Saving without a specific goal can give you more options in the future. You might eventually use it for something you want, an opportunity that comes up, or a goal you have not thought of yet.

The important thing is that you are creating choices for your future self. You could think of it like this: if an emergency fund is for ‘just in case’, your possibilities pot is for ‘just because’.
 

Why save if you don’t have a goal?

Saving is often talked about in terms of reaching a target such as a holiday, a wedding, a car or another big expense. But you might want to start saving before you know what the money will be for.

Having some money set aside could mean that, when something positive comes up, you have more freedom to decide what you want to do.

For example, you might later decide to:

• put it towards a bigger purchase
• take a trip or try something new
• use it when your priorities change
• leave it where it is and keep building it

Start with what’s manageable

Without a target amount or deadline, there is nothing telling you what you need to save each month. Instead, think about an amount you could put aside without making it harder to cover your current costs. That could be a regular amount, or you might prefer to save when you have money available.

Starting with an amount that feels manageable can make it easier to keep going.
 

Build the habit before you build the target

When you don’t have a specific goal, progress is more about building your fund over time than about reaching a target.

The value comes from having money available later that isn’t committed to something else. Turning saving into a habit can make it easier to see progress.

To help develop the saving habit, you could:

• set up a regular payment into your savings
• choose a point in the month when you usually have money available
• put aside a bit of any extra money you receive
• increase or reduce what you save as your circumstances change

Give the money some space to grow

If money sits alongside what you use for everyday spending, it can be difficult to tell what is genuinely available to save.

Keeping your savings separate can make it easier to see growth and reduce the temptation to spend.
 

Keep it separate from money for emergencies

Savings for future opportunities and savings for unexpected financial shocks can serve different purposes.

An emergency fund is there to help you deal with something necessary and unexpected. Money you are building without a specific goal is different. Its purpose is to give you more choice about what you might want to do in future.

Keeping the two separate can make it easier to know what money you have available for each purpose.

Our article on emergency funds has more information.
 

Saving with NS&I

NS&I is the nation's savings bank, backed by the UK government. We offer different ways to save, with different approaches to access and returns. If you're looking for somewhere to start your possibilities pot, we might have something that works for you.

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Question 1

When might you want to access your money?

You might need it at any time You can lock it away for a year or more