Five ways to ensure you have assets to fall back on

We all know we should save. But, unfortunately, the vast majority of us still do not do it. In 2019, when Bankrate asked 1,000 Americans how much they are saving for emergencies and their future, 21% said they weren’t saving anything. In the UK, one in four people have no savings.

If you are one of the many people who are still struggling to develop the saving habits, the ideas below should help you to get started. Not all of the suggestions are as obvious as opening a savings account. But, all of these ideas are simple to implement and within the financial reach of most people.

A stash of silver or gold coins

We were not 100% sure about including gold on this list, mostly because its value fluctuates so much. But, this article is not about investing money. It is about having resources available should you quickly need cash to take you through a small financial crisis. As you can see from this site, gold can be bought in coin format. So, you do not have to spend a lot of money to be able to own some gold.

You could potentially buy one or two coins as and when you had the cash to do so. Over time, you would end up with a small stash of coins that you could either sell or pawn if you say needed to pay the garage to get your car back. Later, if your finances are better, you could give family members one. 


Or, if you prefer, you could buy one or two items of jewellery and do something similar with those items. The thing to bear in mind with both approaches is that when you buy precious metals in this way you are paying a premium. They are rarely sold at the face value of the gold or other precious metal they are made from. So, if your plan is to have these items melted down for the value of the gold this is probably not the right approach for you.

Set yourself a budget and use an app to stick to it

Living to a budget is the first step to be able to do this. If you have not already done so, download an app like Money Dashboard and track what you spend for a few weeks. Then use the budgeting facility to work out your budget. Knowing where your money goes will help you to make informed decisions about your spending habits. The app will also warn you if you are about to spend too much, which will give you the chance to pull back and avoid getting into expensive debt.

Use a coin jar

Find ways that enable you to save some of your cash every week, or better still every day. There are lots of ways to do this.

If you find putting all of your change into a jar each evening, works for you, do that. But, think about how you are going to turn it into cash you can spend. Not all banks accept all denominations of coin, in bulk. So, putting those coins into the bank may not be as easy as you think. It can even end up costing you money to put a big stack of change into a bank account.

Use an automatic saving app

A better approach may be to use an app that automatically saves some of your cash for you. If you want to find out more about how they work, you can do so by clicking here.