Are you looking for advice on saving for a rainy day?
It’s often helpful to have a little bit of money set aside during your retirement for those unexpected moments: a bill, a new appliance, or even a holiday!
Here, we’re sharing 5 simple, yet effective ways you can improve your financial health.
Save for a Rainy Day: Keep Your Loose Change
After a long day, it can be all too easy to empty your pockets and leave your loose change on the kitchen table. From here, it can easily be lost or moved – when it could be safe and secure in a savings jar.
To ensure all your spare pennies are kept safe, why not put them into an old jar?
Try to keep saving until you have a full jar, and then take its contents to the bank to exchange it for notes, or pay it into your account. The rest is up to you – you may choose to keep your savings in an account for peace of mind or treat yourself to a relaxing getaway. The choice is yours!
Sell Your Handmade Items
If you have a useful skill, such as carpentry, craft making or knitting, you could create your own products to sell to others that may benefit from them. Have you ever considered setting up your own Etsy shop, or reserving a spot at a local craft fair?
This is a fun and efficient way to supplement your income. If you’re struggling to think of a hobby you could monetise, why not use your free time to learn a new skill that you can sell as a product/service?
Plan Your Weekly Meals
If you’re saving for a rainy day, you may find it beneficial to review your weekly shopping. If you find that you waste more food than necessary, you may find it easier to create a meal plan.
By creating a menu for the week and making a list of the ingredients, you’ll have a helpful plan when you go to the shops. It’s a good idea to check the cupboards before you go too, to ensure you don’t buy twice.
Why not purchase your ingredients in multiple amounts and then batch cook your recipes? This is a great way to make soups and casseroles go further, whilst also saving on your daily cooking time.
Saving for a Rainy Day: Budget Your Money
Budgeting is a great way to stay accountable for your money and help you save for a rainy day. You may find it useful to create a spreadsheet with your monthly income and expenses laid out. You’ll then be able to work out how much of your income you can spend on personal treats.
You can set specific budgets for each area of your life – for example, shopping, socialising, and bills. This can help you review your finances at the end of each month and decide where you might be able to cut back on anything or save a little extra.
You could set up a direct debit into a savings account – even if it’s just a few pounds a month – to help you steadily build an emergency fund.
You might find it useful to apply the 50/20/30 rule to your budgeting plan. This formula encourages you to put 50% of your income towards your essentials such as food and bills and 20% into your savings. The final 30% can then be used for extra luxuries and treats.
Saving for a Rainy Day: Shop Around for Better Deals
If you’re saving for a rainy day, it’s a good idea to shop around for items you need before you purchase them – whether it’s for big expenses such as white goods, or your weekly food shop.
Try to research the best prices and promotions to help make your money go further. Use a search engine to see if there are any available discount codes, or, if it’s not an urgent purchase, wait a few weeks to see if the item goes into the sale.
Thrifting is a brilliant way to save money, too. Visiting markets, car boot sales and charity shops can help you find items you need at a fraction of the price, saving you money in the long run. You may also find some great unique items that you can repurpose for your needs. For example, an old jug can be used as a quirky vase.
If you’ve found our tips for saving for a rainy day useful, why not read our previous blog on considering the cost benefits of retirement?