When is going without, the right thing to do, in order to save for tomorrow? Well according to Abbey Saving’s customers, that time…isn’t now.
Statistics released by Abbey Savings show 20% of parents with young children have no more than £1,000 put by to bail them out in emergencies. Even more concerning is that a further 28% confirmed the family piggy bank is now bare, leaving no options at all but borrowing if the boiler breaks or even worse if they don’t even qualify for borrowing.
We all know the effects of “the crunch” have been devastating to so many households, but this latest news is the writing on the wall. Families with smaller budgets have had to make the impossible choice – do they look after their family in the present, or go without now, to ensure they can provide for them in the future?
My view on this? Saving is never easy, particularly when you’re watching the pennies that come in and the pounds that go out, but no matter how hard it is, I urge and plead with you, to start saving now. Even if it’s just £10 a month. It all adds up and one day, when that rainy day arrives, you’ll thank your lucky stars you have.
At the end of the day, there’s no right or wrong answer to this tricky dilemma. But, tomorrow always catches up with us, and when it does, it’s helpful to have the purse full and ready.