Northern Ireland Savings Week is a week-long recognition of the importance of saving and helping to support people on the journey towards financial wellbeing.
Beginning September 26, this year’s campaign is all about the little savings we can make every day. Even if it’s not the direct act of putting money away, cutting back a little on everyday expenditures can help lower your bills and free up a pocket of money that would have otherwise been out of reach.
Working closely with The Consumer Council and Action Mental Health, Savings Week is an opportunity for us at Progressive to highlight the close link between financial health and emotional wellbeing, which we know is strongly felt today with the financial burden many people face this winter.
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We therefore see Northern Ireland Savings Week as a chance to develop positive savings habits and support those who may not be able to put money aside but can instead make small changes and grasp a firmer grip on their finances.
Below is a series of everyday savings tips from the Progressive team:
1) A little goes a long way
Focus first on the smaller, short-term swaps, and soon it will build gradually over the longer term. A savings pot, no matter how small, can bring with it reassurance and financial peace of mind, which we know can have such a positive impact on mental health and wellbeing in the longer term.
Setting aside even £5 per week can soon mount up – reaching £130 in six months, and £260 in the space of a year. A little really does go a long way.
2) Start as early as you can
It’s never too late to start saving. At Progressive, we’re passionate about saving small and often, and want to instil the importance of investing in financial wellbeing both in our members and people across Northern Ireland.
As a father of two young children, encouraging this ‘small and often’ savings approach is important to me. Also, saving from a young age can encourage young people to continue saving into teenage years and adulthood when they can see that pot growing each month.
3) Know your comings and goings
A savings plan is a great starting point to help identify where you can save or cut back a little. The Consumer Council’s free, online budget tool is a fantastic resource. By enteringyour income and expenditure, you’ll be able to generate a tailored spending report pinpointing exactly where your money is going each month and what could be set aside as savings.
Savings Week 2022 is all about saving what you can, when you can.
4) Make a shopping list – and stick to it
Before the next shopping trip, take stock of what’s already in the fridge and cupboards, and make a list based on whatever is missing or needs topped up. This way, it’s easy to know exactly what the house needs, and will prevent any impulse buys or unplanned purchases.
Another efficient tip is to plan out family dinners for the week (as best as possible!) before you set off on the shopping tip, so any ingredients bought will be put to good use.
5) Pay yourself first
Use pay day as an opportunity to set aside whatever you can into a savings account, rather than putting away anything that is left over at the end of the month. By doing so, you can make it a regular savings habit, and save consistently towards daily or important milestone events.
6) Turn off appliances and lights at home
Make a habit of turning off lights and appliances around the home, especially those on low power mode. Leaving devices on standby can cost the average UK home £35 per year, according to the Energy Savings Trust.
Visit our 2022 Savings Guide for more tips and advice on how to be more energy-efficient around the home, helping both the environment and your wallet.
7) Seek help if you are struggling
Part of this year’s campaign is to highlight just how important it is to invest in your mental health.
The most important thing to remember is to not avoid dealing with your financial worries on your own, open up to someone you trust and seek some expert advice on how to draw up a budget or debt management plan.
If you are experiencing financial anxiety or money worries, take some time to visit Action Mental Health’s website to see just how they can support you.
Northern Ireland Savings Week is the annual campaign from Progressive Building Society to raise awareness of the benefits and importance of saving on a regular basis.
It is delivered in partnership with The Consumer Council and Action Mental Health. For further information on all elements of Savings Week 2022, as well as to find out about the range of savings accounts available at Progressive, please visit the website.
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