New NS&I research has found Britons would feel happier if they saved an extra £50 a month.
The latest savings survey from National Savings and Investments (NS&I) has revealed that over half of the population are currently dissatisfied with their savings but almost a third said they would feel better if they set aside just £50 more a month – around £1.66 a day. More than one in 10 said that saving an extra £30 a month would be enough to lift their mood.
Even for those who are in a position to put money aside, most savings accounts are still failing to match inflation, despite it having fallen to its lowest level in three years.
Action point: Use our free savings booster tool to help make the most of your money
Simple saving strategies
With budgets being squeezed, almost half of the population is saving on shopping by planning ahead and using discount cards or vouchers, or by buying items which have been reduced in price.
The positive effect of these small changes can be long lasting, with the majority of Britons saying that they feel a real sense of achievement when they make regular savings over the long term. Other popular savings strategies include choosing cheaper transport, such as cycling, walking or car sharing, and growing your own vegetables.
Action point: Keep what you spend on shopping to a minimum by reading our 10 ways to save on food
Many still struggling to save
However, over half of the population remain dissatisfied with their savings and over a third say they are worried about their finances. 16% of Britons say they aren’t taking any steps at all to improve their savings levels.
Those who are unhappy with their savings are the most likely to splash out on impulsive purchases, and NS&I found that a quarter of people are spending more than necessary on everyday items by failing to plan ahead. Other common savings regrets include receiving unnecessary fines, such as parking tickets, and committing to contracts which are barely used, like gym memberships.
John Prout, retail customer director of NS&I, said: ‘For people who aren’t satisfied with their savings, it doesn’t require big changes to lay aside an extra £1.66 a month.’
He added: ‘The secret to savings success is often as simple as setting a realistic goal and sticking to it.’
Action point: Stay on top of your finances by planning an effective budget
- Find the best rate savings accounts – take a look at our provider tables
- Enjoy tax-free savings – sign up to a best rate cash Isa
- Call the Which? Money Helpline – get a personalised solution on the best ways to save