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Saving an extra £50 a month is key to satisfaction, claims NS&I

Savings success has a direct impact on people’s mood, according to new research from NS&I. The survey suggests 26 million Britons (53%) say regular saving patterns improve their state of mind.

Of those who aren’t satisfied with their savings, almost a third (30%) say their mood would improve if they saved up to as much as £50 more each month, and one in ten (12%) would only need to put away up to £30 more each month.

One of the most popular ways people are saving money on shopping is planning ahead and using discount cards or vouchers, or buying items that have been reduced in price. Half of the country (48%) is making savings in this way, and NS&I’s research shows this small daily action could lead to savings of £132 over the course of a year.

Other saving strategies being used by Britons include: collecting loose change (41%), using online money management tools (35%) saving money on daily transport by cycling, walking or car sharing (22%) and growing vegetables to save on grocery bills (20%).

John Prout, NS&I retail customer director, said: “The secret to savings success is often as simple as setting a realistic goal and sticking to it and the good news is that over half (55%) of Britons feel they have achievable targets already in place.

“However, our findings show that a third (34%) of the population are frustrated that they aren’t saving regularly. We’re encouraging people to make a small daily change with their money management as it may help to improve their state-of-mind as well as their bank balance.

“Approaches like this don’t take too long to implement, but may stop money worries in the future.”

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