Skip to main content Accessibility Statement
Nest egg

What’s your nest egg for? Reach your goal now

Happy Easter! Although scoffing chocolate eggs isn’t what Easter is traditionally about, it’s become an ingrained habit – in fact, we bet for some of you, you’re reading this article while eating some. Chocolate eggs are all well and good, but having a nest egg is more important.

A nest egg is, by definition, a sum of money saved for the future and it’s always a great idea to have one if you can.

But what is your nest egg for? Whatever your reason for saving up, we’ve got some great tips to help you reach your goal quicker – and a sneak look at what some of my colleagues are saving for too.

I want to buy a house

This is a very common use for a nest egg – after all, it takes a lot of effort and dedication to save up money for a home.

I’m currently looking for my first home myself with my partner – which can be a daunting and frustrating process, especially when you realise the advertised ‘second bedroom’ is often a room you can’t swing a cat in.

Owen Bailey is doing the same – “I’m saving toward a deposit for a house, and although it’s felt like years away for a long time, planning out what I can realistically save each month, has made it easier. Even though it still looks a long way off, it helps to keep me on track and not get tempted to spend on small daily things. Finally starting to see this pay off now, and it looks like I’ll be able to reach my goal this year. It’s not easy but will be worth it in the end (or so I keep telling myself).”

If you’re the same, cutting out on the small daily things to achieve a big goal is a great idea.

There are lots of good ways to save for a home out there at the moment.  Help to Buy ISAs, or the brand new Lifetime ISA for under 40s could both be good ways to help you get to your goal a bit quicker.

Help to Buy ISAs are a new type of ISA designed to help first-time buyers save up a deposit for their home. The government will add 25% to your savings, up to a maximum of £3,000 on savings of £12,000. We have a guide on Help to Buy ISAs you may find useful.

I want to make home improvements or go on a holiday

Melanie Dowding says her nest egg is for doing up her home.

If you want to make home improvements or go on a holiday, it’s a good idea to have a nest egg set aside.

If you’re saving up for a particular goal, a really good idea is to name it. It may sound silly but calling your nest egg something like ‘Mel’s home improvement fund’, for example, has been proved to make a difference when it comes to saving up.

Another good idea is to set up a standing order on payday, so it feels like less of a wrench to put it somewhere else.

I just need a rainy day fund!

You’re not alone.

Vik Iyer says “I probably just have a rainy day fund now. The best tips I can give is make sure you are saving into the highest interest product that suits whatever your needs are. I don’t save a regular amount but I do keep a really careful on eye on regular payments – if you keep costs around things like food and Internet down while avoiding subscriptions of any sort as much you possibly can, then your outgoings will hopefully go down and you may be able to save a bit.”

Andy Webb adds “For the last five years I’ve always had a savings project of one kind or another. In 2011 and 2012 it was for a big six month trip around the Americas. I got engaged on that holiday, so the next two and a half years were all about building the wedding fund. We got married last Autumn, and have carried on saving. There’s no specific goal this time, but having this nest egg gives us a buffer for any changes or emergencies that could come along!”

Emergency savings are important – do you know what you’d do if your car broke down, or your washing machine decided to stop working, for example?

What do you think?

We really want you to share your views, but please remember to be nice ☺
All fields are required. Check out our full commenting guidelines

By clicking on 'Post Comment', you're agreeing to our Commenting Policy