Loads of us are ‘about to give up’ on our 2020 savings goals – here’s how to keep them going

A man spending money
You can get through this (Picture: Ella Byworth)

Brace yourself: This might be the week when your determination to save a load of money this year will wane.

One in 10 people who tried to save money in January will have given up by the end of this week, a survey from investments provider Zopa suggests.

We may start the year with the best of intentions, easily putting away money thanks to Dry January and guilt from overspending at Christmas, but once we’ve banked our January pay it’s tempting to slip back into old financial habits.

Zopa found that on average, 10% of the 2,000 people surveyed are set to break their spending bans or ditch their strict budget in the first week of February.

Those surveyed expected to spend £391 more in February than they did in January, rising to £568 for millennials.

The money-saving measures people are most likely to give up on first are a ban on buying clothes, skipping takeaways, going out less, drinking, and sticking to a budget.

Some people are stronger willed than others and plan to continue their January savings habits for the rest of the year – but they’ll have to wait and see how long that lasts.

Zopa reckons that if you do stick to your January budget throughout the whole year, you could save £4,692 on average.

We spoke to George Charles, of MoneySavingHeroes, for his advice on keeping up your financial New Year’s resolutions well beyond February.

Here’s what he advised:

Treat yourself for completing baby steps

‘Being serious about a New Year’s resolution can be hard,’ George tells Metro.co.uk. ‘Whether it’s paying off a sum of debt, conquering impulse buying, getting more organised financially or just budgeting a bit more than what you already do – it’s important to treat yourself in the process.

‘Rewarding yourself will only motivate you to do better. Try to constantly remind yourself that even if you’re taking the smallest steps, you will still be in a better financial position than when you started 2020 – it’s all about control, and you’re more likely to keep these resolutions for longer if you’re taking the appropriate steps and feeling good about it.’

An illustration of a man holding a large bag with a pound sign on it, on an orange background
Keep up those money-saving habits (Picture: Ella Byworth for Metro.co.uk)

Prioritise and ditch subscriptions you’re not using

If you’ve gone through January without stepping foot in that pricey gym, cancel your membership.

Then go through all your bills and regular payments and work out which ones are actually important.

‘If you have contracts with multiple streaming services, pick your favourite and cancel the others,’ says George. ‘By doing this, you will soon begin to realise that keeping your financial New Year’s resolutions aren’t that hard, as long as you’re willing to put the time into figuring out what bills can go and what can stay.’

Let other people know about your resolutions

It’s impossible to keep up with your saving if you’re struggling to keep up with your spending-mad pals.

Give a heads up to your close friends, family, and partner that you’re working hard to save money, so they can understand why you might want to cook a meal in instead of going to a posh restaurant.

Don’t panic if you slip up

‘Unexpected bills, events that are out of your control and accidental overspending are just a few slip ups that may harm your financial New Year’s resolutions,’ says George. ‘Don’t fret, and don’t feel guilty if you have a few minor slip ups along the way, after all, nobody is perfect; try again tomorrow.

‘If you have to make smaller adjustments somewhere, then do them as soon as possible. The quicker you get back on track with your finances, the more motivated you will feel to achieve your goals.’

One bad purchase doesn’t mean the entire year has to go down the toilet.

Flying cash
(Picture: Ella Byworth for Metro.co.uk)

Make a diary

Keeping note of all the excellent saving you’re doing is a great shout for maintaining motivation.

George says: ‘Start making a diary and noting down your achievements.

‘Managed to save x amount in however many months? Record it. Paid off some of your debt? Write it down.

‘That way, when it comes to either having a down day or even one of those days where you feel you aren’t doing as well as you should be, you can look at how far you’ve come. Seeing on paper the difference you’re making and how far you’ve come will help to keep you motivated.’

Go slow and steady 

Keep your goals manageable rather than shoving your entire paycheck into savings in the first month.

Stick to smaller monthly amounts to save so you don’t end up dipping back into your savings in a panic, feeling disheartened, and giving up.

Swap the word ‘resolution’ for ‘goal’

‘A resolution is a firm decision on whether or not to do something,’ George says. ‘While this may be the case, try to swap the word resolution for ‘goal’.

‘A goal is something that you work towards. The word goal makes the decision more motivational, therefore allowing you to make better choices.

‘You don’t necessarily have to have a strict rule book that you go by, just have a list of goals and prioritise them so that it suits you and your lifestyle.’

If you want more tips and tricks on saving money, as well as chat about cash and alerts on deals and discounts, join Money Pot, our new Facebook group.

MORE: Try our 2020 fiver saving challenge to put away £6,890 by the end of the year

MORE: The 1p saving challenge could be the easiest way to save more money in 2018



source https://metro.co.uk/2020/02/05/how-to-keep-2020-money-saving-goals-12183865/
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