We’ve all been told to invest any spare cash into a rainy-day fund, but saving for sunny days and magical moments with loved ones is the perfect balance, according to financial experts. 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.
And despite 83% of the 2,082 adults surveyed on behalf of Coventry Building Society saying that they are most happy when watching a band or attending a sporting event with family or friends, 91% aren’t saving anything towards being able to do so. Its Saving for Your Sunny Days report has been created to show that there is a way to include shared experiences as part of our budgeting goals and recommends that in order to maximise happiness we should consider Mindful Saving. Mindful Saving encourages setting enough money aside to cover ourselves just in case of emergencies as well as saving for the things that we really make enjoy - so when hot tickets for our favourite act are released, we can be front of the queue without reaching for a credit card – something that would make 64% very happy.
Coventry Building Society is launching its Campaign for More Arena Days and has enlisted financial advisor and author.