Secure a financial future by saving

The days of children putting half of their birthday or Christmas money into a savings account appears to be a thing of the past.

Today more than a fifth of people living in Britain have no savings whatsoever.

A combination of the financial crisis, easy credit and the rising cost of living has impacted on the very culture of saving.

But it’s never too late to nurture better financial habits to create a more secure future.

Credit Unions across Wales are helping people save their hard earned money, because they believe it is central to personal, financial stability and peace of mind.

Many employers recognise the importance of a savings culture for their staff and are becoming payroll partners. These businesses are showing their commitment to the financial wellbeing of the workforce and encouraging them to save and borrow responsibly, while also benefitting the local community.

If your employer is a payroll partner with a credit union then you can choose to set an agreed amount of money from your salary to be paid directly into your savings account on payday.

Alternatively it can also be used to pay off a credit union loan.

Many credit union members say that the beauty of saving this way is that they don’t miss the money and quickly amass a significant sum. The added benefit is the peace of mind they get knowing that they have a financial cushion behind them ‘just in case’.

Whether it’s saving for a financial goal like a holiday, wedding, Christmas, or creating a ‘rainy day fund’ to give you peace of mind, it really is amazing how quickly your savings can mount up.

If money is tight, consider if there is anywhere that you can make savings, however small.

For instance, by trading a supermarket lunch deal or canteen snack for a homemade sandwich, or a shop-bought cappuccino for a coffee at work and you could easily be on your way to saving £10-15 a month.

That soon adds up to £120-£180 a year, before any dividend payment or interest earned, which will get your ‘rainy-day’ fund, and new savings habit, off to a bright start!

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