Every new year we write new year’s resolutions to change aspects of our daily lives – everything from resisting the urge to snack on Jaffa Cakes, committing to hitting the gym three times a week or saving and spending more wisely. But one new year’s resolution still proves to be the most difficult — saving our hard-earned money.
Research conducted by the Leeds Building Society found that 10% of those who didn’t reach savings goals in 2018, had failed by the end of January and 43% had failed by mid-year. For many people, failure is often down to just not being able to afford to save or facing an unexpected life event that causes a change in plans.
To succeed in 2019, we need to create a plan that is realistic, whether it’s saving for your wedding a deposit for a home or building a nest egg. Start with small, achievable, monthly amounts and set up a standing order at the beginning of the month so you won’t even notice it leaving your account — that way you’re less likely to quit when you hit a snag and will develop a consistent savings habit.
If after a few months you find that you can comfortably afford the monthly amount, consider increasing it. And it goes without saying that if you get a pay rise, bonus or any other unexpected income, save some of it before you spend it.
Photo by rawpixel on Unsplash