If you’re even half normal, you’ve probably already messed up on most of your New Year’s Resolutions.
However it’s never too late to start on some financial ones.
Saving money is a fantastic resolution for 2012, as it provides you with tangible rewards at the end.
Rainy day savings
Saving for the short term is one of the hardest types of saving to do. You have to have real discipline to do it in the first place, and also an iron will not to dip into it when the going gets tough.
How to save the easy way
Here are some easy ways to save money without it hurting too much.
- Some banks offer ‘Save the Change’ accounts, which automatically round up your debit card purchases to the nearest pound, and transfer the change to a savings account. A bit like having a change pot by the bed, but with interest. As this is done automatically, it helps you to forget about it. For example, if you buy something for £18.64, then 36p will be directed to your savings account.
- Give up a personal ‘vice’, and put away the savings instead. Obvious examples could be your daily cappuccino, a bought sandwich, your nightly pinot grigio, weekly lottery tickets, or more regular than you may like to admit scratch cards. (If you add up your monthly spend on these types of items, you could surprise yourself.)
- Cut down on public transport and walk instead. As well as saving on your bus/tube/taxi fare you are getting a low-impact cardio workout for free. (You could go for a double whammy and give up your gym membership at the same time!)
- Put any savings from supermarket special deals in the pot (half price items, or 2 for 1 etc.) – if this is something that you would have bought anyway, this will not affect your pocket.
This fund will have been built up by you, your hard work and your will-power. It could even be your little secret!
Henrietta Oxlade is an Independent Financial Planner with Radcliffe & Newlands and MyFamilyClub’s in-house finance sage! She has been advising individual clients since March 1988, which is why many of her clients consider her part of the family. If you want to get in touch with Henrietta, email us on [email protected] and we’ll put you in touch.