World Savings Day 2024
What Is World Savings Day?
World savings day is a holiday Celebrated worldwide each year, this holiday displays the importance of saving for the future. People save for many reasons, like retirement, education, buying a home, or marriage. It’s wise to be ready for unexpected situations, even if you don’t have specific plans for the money yet. In certain circumstances, saving has been a lifesaver as it helps to overcome sudden unforeseen situations.
The Importance Of Saving
Saving is important as it keeps us accountable. When we save money we understand where our remaining money goes, making us conscious of our spending. Having extra savings acts like a safety net for unexpected expenses, like your car breaking down or something in your home needing repair. Helping to avoid debt and financial stress during emergencies.
Saving allows you to achieve your long-term goals. When it comes to buying your first home you will need to have a deposit and money for extra’s such as redecoration, furniture and your first set of bills. Even funding future education such as university or even planning retirement.
Smart Saving Strategies For Everyone
One of the most important things to help you save is knowing where your money goes. If you are knowledgeable in what you spend your money on, where it goes, and what bills you have to pay you will be more mindful of your spending and saving. It is important to set clear goals for your money. Whether you are saving towards a specific goal or just trying to build an emergency fund. Its important to have those goals and stick to them.
Creating a budget can be one of the best ways to help save. If you check your income and expenses and make a budget for things like food and spending, you’ll have more control over your money. Another one of the best ways to save is automatically saving your money. Some banks will have a ‘round up’ option. So lets say if you buy something for £2.50, then £3.00 will come out of your bank account and the remaining 50p will go into a separate round up account. You can also have good success with your bank account if you use a high interest savings account. Before opening a savings account, compare different banks to find the ones with better interest rates. This way, you can earn more money on your savings.
The 50/30/20 rule is a popular way to manage after tax salary. Use 50% of your salary for needs like housing, insurance, groceries, and utilities. 30% then should be put towards your wants. Such as takeaway dinners, concert tickets, fun tech gadgets or even new throw pillows. Then the last 20% should go towards your financial future, for example paying off debts or building up your savings.
Creative Ways To Save Money
Saving money doesn’t have to feel like a chore. It can be an exciting challenge when approached creatively. There are multiple innovative strategies to help you cut costs while also making the process enjoyable. Here are some ideas to inspire you:
- Visual Saving Aids: One effective method many people have found success with is the use of visual aids for tracking savings. You could create a colourful chart or whiteboard to illustrate your financial goals. A progress bar can visually demonstrate how close you are to reaching your target.
- Hobby-Based Savings: Consider finding a hobby that brings you joy but also helps you save money. Activities like walking or hiking are not only great for physical health but also free. Creative hobbies like origami, crafting, or cooking can be fun and affordable alternatives.
- DIY Projects: Embrace the do it yourself spirit. By doing home repairs, making gifts, or creating your own skincare products. You can save you money and personalize your creations, making them more special.
- Budgeting apps: Using budgeting apps can be another creative way of saving money. These apps can help you set goals, track your savings and reward you for reaching your goals. Making saving more engaging.
Teaching Kids About Saving
It’s important for kids to learn about saving money. This skill can help them save for things they want and set their own financial goals in the future. There are some different tactics to teach kids about savings. A good start would be explaining to them wants vs needs. Wants should be things that they would like to have or want. Such as a new toy, a different hair colour, or even the latest phone. Needs are things such as bills and necessities such as clothing, food, or even electricity, gas and water.
There can be different aids to help kids start saving. There are some banks who offer children bank accounts. These allow for parental control on the card and the account. So you are able to set flexible boundaries and goals, get real-time spend notifications and set spending controls. It can also give them an insight into managing their own finances.
Understanding Stairlift Costs
Stairlifts can be expensive, there is no set costs because each one is customised to fit your needs and he staircase in your home. However there is a starting cost for each type of stairlift we offer.
- A straight stairlift can start from £2300
- A curved stairlift can start from £4500
- A reconditioned stairlift starts from £1795
These are just starting prices. Many factors can affect the total cost of installing a stairlift on your staircase.
Stairlifts can be expensive and we understand that, and I’m sure you’re wondering why. There are different stairlift models and they are not all priced equally. When it comes to the lift itself it will differ from each brand. If you have a complex stair case with bends, twists or landings this will could alter the cost too. The parts that a stairlift has to ride on needs to be measured & manufactured specifically for your staircase. You can read more about the average cost of stairlifts here.
Financing Options For Stairlifts
We offer financing options for our stairlifts as we understand they can be an investment and they are expensive. We have partnered with snap finance, who use secure technology to enable you to conveniently submit a loan application through our website. The application process is simple and can be completed online. Snap offers flexible finance rates from 19.9% APR, you can also choose your term up to 48 months and includes a low deposit.
You can find out more about our financing options and snap on our stairlift finance page on our website.
Conclusion
World savings day is as an important reminder of saving money for your future. It highlights the various strategies we can employ to achieve our financial goals. Money is a crucial part of everyday life, and controlling your finances can help you feel calmer about spending. By understanding the importance of saving and using smart strategies—like budgeting, visual aids, and teaching kids about money—we can build a more secure financial future for ourselves and our families.
Ultimately, taking small, consistent steps toward saving can lead to significant changes over time. Whether its setting aside a little each month or finding creative ways to cut expenses, every effort counts. As we celebrate World Savings Day, let’s commit to being proactive about our finances and supporting each other in this journey. By fostering a culture of savings within our communities, we can not only enhance our own financial well-being but also inspire those around us to do the same.