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So it’s basically a rainy-day account, then?
Savings pots are different to rainy-day or emergency funds. Those are there to help with unexpected expenses – like fixing the car when it breaks down. A savings pot is to help with expenses you know about and have the time to plan for.
How a savings pot can help you
A savings pot can have many benefits. The obvious one is that it can help you pay for something you might not otherwise be able to afford. It also spares you the need to put it on your credit card (and add interest charges to your bill) or raid your emergency savings.
A less obvious benefit is the difference it can make to your financial and emotional wellbeing. When money is on your mind, putting a plan in place can give you a greater sense of control.
You might also feel a bit more comfortable indulging in feel-good treats if you’ve been able to save up for them in advance.
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This content is for information purposes only and shouldn’t be regarded as financial advice. While we’ve taken every effort to make sure this information is as accurate as possible, it has not been independently verified.