Lincolnshire Credit Union Blog

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The Benefits of Saving Regularly

Date added - 14 Feb 2020

Something that has been pushed recently is having savings accounts. Which might seem like a little bit of a hassle when it comes to having more bank accounts to keep track of. However having a separate account for savings can be very beneficial, having a dedicated savings account can help to put it aside and not dipping into your savings without a second thought.

We thought about pointing out a few of the top benefits of having a savings account.

Emergency Funds
Let's say it later in the month and there is still a bit of time till your next payday comes in and you have a problem that leads to unexpected funds being needed; for example, your washer breaks or your car needs repairs.

Without having savings this could be a big amount of money that you just don’t have, yes you could try taking out a loan but by having even some savings this unexpected cost could be reduced or covered.

Rainy Day Funds
Another benefit of saving is having that extra money if you want to do something like go on a family holiday or buy a new gadget or toy. By building up some savings you have the extra amount to spend when you want to treat yourself or your family.

Big Spend Days
During certain times of the year you know there are going to be days or weeks where you're just going to spend more money than normal, this could be on Birthdays or Anniversary’s or for special events. By building up some savings you are going to be less affected for the rest of the month then if you had to budget out of your normal payday.

It all adds up
By saving regularly and not touching your savings account it can really build up. People can be surprised at how much can add up by saving £25 a month over the cores of a year or two.