Topping up the memory bank with shared experiences such as gigs, festivals, and holidays is what really makes life better for 83% of adults, although only 9% regularly set money aside to pay for happy events. Over half (53%) have reserves for emergencies and repairs, while a quarter (25%) save up for home improvements and 19% for life events such as getting married or buying a new home. Despite 83% of adults surveyed saying they are most happy attending events with family or friends, 91% aren’t saving towards these experiences.
Coventry Building Society’s Saving for Your Sunny Days report aims to show a way to include shared experiences in budgeting goals and suggests Mindful Saving as a strategy for maximising happiness. Mindful Saving entails setting money aside for emergencies and investing in enjoyable experiences, like concerts or sports events. Financial advisor and author Bola Sol supports this approach, highlighting the importance of saving for both rainy and sunny days.
Jonathan Wilson at Coventry Building Society emphasises the balance between saving for emergencies and saving for moments that bring joy. Prioritising saving for various events ensures financial security and the ability to enjoy experiences without accruing debt. Mindful Saving encourages setting aside money for short-term happiness, like events or luxuries, alongside long-term financial goals.
Promoting a regular savings habit, Coventry Building Society encourages mindful consideration of how money is saved and spent to enhance happiness. Striking a balance between saving for necessities and saving for enjoyable experiences is key to financial well-being. By saving for both rainy and sunny days, individuals can afford the things that bring joy to themselves and those around them.
For more information or to access Coventry Building Society’s Saving for Your Sunny Days report, visit www.thecoventry.co.uk.