Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money. If you have a question or need help, you can chat to them here.
If you’re right up against it at the end of each month, the idea of saving might seem almost impossible.
But if you’re one of those people, it’s even more important you save. Why?
Having a float of cash is essentially just very wise. But more than that, it’s peace of mind. With a bit of savings, the thought of losing your job won’t fill you with such terror.
Plus, saving means you can do fun stuff like buy shiny things, or go to exciting places. It doesn’t have to be all Mister Scrooge counting beans in his dressing gown.
It’s simple. Save what you can, and it will add up over time. Here are some easy ways to save without noticing:
The really unhelpful answer to this is: both.
Ideally you need to pay off any high-interest debts ASAP as you’ll lose more money paying the interest than you would make through savings. Always prioritise paying off debts where you could lose your home.
HOWEVER it’s also really useful to have that float in the bank we were telling you about so that, if things fall apart, you still have some money left to eat.
For more support on sorting out debt, read this article about the best places for debt support.
Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money. If you have a question or need help, you can chat to them here.