One of the things families on low incomes really struggle with is saving for the future. This is, of course, understandable. But, there are still ways to save.
Consider opening an Individual Savings Account
ISAs are really easy to open. You can start with as little as £1 and there is no obligation to put a set amount away, each month. If you would like to know more then take a look at this ISA from Wealthify. That page explains more about how the account works.
If you have children, it is worth considering opening a Junior ISA. However, you do need to be a bit more careful with this type of account. That is because once the money is in these accounts, it is all but impossible to get back out until your children are 18. So, opening these types of accounts is not a good idea for all families. If there is any chance that you may need the money to cover a family emergency you would not necessarily want it to be tied up and out of reach in this way.
Save up in little ways
Saving is a habit and it is one that you can develop even if you do not have much money in the house. Putting aside a small amount of money each week, so you can enjoy a treat at the end of the month is one way to get into the habit. It feels great when you can open the coin jar and treat everyone to their favourite food. The more you save in this way the better you get at saving. In time, it becomes second nature to put something aside whenever cash comes in.
Keep developing your money-saving skills
Most people, who live on a tight income, learn to live frugally. They don’t waste food, shop around for the best deals and think before they spend.But, we all have a tendency to get a bit stuck in a rut. To do the same things we have always done. As a result, we end up missing new ways of getting things done.
Tap into the power of smartphone apps
One example of this is smartphone apps. Most of us own this type of phone, but few of us realise how easy it is to use them to save us money. That is cash you can put into your savings account.
There are plenty of apps to choose from. Here are just a few examples.
Don’t let life knock you off track
Saving when you do not have much spare cash coming in is not always going to be easy. You will have months where emergencies mean that you cannot save anything. This is going to happen and, usually, there is nothing you can do about it. But, it is very important that you do not let these occasions down hearten yourself to the point where you stop saving anything at all. If you miss a month, the next month put something aside. It may just be a few pounds, it does not matter with saving as the trick is to keep the momentum going so that you do not lose the habit completely.