Tools and guides
Saving money for the future can help to avoid situations where we cannot pay for the things we need
Written by Christians Against Poverty 2025 Available in English, French, Portuguese and Spanish
Photo: Mark Lang/Tearfund
Managing money effectively is an important skill for individuals, households and businesses
By saving money for the future, we can help to avoid situations where we suddenly find that we cannot pay for the things we need.
We might want to save money for expected future costs such as school fees, a new vehicle or older age. Having some saved money can also help us cope with unexpected situations such as medical costs or a sudden loss of income.
Start by deciding how much money you would like to save, and by when. This goal will be individual to you and your circumstances. Think about likely short- and longer-term costs when you are setting your goal, and include some extra to help cover unexpected costs.
Remember: if you use some of your savings for any reason, you will need to begin topping them up again so you eventually get back to the goal you have set.
It is important to be realistic about how much you can afford to put aside each month. Trying to save too much will mean you have to use some of the money you have saved to cover everyday costs. Use a budget (see page 9) to help you work out how much you can save each week or month.
Whatever your goal, it will take some time to build up your savings to the level you would like them to be. If you are patient and consistent, saving a small amount each month, you will eventually reach your goal.
Joining a local savings and credit group can help you meet your goal. These groups provide members with the opportunity to save money securely, and access loans for household needs and small businesses. They are supportive places where people can build relationships, grow in confidence, ask questions, discuss challenges and learn new skills.
Along the way, make sure to celebrate every time you reach another savings goal. Building up savings over several months or years takes commitment. But if you are able to do so it will help ease the worry of future costs, whether they are expected or not.
Savings and credit groups – Footsteps 123 How meeting together to save money, access loans and provide mutual support can result in significant positive change. Visit learn.tearfund.org and search for the title.
Written by Christians Against Poverty
Christians Against Poverty is a UK-based charity committed to helping individuals and families break free from debt and poverty. For more in-depth guidance, visit capuk.org
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