Setting a Savings Goal: An Arts Blogger’s Perspective

As a writer that spends the majority of their disposable income on the arts and travel, the COVID-19 has prompted a change in our finances. In Scotland, we have seen the Edinburgh Festival Fringe cancelled for the year, the Edinburgh International Film Festival was scrapped, and concerts and gigs delayed or postponed entirely. Similarly, we have found holiday accommodation and flights refunded, with money gracing our bank accounts again. Of course, the cancellation of arts festivals and postponement of holidays is hopefully only a temporary thing, so we want to be prepared when we can spend money on arts, theatre, festivals, and live gigs – or when we feel its safe enough in order to travel abroad again.

This pandemic has highlighted to us the sheer importance of saving. We want to be in a position when we don’t have to scrimp in order to start enjoying the arts again and setting a sensible savings goal helps prepare us for that. Using Pigly has been a beneficial way to get our heads around saving income with its Savings Goals Calculator. This allows us to set a saving goal, taking into account your current savings balance. You can factor in adjustable APR rates and how often you would like to contribute. Pigly also allows you to factor in the time frame in which you would like to achieve your savings goal. It’s a clean cut tool that avoids confusion, calculating how much you need to save to achieve your goal in the set time frame. You can see the screenshot below to see how easy it is.

We are obviously lucky to be thinking about saving for enjoyable activities in life, such as arts and travel – however, the current pandemic has shown that having a savings goal is an undeniably sensible move. The Office of National Statistics has noted that “Early indicators for May 2020 suggest that the number of employees in the UK on payrolls is down over 600,000 compared with March 2020.” In Scotland specifically unemployment has risen by 30,000 from February to April 2020. Prior to the current pandemic, unemployment had seemed like a somewhat distant concept to many, but unfortunately the reality is that does and will affect the industries closest to us. Legal and General surveys have showcased that over half of Brits do not save on a monthly basis and unemployment rates amidst the COVID-19 pandemic have shown that this is clearly not a sensible move.

Pigly’s features including the Savings Goal Calculator and the Savings Goals Timeline Calculator makes it clean and clear to get your head around saving. Whether it is putting newfound disposable income to good use or preparing for a new uncertain way of life, Pigly has an array of features that make saving easier. For us personally, the calculators have been massively helpful in preparing savings for a pricey to trip to Rotterdam in 2021 for our Eurovision Song Contest coverage – yet whether education, travel, saving for a rainy day, cars, or deposits, Pigly’s saving calculators are certainly relevant for your needs.