‘New Year, New You’ is a commonly heard phrase at this time of year. New Year’s resolutions usually involve pledging to give up alcoholic beverages, unhealthy food or something else you really enjoy and don’t really want to give up. We end up missing the things we ‘give up’ after only a few weeks and these resolutions rarely last beyond the end of January.
Instead, why not set a resolution to start DOING something, rather than giving something up? If we set ourselves more realistic and maintainable resolutions, the New Year can be a time to make a decision that will benefit our futures significantly.
Shepherds Friendly Society suggests one resolution that will benefit you in the long-term: to save for your future.
A survey from Time magazine in 2015  found that while enjoying life and adopting a healthier lifestyle were two of the most popular goals, financial resolutions featured highly on the list. A third of respondents wanted to ‘save more and spend less’ in the New Year while 27 per cent pledged to ‘pay down debt’ as one of their resolutions.
This year for our New Year resolution we should think about our future goals and how saving for our future can benefit our lifestyles.
There are lots of benefits to saving. As well as helping you to plan for special events – a wedding, buying a home or new car – making sure that you have savings gives you the peace of mind that you have cash available in the event of an emergency.
Saving even a small amount has huge benefits. As well as the psychological benefits of knowing you have a good attitude to saving, you will be surprised how quickly even a small monthly amount builds up over time.
Putting away a sum every month – perhaps in a Stocks and Shares ISA – is a great way to save for your future goals.
Shepherds Friendly Society offers a range of plans that help you to save for your future, including their stocks and shares ISA. Unlike a normal savings account, in Shepherds Friendly Stocks and Shares ISA your money will grow tax-efficiently, and any money you withdraw from the account will be tax-free. This means that your savings go further.
It is important to remember, however, as with any investment product, your capital is at risk and that taxation legislation may change in the future.
If you are not sure what plan best suits you, they have a tool that will help you choose the right plan for you based on your circumstances.
So why not consider a New Year’s resolution that could help you to adopt a savings habit? You can find out more about Shepherds Friendly Society savings plans by visiting their website at www.shepherdsfriendly.co.uk or giving them a call on 0800 562 249
Shepherds Friendly Society is offering £100 Love2Shop vouchers for one lucky winner. All you have to do is fill in this short survey.