How much do you save?

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Do you save as much as you should? The Office for National Statistics has recently carried out a study which showed that families are saving less now than they have in previous years.




This may be in part to what seems like the ever-increasing cost of food and bills and this leads to many families struggling to save as their budgets only stretch to cover living costs.




However, we do try our best to save and MYJAR have created an infographic which shows how those families that do save prioritise their savings. The top things families seem to be concerned with saving for include:


1.
Holidays


2.
Rainy day


3.
Emergency fund




Holidays seem to be the biggest motivation for families to save. 36% of families set a holiday fund savings goal. Rainy day funds come a close second with 32% of families contributing and emergency funds come in third with 31%.  




Of course, there are instances when unexpected costs and expenses can derail even the best laid saving plans and in those instances short term lending can help.




MYJAR offers short term loans that can help if you need a little extra to pay for an unexpected bill or unplanned repair before you receive your regular income. Be aware thatShort-term loans should not be used as a long-term financial solution.




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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk