Set Goals, not Resolutions

It’s that time of year again. Now that the indulgences of the festive season are behind us, talk of New Year’s Resolutions is underway. Here at Your Wealth, we think it’s time for a change - instead of scolding yourself over things you should give up, why not embrace the positive and focus on where you want to go?

This year, instead of feeling guilty about our bank balances (and waistlines) we’re going to start the year with some positive action: it’s all about Goals - not Resolutions. Will you join us?

The problem with New Year’s Resolutions is that they’re often either short term, vague, impossible to stick to- or sometimes all three. How many times have you sworn to give up chocolate/sugar/impulse buying, only to find that by February you’re right back where you started?

Let’s use the new year as an opportunity to really take control of our finances. Setting your financial goals can be the first step towards creating the future that you want, and it can also be exciting as well as practical.

To get started, think about what you want - whether it’s a summer holiday next year, a comfortable retirement, to be out of debt or all of the above. Next, divide your goals into the short, medium and long term - this will help you to work out how to achieve them.

Next, you may want to take a look at your budget. If you’re not already budgeting, it’s a habit that could help you to meet your goals. Check out our Guide to Budgeting. You may also want to use our Money Hub tool to help you set up and track your budget. What you’ve got left over once you’ve met your regular and/or necessary expenses is known as your disposable income- something that you may want to use to put towards your goals.

When you know how much you’ve got to work with, it’s time to plan how you are going to achieve your goals. For some goals, this may be as simple as setting aside a small amount each month, while others will require more time and effort. For example if you’re aiming for a retirement goal, you may want to consider joining a pension scheme, reviewing any pensions you already have, or looking into alternative for saving for retirement.

Putting your plans into action can seem daunting, but if you break down the steps and spread them across your year, it can be rewarding - being able to clearly see progress towards your goal each month will bring a real sense of achievement.

With the Money Hub from Your Wealth, you can set bespoke goals for your retirement, getting out of debt and savings. Our technology will also tell you how much you need to save each month to meet your goal, and let you know how you’re doing as you go along.

The Your Wealth team share our goals

Here are some of the goals the YourWealth team will be tracking with the Money Hub this year:

Toby, Founding Director: “I want to buy a bell tent with a log burner, so I’m saving for that this year”

Katie, Financial Product Manager: “I’ve just bought a house, so I’m aiming to save £3,000 for appliances to go in my new kitchen! I’m also planning a trip to Sri Lanka with my husband, so I need to save £1,200 for return flights by January 2015.”

Dave, Head of Development: “We want to take the kids away somewhere sunny this year, so I’m saving for that”

Tom, Operations Manager: “I’m saving up for a newer, bigger car - I need £5,000”

Jamie, Commercial Manager: “My wife and I will both be turning 30 this year, so we’re saving for some special birthday treats”

Lucia, Content Editor: “I’m going to carry on putting £300 per month into my fixed term savings account - in case the boiler breaks again!”

Ruth, Content Writer: “Me and my boyfriend are saving for a year-long trip to New Zealand - we need £5,000 by next November and we’re halfway there!”

Karin, Account Manager: “I’m aiming to save about £2,500 towards my 50th birthday tour of Cape Town this year!"

Why not join us in getting 2014 off to a positive, pro-active start? Set your goals today!

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