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Brits save £140 less than they’d like each month

Brits save £140 less than they’d like each month

Category: Savings
Author: Leanne Macardle
Date: 23/08/2017

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many of us have good intentions when it comes to saving, but sometimes, actually putting money aside can be easier said than done. Perhaps this is why a lot of Brits are saving less than they'd like to each month, with tempting treats often winning out instead.

Savings struggle

Research from www.VoucherCodesPro.co.uk shows that Brits would prefer to be saving an average of £140 more each month than they're currently managing – they're currently putting £180 into a savings account each month, yet they're aiming for £320 – and with many admitting to dipping into their savings pot, the struggle to build up that pot becomes even more pressing.

Indeed, 64% of respondents said that they dip into their savings account at least once every two months, while 19% do so about once a month, with only the remaining 17% being more strict with themselves and rarely dipping into their pot. Given that many have significant savings goals, it could pay to have a bit more willpower.

After all, 41% of respondents were saving to buy a home, while 18% were saving for holidays/travelling and 11% were saving to start a family. A further 17% were saving for a rainy day rather than for anything specific, but this still means that they'll be building up a valuable financial buffer.

Spending temptations

Unfortunately, it seems that many are all-too easily tempted into spending the money that should be saved on something else, with 19% admitting that they spend it on clothes, 16% opting for takeaways or restaurant trips and 14% spending it on nights out. A further 11% went for days out and 8% spent the money on personal grooming, instead of putting those excess funds in a dedicated savings account.

This could mean it takes them far longer to reach their savings goal than it otherwise would, with respondents expecting it to take them an average of one year and seven months to save up the required amount at their current pace – but if they managed to save that extra £140 rather than spend it, they could reach their goal that much quicker.

Of course, you don't want to become a recluse – as George Charles, spokesperson for VoucherCodesPro.co.uk says, "it's all about finding a happy medium. Saving enough money each month so that it won't take you years to reach your goal, but also not ostracising yourself because you haven't budgeted to be able to leave the house!"

Saving money can be difficult, with general day-to-day living being expensive at the best of times, but it's all about balance – and perhaps forgoing that takeaway every now and again. Just think of how much extra you could save! Find the best savings rates to help you meet your goals, and you could soon see the balance edge up.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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