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Five Life Saving Hacks from RCI Bank Employees
Here at RCI Bank, we want to help you make the most out of your money. In this new economic climate, there is a lot of uncertainty so stashing away some cash is more important than ever. We have consulted our money-conscious employees to share their top tips on saving for the now and the future.
  1. What do I do in case of a sudden change in cashflow?

Given the current climate, we should all be preparing for the unexpected when it comes to our finances. One of our employees responded with: “Take the time to consider the impact of the change with a calm approach. Be honest and pragmatic. Discuss with family members in a way that they can understand and consider any budget changes that are needed”.  Setting a sensible daily or weekly limit can be useful in managing a tighter budget and you can always adjust this should your circumstances change.

  1. How can I set short-term savings goals and how can RCI Bank products help?

“Having instant access savings means there's no barrier to taking funds out if required, so you’re more likely to save in the short-term” one employee answered. If you have a regular weekly or monthly paycheque, setting up a standing order will make consistent saving easy-peasy. RCI Bank’s Freedom Savings Account makes it straightforward to link to your other bank accounts, and you can withdraw money quickly and simply. Check out this page for more information.

  1. What are your favourite simple savings habits that I can use?

It is a tale as old as time, but it works – shop around! One of our employees advises: “Save money through obtaining the best prices. Whether that’s basic items like groceries or bigger events like holidays. Never pay over the odds. Also, set reminders for when offers end. Be conscious of when free trials and contracts finish, so you can decide to stay with a supplier rather than the dreaded auto renew”. With such hectic lives, it is easy to get caught out, so set those reminders today!

  1. How can I change my spending habits if there is a second lockdown?

Being stuck in the house again is nobody’s idea of fun, but there is a silver lining.  We are much less likely to have travel and leisure expenses which we can take advantage of – with a little know how. Our employees think: “Because of lockdown, you may have saved an excess of ‘spending money’, due to new social settings and cancelled holidays. It is wise to consider this money untouchable, and not be tempted to make unnecessary purchases”. So next time you get the urge to spend that savings pile online, perhaps go for a walk instead?

  1. What is the best piece of savings advice you have ever received?

2020 is the time for self-reflection and making good choices for your financial wellbeing. A pair of our employees conclude: “If you have loans or debts with a higher interest rate than your savings, clear those first! Yes, debt allows you to forget how hard it is to save for things. When making key purchases we should always aim to save and buy rather than buy and pay back, within reason.” By waiting a little longer to save up the full amount, the satisfaction will be worth it in the long run and this avoids unnecessary debt.

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