More money, more problems. It doesn’t really stack up, does it? The late Notorious B.I.G.
, we need to address this emotional “trigger” when it comes to spending. “There’s a gap between stimulus and response, in other words there is a trigger,” Gnessen tells. “Maybe you get sent an email from your favourite shoe brand that tells you about a sale. Or there’s the, ‘It’s Friday and I’ve had a hard week’ outlook. It may feel like we’ve got no control over [the trigger] and the response – but actually, we do.
Establishing good saving habits means imposing some rules. “Let’s widen the gap between stimulus and response, so that you’re not doing things on autopilot, but, instead, putting things in your way,” Gnessen explains. “For instance, with online shopping you could have a rule that you don’tpurchase anything, instead, you put items in the basket, but leave them there for 24 hours [before making a final decision].”“I’m bad with money.
Student loan repayments can be another source of stress – especially given that the time spent making them typically lasts far longer than it takes to earn a degree. Lots of us simply push student loan debt to the back of our minds – and it turns out, that’s actually okay. “Student loan repayments take nine per cent of everything you earn above £18,935 if you’re on a Plan 1 loan, or above £25,725 on Plan 2,” Helen Saxon, banking and insurance editor at.
Some apps will also put your spare change into a virtual savings jar. “There are a host of banks that now offer ‘roundups’,” she explains. “This is where, if you spend £2.30 on a cup of coffee, it’ll round it up to £3 and put the 70p difference into your savings account. Added up over a few card transactions each day, it can amount to a few hundreds of pounds over the year, giving you a great start on savings.
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