Savings Twitter chat – what you said
On Monday 25th July, UK Money Bloggers and savvy Twitter users came together for the weekly #MondayMoneyUK Twitter chat. Each week a different blogger hosts the conversation, and this week it was my turn. On my blog, Can’t Swing a Cat, I write about my mission to save money for everything from a house deposit to financial freedom, so Andy from UK Money Bloggers and I decided to focus this week’s chat on the idea of saving for the future.
I asked 4 questions in total and couldn’t believe the sheer number of responses I received. Here are just a handful of the replies.
Question 1: Are you saving for anything in particular at the moment?
The answers to Question 1 were really interesting and diverse. While some people expressed a desire to save for short term goals such as cars and birthday celebrations, others cited long term goals such as retirement, financial independence and their children’s future. Many of those who replied to Question 1 are also working hard to save an emergency fund – an absolute must-have to cope with unexpected expenses with as little fuss as possible.
A1. We were saving simply to build a “cushion” for emergencies, but now it’s changed to saving to pay off the mortgage ASAP #MondayMoneyUK
— Lee Balders (@HomelyEconomics) July 25, 2016
@CantSwingACat @UKMoneybloggers A new car, to buy our council house once we move and our daughter’s future. Slow, good, great!
— Katy (@Katykicker) July 25, 2016
@CantSwingACat @UKMoneybloggers saving to become FI, and have freedom to choose early retirement date in next 3 yrs
— Geoff Houlton (@geoff_rb) July 25, 2016
@CantSwingACat @UKMoneybloggers I am saving for lots of 40th birthday celebrations next year for me inc New york and vegas.
— Mrs Mummypenny (@MrsMummypennyUK) July 25, 2016
Question 2: Where do you put the money you save? How important do you think this is?
Many savers seem to be falling out of love with traditional cash ISAs and are instead turning to high interest current accounts. Some savers recommended Santander 123 as a great way of saving large amounts of money up to £20,000, while those with smaller savings recommended TSB’s Classic Plus account. With so many high interest current accounts to choose from, it’s a good idea to do your research to find which is best for you.
Although some UK money bloggers favour easy access accounts, others are investing their money for the long term in order to grow their money further.
A2 @CantSwingACat @UKMoneybloggers ISAs don’t cut it. I’m taking advantage of the high interest in current accounts right now #MondayMoneyUK
— Andy Webb CleverCash (@AndyCleverCash) July 25, 2016
@CantSwingACat a2. we have ISAs (h2b and a&is) and SIPPs for investing in @UKMoneybloggers
— Rebecca Elizabeth (@savingscotts) July 25, 2016
@CantSwingACat @UKMoneybloggers A2 EF in a savings account, early retirement fund (ultimate dream fund!) mostly in s&s isa 🙂 #MondayMoneyUK
— Nicola (@thefrgalcottage) July 25, 2016
A2: Like to get more for my money, so go for highest paying current & regular savings accounts. #MondayMoneyUK https://t.co/6djXt5wO8y
— MuchMoreWithLess (@MuchMore_Less) July 25, 2016
A2. Savings go into current accts paying min. 5% AER – TSB Plus, Nationwide FlexDirect + their linked reg. savers. #MondayMoneyUK
— Lee Balders (@HomelyEconomics) July 25, 2016
Question 3: What stops you saving more than you do at the moment?
Although it’s important to save for the future, it’s just as important to treat yourself. After all, there’s no point in completely depriving yourself of the things you enjoy buying or doing.
However, while some people cited unnecessary spending as an obstacle to their saving goals, others are having to prioritise debt. If you pay more interest on your debt than you’d earn in savings interest, it’s often wiser to get your debt cleared first.
@CantSwingACat @UKMoneybloggers #MondayMoneyUK wanting to enjoy all the many things London has to offer, which is becoming ever more ?
— Pete Knott (@PeteKnott1) July 25, 2016
@CantSwingACat @UKMoneybloggers debt!! Can’t wait for it all to be gone, hopefully not long now 🙂
— FromPenniestoPounds (@FromPenniesto) July 25, 2016
@CantSwingACat A3: The little things that sneak into our budget, like treating our son, or going out for the day. #MondayMoneyUK
— Nicola (@thefrgalcottage) July 25, 2016
@CantSwingACat @UKMoneybloggers i like shiny new things and treating the family to days out with no restrictions to what i spend
— Chammy In Real Life (@ChammyIRL) July 25, 2016
A3. Nothing – I put aside savings at the start of the month and the rest is for spending! #MondayMoneyUK
— Hannah Brice (@HannahLisaBrice) July 25, 2016
Question 4: What’s your #1 tip for someone who wants to save for the future but doesn’t know where to start?
Once you get in the habit of saving money, it can become second nature. The hardest part is getting started. Question 4 asked tweeters to share their top tips for saving newbies. Many people recommended sitting down and looking at your budget closely to identify exactly where your money is going. Others suggested starting small and putting away affordable amounts here and there.
@CantSwingACat @UKMoneybloggers sit down w/ a glass of wine, pen, pad, calculator & ur last bank statement. Get to know ur financial habits
— Georgie Frost (@GECFrost) July 25, 2016
@CantSwingACat @UKMoneybloggers Q4 start simple. and keep it low/affordable. I have invested £25 per month into a s&s isa since I was 22.
— Mrs Mummypenny (@MrsMummypennyUK) July 25, 2016
A4:Take paper, pencil & calculator..Write down income.Write down essential bills. Budget for fun. Rest to save @CantSwingACat #MondayMoneyUK
— Savings Expert UK (@SavingsExpertUK) July 25, 2016
@CantSwingACat A4: Just start! If that means putting away £50 a month to start with+building from that, the sooner the better #MondayMoneyUK
— Nicola (@thefrgalcottage) July 25, 2016
@CantSwingACat @UKMoneybloggers I set up an automatic transfer so £10 went into my ISA every week, and I up it whenever I can.
— Caroline Cocker (@carolinecocker) July 25, 2016