Have you ever started the new year with the best intentions to set financial goals and overhaul your finances, only to find that a couple of weeks later life happens and the determination fizzles out until the next new year rolls around?
You’re not alone, with only 26 per cent of people sticking to their resolutions for the year in 2020. But is there a way to make your financial goals last this year? We’re taking a closer look at how to set financial goals that you can actually achieve and how you can stay on track to reach them.
From just £3 per week
Where to begin if your financial goal is…
To save money for the future
Whether your goal is to save £1000 or to save £10k in a year, the methods at your disposal to save money look very similar. Saving money is a habit and as with all habits, practice and repetition are key to building long lasting behaviours. You can make the habit of saving each month as seamless as possible by setting up automated payments and keeping the money you save out of sight.
There are a handful of people who are motivated by seeing how much they have in savings. For the most part, however, it requires huge amounts of willpower to keep your savings close by and not touch the money. The temptation to dip into your savings account can be strong if you regularly see your savings account, so stashing your savings in a bank account separate from your everyday spending can reduce the urge to spend.
If you’ve struggled to save in the past, paying yourself first can transform your outlook and success with saving money. The idea is that you move money into your savings as soon as you get paid, rather than waiting until the end of the month (when surprise surprise, there’s often no money left to save). When you pay yourself first, you treat your savings as non-negotiable and better still, you can forget about saving for the rest of the month.
To help you hit your financial goals this year, The Big Issue is bringing you exclusive access to Couch to £1k. Couch to £1k is a short course designed to help you find £1,000 you didn’t know you had and take the first step towards growing your wealth. Limited free places are available to readers so sign up now and start your journey to financial fitness.