‘Level up’ your finances in 2022 with three simple steps – ‘money saving mode!’

“Think about your money like you do your smartphone battery: We know exactly what to do when we hit that low battery moment – we shut down the energy draining apps and go into power saving mode.

“Some of us might have a spare battery pack we can use to charge it up again. This is your emergency fund and the ultimate goal here – to have cash set aside to make sure you’re never completely out of juice.

“Without an emergency fund, you’ll need to put yourself into ‘money saving mode’ each time until you can save enough to create this buffer.”

People can start by analysing how much they spend, identifying areas where they could cut back – for example, in an unused subscription or membership.

Small sacrifices now can help Britons in the long-run as building up an emergency fund may help with unexpected bills or a financial emergency later down the line.

Individuals should be aware, however, they will need to continuously top up this pot again, returning to “money saving mode” until they have repaid what they have used. 

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