Compare Prepaid Debit Cards to Boost Savings
The majority of Brits are unhappy with their finances, with many failing to save the £194 a month the average adult requires to achieve a better financial state of mind.
To aid budgeting to increase your monthly savings compare prepaid debt cards to prevent overspending on everyday items.
The research by Skipton Building Society showed the average a Brit puts away each month just misses the target of £194 by £27 at £167.
This amounts to saving a further £6.75 a week – the equivalent of the cost of a daily chocolate bar – to banish the feeling of guilt if this target is missed.
“Financial worries can affect all of us, but it’s important to take control of your finances and do the most you can to ensure your finances are in the best state you can achieve,” said Kris Brewster, Skipton Building Society’s head of products.
“Our research shows that having a savings safety net can indeed go a long way in bringing financial happiness to our lives.”
The figures showed the average Brit scores a measly 4.3 out of 10 on the financial happiness scale, with many feeling discontent regarding their finances.
Prepaid Debit Cards
If you would like to save a bit extra each month try using a prepaid debit card to help budget your monthly income.
The card enables a user to load it with a certain amount and then use like a credit or debit card without the card user getting into debt or overspending.
Those in London aim to save £254 a month to reach a level of financial happiness compared to those in the East of England who only require £167 in savings a month to feel content.
Those in Scotland were very close to achieving their £158 savings goal with the average Scot saving £153 each month while those in Wales and the North East were saving over their monthly goal by £60 and £20 respectively.
However, the research concluded 24 percent of the population has no savings at all and 55 percent save less than £100 a month.