The start of a new year often brings with it an ambition to make changes and do things differently.
Three of the most popular New Year’s Resolutions are:
- Take more exercise
- Start a new hobby
- Get better organised with money
With prices rising at their fastest rate for several decades, and many household finances under pressure, the third resolution has probably never been more important than it is this year.
In March last year, our regular consumer survey showed that nearly a fifth of people would be using their savings to cover the rising prices. By December, one in three said they were worried about being able to save for the future.
So whilst it won’t be easy for everyone to build a savings pot right now, getting into the habit of saving can make a big difference.
How much we can save will be different for all us, and it’s likely that the amount will need to flex depending other expenses in a particular month.
UK Savings Week recognises that there is no single way to save, rather it’s about individuals saving what they can, when they can, even if it’s just a little.
Although UK Savings Week provides a focus on savings in September, a savings habit should persist through the year, so this website provides ideas on how to create good savings habits, hints and tips on how to make the most of a savings pot and sign-posting to organisations that can provide more guidance and support where it’s needed, all year round.
Like all New Year’s Resolutions, the best way to make the changes you want – and stick to them – is to form a new habit, and it’s no different for getting better organised with money and building better financial resilience.
So be brave, set your personal savings goal, save in a way that suits you, build in flexibility to the amount you save if you need to and take control of your finances.
And then, when that unexpected bill lands, or an opportunity to do something special comes along, your savings pot will be there as a helpful safety net.
Savings, it all adds up to something good!