Recent research from the Office for National Statistics shows a worrying trend among the UK population when it comes to saving money. Those patterns are particularly concerning when it comes to the country’s young people.
The study revealed that among 22 to 29-year-olds, more than half – 53% to be exact – have no money tucked away in a savings account. This figure shows a marked increase from a decade ago, when 41% of people falling into that age bracket had no savings to their name.
All is not lost, however, and the ever-evolving technological landscape in today’s modern world means building your savings can be made easier, no matter what your age.
Use A Budgeting App
There is an abundance of mobile phone apps out there to help you manage your finances in a more efficient way. You can enter all your incomings and outgoings and identify where cuts can be made, while the app will give you an indication as to how much you have as disposable income each month. Then, if at the end of the month you come in under that figure, you’ll be able to transfer the leftover cash into a separate account and give your savings a boost.
Download A Mobile Banking App
Having your bank’s app downloaded to your phone is a must when it comes to tracking your financial movements. It will enable you to easily switch funds from your current account to your savings, as well as keep an eye on any incomings and outgoings including any repayment schedules if, for example, you’ve opted to seek external funding to help improve your financial picture. An app will also allow you to set up standing orders, so you can automatically transfer money into a savings account once you’ve been paid, removing that temptation to spend.
A recent study shows that 51% of consumers in the UK prefer to do their shopping online rather than in a store, and it’s easy to see why. Often, the best deals can be found online, so some significant savings can be made by doing your shopping through your phone or tablet, rather than heading to your nearest city centre. By doing so, you’ll also be cutting back on petrol and travel expenses, so the benefits are twofold.
Think Outside The Box
There are several other technological advances that can help you to save money. For example, the advent of streaming platforms such as Netflix mean you can gain access to a wide range of films and shows without forking out a fortune for a major satellite subscription service. And there are other changes you can make around the home – such as getting rid of your landline and only using your mobile or installing a smart heating system – that will all help you to save money in the long run.