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Are your savings being eroded?

Are your savings being eroded?

The fourth of our sponsored posts for the Teacher’s Pet blog continues to discuss the findings from our research into people’s savings habits.

Following on from our previous three posts about how much people save and the ways in which they do so, this post focusses on the impact everyday life can have on people’s savings.

Factors that are affecting people’s savings

Surprisingly, 34% of the people we surveyed told us they weren’t saving anything at all and of those who were, just over half (52%) admitted to dipping into their savings.

The main reasons respondents gave for the erosion of their savings were everyday requirements like household and car repairs, going on holiday and giving money to their child or partner.

On a more positive note, although everyday requirements were eating into the money they’d saved, the majority of respondents (60%) felt that it was not by more than 20%.

How to stop spending your savings

While things like car and household repairs are often considered to be essential expenses, it could be argued that treats such as going on holiday aren’t as good reasons for dipping into your savings.

Visualising your goal will make you more motivated and encourage you to have more self-control over your spending.

Opening an account with a fixed term can prevent you from being able to dip into the money you’ve saved. However before you do so, it’s important to assess your household budget to make sure you can afford the monthly payments. Try to think ahead and predict any future expenses which might mean you need to access the money before the agreed term.

By sticking to a realistic plan whereby you decide what you’re saving for and when you can spend the money, you could find yourself starting to save more successfully.

If you’d like more information about Teachers Assurance, please visit https://www.teachersassurance.co.uk or call us on 0800 056 0563.

Author: Teachers Assurance

Understanding our customers’ financial needs is our business. When life is too busy and stressful to look beyond the here and now, Teachers Assurance helps customers to think ahead to what they could make from their money. It is our aim to help our customers think ahead, make plans and start saving regularly now for a brighter financial future.

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