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Are you planning on saving? Not quite sure where to start? We thought we would give out some pointers on how to get started.
If you set your goals too high, they are impossible to achieve - if you want to save £100,000 in a year but earn £20,000, then your goal is not realistic. Set your goal as something you can achieve. We like to use SMART Targets – This article by the Simple Dollar could help to set your goals.
Now you’ve set your goal, you can break your saving goal into little goals. This makes it easier to stay focused and keep your savings on track. StepChange have a list of 101 ways to save money. Check it out to see if it can help you with your smaller goals. The article offers tips from Bills to saving money with Children and everything in between.
Goal-Setting-Guide.com stress the importance of setting a deadline when you have something to aim for.
“If you don’t set a time, the commitment is too vague. It tends not to happen because you feel you can start at any time. Without a time limit, there’s no urgency to start taking action now.”
Life skills that matter have written a wonderful article about making a budget, without feeling deprived. They tell you the differences between approaching saving with “The Cheap Method” and “The Frugal Method”, so you can see different ways you can approach saving.
Whatever you reason for saving, let us know!