Financial expert Bola Sol shares top tips for ‘Sunny Day Saving’
Want to be happier? Then start saving cash for tickets to live events with your loved ones, say experts.
Money can buy you happiness, providing you use some of it to save for shared experiences, according to new national research.
In partnership with financial expert Bola Sol, Coventry Building Society has revealed 8 in 10 Brits (83%) believe that having shared experiences, such as gigs or concerts with friends and family, makes them happy – but just 9% are prioritising saving for experiences with loved ones.
To help savers combat this and recognise how to save for happiness, Coventry Building Society has teamed up with Bola Sol, author of Your Money Life, to share her top tips for mindful saving:
1. Set Clear Intentions
“Define what you’re saving for. Whether it’s a dream holiday, a car repair fund, a new gadget or that summer concert that goes on sale in winter with two days to make a decision. Having clear goals and intentions can help keep you motivated and on track.”
2. Budget for Joy
“Although you should prioritise building up a rainy-day fund, you should also try to allocate a specific portion of your savings budget to things that bring you joy. That way you won’t feel guilty about spending money on yourself, and you can enjoy those little luxuries guilt-free.”
3. Automate Your Savings
“Set up automatic transfers to your savings account. When you do this, you pay yourself first and make saving a consistent habit. Plus, with interest, your savings will grow effortlessly.”
4. Track Your Progress
“Regularly review your savings goals and track your progress. Celebrate the small wins along the way, it keeps you encouraged and committed to your financial journey.”
5. Stay flexible
“Look, life is unpredictable, so be prepared to adjust your savings goals at any given time. Flexibility is key to maintaining a healthy relationship with your money and it ensures you can adapt to any changes.”
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.”
The research from Coventry Building Society also revealed a staggering 91% of Brits are not prioritising saving money for shared experiences, despite the average British saver rating their happiness with their savings at just 5.2/10.
The ‘Saving for Your Sunny Days’ report, which examines our emotional relationship with saving, reveals that over half (53%) of Brits prioritise saving for future emergencies or a ‘rainy day’ fund, with 1 in 4 (25%) admitting they save for home improvements whilst 1 in 5 (19%) save for life events, such as a house deposit (19%).
Nearly half (45%) of people surveyed already prioritise saving for a rainy day but don’t save for sunny days as well, despite a consensus that shared experiences with friends and family make us happy.
Coventry Building Society’s Saving for Your Sunny Days report has been created to show savers that there is a way to include shared experiences as part of our savings goals and recommends that in order to maximise happiness we should consider Mindful Saving.
To give the UK memorable shared experiences with friends and family this summer, Coventry Building Society has launched its Campaign for More Arena Days.
Jonathan Wilson, Savings Manager at Coventry Building Society added: “Life is about balance and your 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.”
