The Saving Euphoria
According to Standard Life, saving money produces feelings of optimism, calmness, hope and confidence. Whether it’s the sense of comfort it brings knowing that you will be stable in times of need, the self-discipline it instils within you, or simply the fact that you are contributing towards a goal that will bring you a greater deal of joy (e.g., a home) saving money can undeniably produce a feeling of euphoria. It is this euphoria you experience when saving that leads to the formation of good money habits and greater money management.
For me personally, the euphoria I get from saving derives from the guilt that I experience when spending money. Unless it is for a holiday, eating out, or gifting my loved ones, for me, spending money unnecessarily can trigger a sense of anxiety. Dr Becky Spellman explains that the feeling of guilt surrounding money can be caused by the pressure we experience when thinking about our future, and this is regardless of whether we have children, a home or any other forms of financial responsibility. This is certainly the case for me. As soon as I graduated, I have been determined to be a homeowner by the age of 25 and this goal, however optimistic it may be, has triggered my intense saving habits.
My saving journey began whilst I was at University where I made it a habit to save portions of my loans and grants and in my final year, I decided to place my savings, around £3000, into premium bonds with NS&I. Premium Bonds are an investment product and unlike other investments, where you earn interest or a regular dividend income, you are entered into a monthly prize draw where you can win anything from £25 to £1 million tax free (I can’t describe the feeling of receiving that congratulations text - free money really has a way of changing your mood!). This was a good start to my saving journey as with NS&I, the money is not so easily accessible as your usual savings account and you almost forget about it as there is no app. Whilst that was a good start, my savings journey became stagnant a year after my graduation as I was in my PGCE year training to become a teacher and received a very generous bursary of £400 a month (!). It was only until the age of 22 when I entered my first salaried role as a qualified teacher that the ball really got rolling.
As a newly qualified teacher in London, I was receiving £1800 a month and despite it being my first time seeing this kind of money, I was determined to save as much as possible. Each payday,