2016: Your year to save
A year in savings
The beginning of a new year is the perfect time to set yourself goals for the year ahead. Maybe you want to make 2016 the year you finally quit smoking for good, or the year you take up a new sport. Perhaps this is the year you’ll strive to get that promotion, start a family or take the epic round-the-world-trip you’ve always planned? Whatever your hopes and aspirations for 2016, one goal that works for everyone is to become a dedicated saver.
To help you stay on the right track to achieving your goals here’s a breakdown of your year in savings and spending.
New Year, New You
After the excitement of Christmas and New Year celebrations January can seem like a depressing month. With the excesses of the past few months behind us, it’s a good time to take stock and get to grips with your finances.
New Year’s resolutions always come with the best intentions but can sometimes seem hard to stick to. One thing that’s easy to do is get in to the savings habit. By putting money in to a savings account each month you’ll soon see your savings grow. One way to stay motivated is to save for something, like a new car or a holiday, or to set yourself a savings goal.
Spring is the perfect time to clear out the clutter from your home. Remember that one person’s trash is another’s treasure, so before you take it all to the tip why not try and sell some it through online auction sites or at local car boot sales.
It’s not just your home that could benefit from a bit of spring cleaning, you can declutter your finances too in a few simple steps. Take a look through your bank statements so you can have a full understanding of your income and outgoings. Make sure you know what any direct debits, standing orders and receipts are for and make sure you cancel or stop any unnecessary payments.
We all look forward to sunny holidays abroad, but according to the Money Advice Service the average UK adult overspent by £220 on their summer holidays in 2015 due to underestimating the cost of food, activities and forgotten items whilst abroad. If you’re planning on jet-setting in 2016 make sure you know how much you’ll need to cover your costs, and don’t forget to factor in airport transfers and holiday insurance.
Summer is also peak wedding season. We all know that getting married can be expensive, but did you know that the cost of being a guest at a wedding is on average £640! The cost of an outfit, travel, hotel, as well as any hen or stag dos, can soon add up!
End of year festivities
The final three months of the year are party time. Halloween parties, bonfire celebrations, Christmas and New Year’s Eve all make major demands on the purse strings. Make 2016 the year you plan ahead in preparation for these expenses. By putting aside £50 a month throughout the year you’ll be able to celebrate without putting pressure on your finances.