Let’s (finally) talk about savings
We want to smash the stigma on World’s Savings Day. Here’s how you can join in too.
Have you ever noticed that when anybody tries to bring up saving in conversation it suddenly gets a little awkward?
Well there’s a reason for that: people are still scared to talk about savings. Here’s why saving is still taboo, how to start saving and why World’s Saving Day is a great time to smash the savings stigma for good.
Why people aren’t talking about savings
If you’ve ever felt uncomfortable when money gets brought up, you’re not alone. An eMoney Advisor survey found that 57% of respondents make an effort to avoid talking about money with their friends. 43% said they feel stressed, embarrassed or confused when talking about their finances, with a further 20% saying they never talk about money with other people at all.
Most of this behaviour comes from shame, embarrassment or wanting to avoid conflict. In this respect, social media doesn’t help. Everyone knows someone who has just posted a picture of a flashy new car or the keys to their first home. We’ve all felt that pang of jealousy and questioned why it wasn’t us posting the very same photo.
That’s why it’s time to open up about savings so more people can see the savings techniques that help people achieve their goals. We know that it’s difficult to start talking about saving without actually trying to do it yourself, so here are some of the ways you can get started.
Ways to save and passive income
Being honest with yourself about your situation is the first step. Check your finances regularly, think about how much you’d like to save and what that savings goal means to you. If you find you’re spending more than you earn, it’s probably time to make a budget. Once you’ve done this, you’re ready to start saving.
There are lots of ways to work out how much to save. Some people swear by 20% of their income each month. People who want to hit a certain amount at a certain time divide their savings goal by a number of months to get a monthly or weekly savings figure. The most important thing to do is get started. You’ll feel great watching the figures grow and from knowing you’re taking action. The next step is to look for ways to earn passive income.
Passive income is when you earn money without actually working for it and is one of the best ways to take your savings game to the next level. The easiest way to earn passive income and boost the value of your savings is by seeking out interest in the form of savings plans or interest accounts.
Nuri’s Bitcoin Interest Accounts are ideal for people who want to get started with saving and start earning passive income because all it takes is a few taps per month and you could be earning up to 3% interest on your savings per year.
Our favourite tips for saving:
We think everyone should feel comfortable sharing their saving tips, so we’ll start with some of our own:
- Start saving right from payday. The longer you leave money lying around, the more tempting it is to spend it. Make sure you save some of your money as soon as you get it.
- Automation is your friend. With Nuri’s savings plan, you can make sure you’re saving every month without even thinking about it
- Don’t become a penny-pincher. If you save too much, you’ll just be miserable and won’t stick to it. Remember to reward yourself from time to time!
Like it or not, saving is a fact of life. It’s something we all have to do and it’s made better by doing it in company. No matter your situation, the chances are there’s somebody out there who knows exactly how you’re feeling and has advice that could help you along the way.
Even if you do manage to kickstart your savings journey on your own, make sure you are sharing your wins, hacks and tips so we can smash the savings stigma forever.