Double Take: how do you tune out FOMO to focus on your savings goals?

Isla, 28, is saving for a house deposit. Joseph, 27, is a new dad focused on providing for his young family. From swapping takeaways for home-cooked meals, to learning to appreciate an old but reliable car, they both know what it means to make sacrifices.

In this edition of Double Take, the content creator and project professional compare their savings habits and share how they’re working towards their long-term goals.

What’s your take on saving?

Joseph: I think everyone should do it for themselves and for the future. If you’ve got a goal in mind, write it down. Put it on a spreadsheet or a poster – whatever works for you. Looking back now, I should’ve started earlier. I probably started a year ago, before my daughter was born. I was looking at my financial situation and I said to myself, ‘I need to be serious about [this].’

Isla: When I was at university I wasn't one of the savers, I was one of the spenders. I spent all of my student loan on things and don’t have anything to show for it today, which I guess you learn from. But now that I’m in my late twenties I’ve been looking into ways to save and invest, and I’ve been actively putting regular amounts of money aside because I have a stable job now. 

What do good savings habits look like for you?

Joseph: There’s the age old question of: do you really need it? I ask myself that all the time if I’m in the supermarket or out shopping and see something in the window that looks nice.

Isla: That’s a really good question to ask yourself, I might start doing that. But it’s hard. When you’re out and you see nice things it’s like, oh my gosh, I want that.

Joseph: Making a little bit of a sacrifice is a good behaviour to have. One of the things I need to stop doing is having takeaways when there’s rice at home. 

Isla: If you asked me what good savings habits look like, it’s literally having a set amount of money that I put aside every payday. That's what works for me. Because then you know exactly what you're putting into savings, and it all adds up. Before you know it, you can be saving for a holiday. And saving is an achievement, because it takes a lot of willpower to save. 

Joseph: It’s like a muscle. You have to exercise it. 

Isla: Exactly.

Joseph: I think on my part it does come with a lot of pressure because we’re always trying to save. So maybe I’ll want £50 to enjoy myself but instead I’ll spread it over different pots – the holiday pot, the contingency pot, the investment pot and so on.

How do you balance saving for your short versus long-term goals?

Joseph: With saving right now, it feels like everything’s urgent and important, but [you have to work out] what’s the most urgent and important thing. We want to get a deposit down, get on the property ladder, move out, have our own space and live happily ever after. But at the same time I’ve got my fiancee’s birthday to think about, and all the date nights in between. So I’m constantly juggling that, and it’s hard. I’m not going to say that her birthday is less important than the deposit – although if she’s reading this, then her birthday is definitely more important!

Isla: For me, one rule fits all. I just put a set amount of money aside each month. I have a long-term goal, so I’m accumulating my money to help me have it.

Joseph: Has there been something you’ve wanted to purchase but you’ve put off?

Isla: I’ve had my car since 2019 and there’s nothing wrong with it. I’ve spent minimal money on it and it’s very economical. But I see my friends buying new cars and I just really want a new one. But I’m going to keep what I’ve got and save for the bigger picture.

Joseph: If it’s not broken, don’t fix it. Don’t fall into the trap of FOMO!

What’s your takeaway from today?

Joseph: You’ve shown me that I need to ensure my savings goals have a single focus and that I’m not spreading myself too thinly. My goal is getting on the property ladder, so I need to have that as more of a driving force. What about you? 

Isla: My biggest takeaway is to forget about what everyone else has and just focus on the bigger picture and my end goal, which is getting a mortgage. I think you’ve really reminded me to stay disciplined.

Joseph: Happy to help.

Isla: Appreciate you.

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The people featured in this article are members of the public sharing their personal experiences. Their views are their own and donʼt represent the views of Monzo. This content is for information only and isnʼt financial advice.