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Saving for a sunny day
We often think of saving as being boring. A rainy-day fund means there’s money there if the boiler or your car breaks down. That sort of safety net is, of course, important, but it doesn’t need to be the limit of your savings aspirations.
There’s also a strong argument to save for sunny days too. Think joy-sparking treats you might not always be able to afford out of your normal weekly or monthly budget.
It might be a weekend away later in the year, those new boots you’ve been eyeing up or a takeaway at the end of the month.
Saving: the feel-good factor
Once you’ve set yourself a specific goal – you’ll also find it easier to save. Rather than vaguely putting money away for the future, you can visualise your goal - really picture yourself enjoying it – and that can be a great motivator.
And with a plan up and running you’ll quickly discover that saving could offer lots of other benefits:
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Better mental health?
Saving for something fun will give you something positive to look forward to and you can enjoy it guilt-free, knowing you worked hard to set the money aside.
Even when you’re saving for something less exciting, plumping your financial cushion, could ease your worries.
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A greater sense of control
Put in place a plan and you're far more likely to feel in control of your money. Our relationship with money has a far bigger impact on our happiness than the amount we have.
A study found that people who felt secure and in control of their finances were more likely to be happy (Money and Pensions Service 2022).
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A new confident you
Setting a goal and seeing your progress can give you a buzz before you’ve even achieved it. You’ll feel more optimistic and confident in your problem-solving abilities. Once you’ve achieved your goal you’ll feel empowered and motivated to set more
Get the savings habit
Saving isn’t always easy – especially at the moment.
But you don’t need to start big or set yourself unrealistic targets.
Taking just a few small steps can make all the difference to your wellbeing and we’ve got plenty of tips and tools to get you started.
Track your outgoings for a savings boost
If you really want to ramp up your savings – or you’ve got totally hooked - you’ll need to work out just exactly how much you can afford to put away each month. Start by making note of how much you have coming in and then write a list of all your regular outgoings.
It does take a bit of effort but our Spending and Budgets Tracker can help you work out where your money is going. For a bit of extra help you can also try our free Financial Health Check, online, over the phone or on a video call.
Spending Tracker is available to customers aged 16+ who have a Personal or Premier account with us. Our Mobile App is available to customers aged 11+ using compatible iOS and Android devices. You'll need a UK or international mobile number in specific countries.
Video Banking calls may be recorded and service hours apply. Compatible device required.
Pick the right account for you
Make sure you're using the right savings account for the job. Think carefully about what you need now, in the short term, and what you might need in the future. Find out more about your options in our Savings hub.
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Check your balances regularly
Regularly check your Ulster Bank App. Seeing your savings balance in black and white is a great way to give yourself a boost and you can always top it up if you’ve had a quiet month.
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Save with your partner
If you’ve got a partner and are saving for a shared goal it can really help to save together and you can always keep each other motivated. A joint savings account can help your joint project.
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Get your family involved
Saving for a theme park trip or trip to the beach? Talk to the kids about family-focused goals and you’ll find they’re more likely to engage with attempts to cut back and spend a little less.
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This content is for information purposes only and shouldn’t be regarded as financial advice. While we’ve taken every effort to make sure this information is as accurate as possible, it has not been independently verified.