average house price coming in at £277,000, it’s certainly no mean feat.
Claire said: “First things first, decide on your budget – not only the amount you could save for a deposit, but also the amount you could afford to spend on mortgage payments each month, to work out a clear budget for your future home.”
Once you have that figure in mind, cross-reference it with your current monthly income and expenses and work out the amount you can comfortably put aside each month to achieve your end goal.
Clare said: “It’s also a great idea to keep your savings account in a different bank from your current account to diffuse some of the temptation to dip into it.”
Published at Fri, 13 May 2022 20:48:29 +0000