How many times in January do we hear ‘new year, new start’? Too many, is probably the answer!
Whilst some people will inevitably use the new year to reset their savings behaviour, UK Savings Week research shows that more than half of UK adults (54%) have already got a savings habit that works for them. So rather than looking at how you will save in the coming year, maybe New Year resolutions should be more positive, focusing on the saving goal – what you’ll get from your hard work and self-restraint. With around 80% of New Year resolutions forgotten by February, maybe this switch of focus will see them continuing for longer, perhaps even the full year!
One of the most popular reasons people in the UK save is to have a holiday, with more than a quarter (27%) of those who have savings planning to use them to get away. That’s why this month’s UK Savings Week reward is all about holidays.
The article, from Big World, Small Pockets, is an insightful, and hopefully timely, read, particularly for those who are saving for a holiday but still thinking about where to go, and how to get there within budget. It highlights 10 ‘dupes’ (more affordable options for well-known or popular holiday destinations) that will hopefully inspire a more budget-friendly holiday and help individuals set a realistic budget for their dream getaway.
Once the budget is set, motivation to stick with good savings habits will generally be a little easier when you can visualise the goal. In the wet and dreary days of winter, picturing your holiday destination and the activities you’ll do when you’re there, could help bring a little extra excitement, and potentially added motivation, to watching your savings pot grow.
The motto for UK Savings Week is ‘Savings, it all adds up to something good’. So when you take time to review your savings habits, remember to also focus on the good, visualising what you are saving for and how you will feel when you get there.
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