We’ve all been told to invest any spare cash into a rainy-day fund, but saving for sunny days and magical moments with loved ones is the perfect balance, according to financial experts.
Topping up the memory bank with shared experiences such as gigs, festivals and holidays is what really makes life better for 83% of adults, although only 9% regularly set money aside to pay for happy events.
Over half (53%) have reserves for emergencies and repairs, while a quarter (25%) save up for home improvements and 19% for life events such as getting married or buying a new home.
And despite 83% of the 2,082 adults surveyed on behalf of Coventry Building Society saying that they are most happy when watching a band or attending a sporting event with family or friends, 91% aren’t saving anything towards being able to do so.
Its Saving for Your Sunny Days report has been created to show that there is a way to include shared experiences as part of our budgeting goals and recommends that in order to maximise happiness we should consider Mindful Saving.
Mindful Saving encourages setting enough money aside to cover ourselves just in case of emergencies as well as saving for the things that we really make enjoy - so when hot tickets for our favourite act are released, we can be front of the queue without reaching for a credit card – something that would make 64% very happy.
Coventry Building Society is launching its Campaign for More Arena Days and has enlisted financial advisor and author of Your Money Life Bola Sol to share her top tips for Mindful Saving which includes ‘Budget for Joy’ where a portion of savings is set aside for guilt-free luxuries.
Bola said: “Mindful Saving means saving for your rainy days and your sunny ones. Covering yourself for emergencies and investing in your long-term goals are important, but we also need to commit a portion of our savings to things that can make us happy in the shorter-term. That might be anything from experiences like arena concerts or season tickets for your favourite football club.”
Jonathan Wilson at Coventry Building Society added: “Life is about balance and you're saving and spending habits should reflect that. If you can afford to save, the first priority should always be to set something aside for a rainy day.
“This brings some peace of mind that you can cope better with some of the expensive surprise’s life throws at you. But we should also think about keeping money aside for our sunny days, so that we can afford to do the things that make us, and the people around us, truly happy.
“A regular savings habit is a great way to build up a savings pot over time by putting away little and often. And over time, as the savings pot grows, the cost of those tickets or that holiday will be less daunting.
“Striking the right balance means we need to think mindfully about how we save our money, and how we can use it to make us happier. Many of us may even avoid thinking about it - saving or spending without much thought or planning.
“As with so much in life, balance is key. You can buy happiness. You just have to save for it first.”
For more information or to view the full Coventry Building Society’s Saving for Your Sunny Days report visit: www.thecoventry.co.uk
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