Bright’s Top Saving Tips
November 1, 2020

The economic times we’re facing mean financial security is arguably more important now than it ever has been. No one knows what their future will hold, so it is always worth having a long-term strategy in place when it comes to your money. This can sound overwhelming, but we have some tips that can help you to achieve the security that you deserve, whilst living the life you want to.


Understanding your personal cash flow is the first crucial step to creating a life of financial security. Evaluating what money is coming in versus what money is going out and what it’s spent on is always a good place to start. If you share your finances with a partner, communication is key. Being on the same page means you can work together to achieve your financial goals.


Consistent saving can be easier said than done. Waiting until the end of the month to save will most likely mean that there may be little if any left to save. Consider setting up a direct debit into your savings account for the first day of the month along with clear objectives as to what you’re saving for. Seeing how much you’ve successfully saved so far can be a motivating factor to continue.


The budgeting rule was devised to divide income and to increase savings and security. It states that…

50% should be spent on needs – necessities such as utility bills, mortgage payments and the weekly food shop.
30% should be spent on wants – things that aren’t 100% essential, such as dining out, holidays, new gadgets or beauty treatments.
20% should be spent on savings – transferring money into an ISA, an emergency fund or an everyday savings account.


A crucial part of achieving a financially secure future is freeing yourself from any debt you may have – something else that can be easier said than done! Setting up a repayment plan with a timeline to when and how much you can pay off will assist you to get rid of any credit card balances and existing loans. Having a realistic plan that works for you will increase your chances of becoming debt free.