This follows on from previous findings that three quarters of those who made a New Year’s resolution in 2014 planned to focus on money goals.
While the figures from the Money Advice Service research clearly demonstrate strong intentions, sticking to savings goals can be a much more difficult task, so Aldermore has put together five straightforward tips to help savers keep their resolutions in 2015.
Automate your saving
Surprisingly, one of the biggest barriers to saving can also be one of the simplest to overcome. Setting up a direct debit to automatically transfer a fixed amount into a savings account each month after payday removes the temptation to spend leftover cash on unnecessary purchases, making it easier to stick to a budget. If you are worried about the prospect of unexpected expenses, choose a more flexible, accessible savings account or consider putting a separate pot of money aside in an emergency account to cover these eventualities.
Make simple swaps
Of those looking to save this year, the Money Advice Service reports that 47 per cent plan to cut back by choosing less expensive alternatives to their usual purchases. In particular, a quarter intend to swap shop-bought lunches or takeaway drinks for a home-made version. While these changes may seem small, they can quickly add up to hundreds of pounds worth of savings over the course of a year.
Money Saving Expert creator Martin Lewis suggests asking yourself three simple questions before any new purchase to prevent impulse buying: do I need it, can I afford it, and have I checked whether it’s cheaper elsewhere? Taking the time to compare prices online or search for money-off vouchers can be an effective way to reduce your monthly outgoings, even on essential products.
Track your savings goals
56 per cent of savers plan to stick to a monthly budget this year, according to the Money Advice Service, and thankfully there are now many online tools to help individuals monitor their progress across savings goals. Tracking tools not only provide a clearer way of overseeing spending, they also enable savers to celebrate milestones on the way to their target, providing a much-needed motivation boost.
Often individuals can get stuck in the same spending pattern without realising that a better offer may be available, particularly when it comes to on-going agreements, including utilities, mobile phone contracts and even bank accounts. Make it your mission to switch to the best option for your needs in January or negotiate a better deal with your current supplier; the benefits could far outweigh the initial effort.
What are your top saving tips for 2015? Share the tactics that have helped you put more money aside with the Aldermore community on Twitter.
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