Saving, however small the amount, makes us feel more secure.

A recent study has shown that those of us who save some money every month feel more secure than those who do not. Even if we only save a small amount the act of putting away money makes us feel more positive and secure about our financial futures.

The study showed that when we reach a small saving goal it empowers us and makes us feel more positive about our ability to increase our savings. As the economy struggles it’s good to know that you have some money to fall back on should you experience difficulties. It is worth bearing in mind that the FSCS covers the first £50,000 per person per institution for standard bank account (the rules for investments are different).