Saving money to help ease financial stress

Emma Potter

 · 06/30/2022  · 06/30/2022

Money. We love to have it; the more, the better, right? But talking about it? Kinda awkward. And figuring out how to manage it? Even worse. Whether you’re a graduate fresh from uni, a junior employee just starting out, or an experienced member of your workforce, for many people, money will always be a point of stress.

At Revolut, our aim is to make money management easy and painless. But why stop there? We want to help you reduce your financial stress and even explore how to save a few pennies along the way. Ready? Let’s dive in.

The benefits of savings 🏦

From the moment we begin to earn money, we’re told to start saving it. Maybe it was storing your allowance in a piggy bank when you were little, or cash from odd jobs around the neighbourhood when you were a teenager. Either way, you’ve probably heard the advice Save some for a rainy day, or Future you will thank you. You know how it goes. And savings are important.

Setting some money aside each month can help to make dreams a reality. Whether you’re planning a quick getaway or you’re looking to buy a property, for the majority of us, a single pay check isn’t going to cut it.

Saving money doesn’t have to be a headache, but it might demand some lifestyle changes. And no, we’re not just going to tell you to cut out the avocado toast and cancel Netflix for the hundredth time.

First things first. It might sound obvious, but a great way to start saving is by setting up a budget. It doesn’t have to be a complicated spreadsheet with fancy formulas. Your budget could be as simple as splitting your bills out from your ‘fun’ money, or you could make use of Revolut’s budget friendly features to view your money across accounts, pay your bills in one place and get notified when you’re not on track to keep to your budget each month.

Revolut makes budgeting super easy, meaning you don’t need to download other apps and flip from one to the other. We automatically track and categorise your spending within the app so you don’t have to, plus you can create custom categories to suit your unique budget requirements.

Once you know how much you spend each month, you can see what’s left, and figure out how much you can afford to save.

Now, savings are great to have, but if you’ve already been trying to build up a pot, you might know how stressful it can be. Remember that your money is there to support you, and if you need to skip a month of saving, that’s okay!

But hold up; what if I can’t afford to save at all right now? 🤔

According to a 2020 survey run by Shelter and YouGov, almost 40% of UK adults live pay check to pay check, so it’s okay if you feel like you can’t afford to put money aside each month. Like we said, at Revolut, we’re all about making money management easy. You might already be using some of our tools, but let’s take a quick look at what we have to offer.

  • Linked accounts: Link your different bank accounts up to Revolut, to give you full visibility of your monthly spend
  • Vaults: Set aside money for planned expenses, even if you’re not working on savings right now. Plus, round up spare change from your Revolut transactions to send straight to your Vault
  • Analytics: Use our in-app tools to track your spending and set up a budget. See how much you’re spending compared to previous months

Time to break with tradition 🍳

We’ve been thinking about how strange it is that we don’t have access to the money that we’ve already earned. Most of the time, we can’t even see how much we’ve earned each day. Ever had one of those months where cash just seems to slip through your fingers? And you think, if only payday was a little closer. Well, at Revolut, we thought we’d try something new when it comes to our own hard-earned money.

Say hello to On-Demand Pay 👋

According to an On-Demand Pay survey, 72% individuals experience financial stress at least once a year with 75% individuals reporting major impacts on life and wellbeing as a result of financial shortfalls. One of the key reasons for the financial shortfall is the mismatch between income and expenditure.

That’s where On-Demand Pay by Revolut comes in. It’s a salary advance product, designed to help you tackle life’s surprises. Maybe your trusty headphones have finally given up the ghost, or it’s time to replace your ancient laptop. Whatever it is, unexpected mid-month expenses don’t have to be a cause for concern when you have access to a portion of your earned wages.

With our smart limits set at a 50% cap to protect you so you’ve got enough money to cover next month’s bills, On-Demand Pay gives you the flexibility you’re looking for.

Breaking down the traditional structure of monthly payments allows you to make your money work for you. We charge a flat fee of just £1.50 per withdrawal, no matter how much you take out, so it’s great for one-off withdrawals to cover unplanned expenses or small treats.

So, think On-Demand Pay could be for you? The first thing you’ll need to do is get your employer signed up, because without them on board, you won’t be able to access your wages. On-Demand Pay is free and simple to integrate for them; they can learn more about the product on our On-Demand Pay, any day blog, or on our website. No more teeth-grinding; when it comes to managing your money, we’ve got your back.

The content of this page is for general information purposes only and does not constitute financial advice. If you have any questions about your personal circumstances, you should seek professional and independent advice. Revolut is not a financial adviser.