Do you want a free savings goal tracker to monitor how well you are saving? Don’t lose motivation and keep saving for long-term goals with our free resource.
We discuss how much you should be saving and how a savings tracker makes it easier just below!
How Much Does the Average Person Have Saved?
How much people have saved typically differs by age, increasing as they get older. Younger people typically have £2,500-£3,500 saved on average, which increases to around £10,000 for people in their 40s and 50s after they have got a mortgage. The average person closing in on retirement has around £20,000 saved.
Average saving figures should be taken with a pinch of salt, especially after the pandemic. The events of the pandemic have polarised people’s ability to save even more. Those who were made unemployed have used their savings to keep going, while those who could work from home have been saving more than normal with less social occasions to attend.
Why Is It Important to Save?
There are so many reasons why saving money is important throughout life. In our younger years, savings are usually required to keep up with the cost of living as we progress in early-career jobs or as a student. Then we may need to save to buy a property and give ourselves protection in case of financial emergencies. In our later life, saving is all about preparing for retirement – or running the bank of mum and dad.
There are always reasons to save at any time of life.
How Much of Your Income Should You Save?
Depending on who you ask, you should save anywhere between 10-25% of your net income. This will help you prepare for any of life’s milestones. But it will also serve you well if you have a financial emergency and help you prevent getting into debt.
What Resources Will Help Me Save More?
Anyone who has tried to save continually knows how difficult it is. One of the problems when trying to save is that you lose focus and make lots of smaller purchases that soon add up. Another problem is the lack of tracking.
There is one resource that can help with that – a savings goal tracker. This is a resource that tracks how much you save for different goals throughout the year.
A saving goals tracker can help you track your savings each month. This isn’t just administration. By recording your savings grow over many months, it increases motivation to keep saving more. A saving tracker is more than just a spreadsheet and an account of what you’ve done; it’s the extra spark you need to keep going and hit your long-term savings goals.
How Our Saving Tracker Spreadsheet Can Help You
If a savings tracker sounds like the perfect way to stay on track with your savings goals, whether it be a new car, a holiday, a house deposit or something else, we can help.
MoneyNerd is offering a 100% free savings goal tracker to download. Created by savings gurus, this tracker is perfect for anyone who wants to save better and quicker.