As we head into the New Year, Clare Francis, Director of Savings and Investments at Barclays shares a selection of new year student financial resolutions – to refresh your finances.
Reset your savings goals
New Year’s resolutions are often short-lived – if you want to save a large amount for your January resolution, take stock of where you are and revise it up or down accordingly, so you’re working towards something that’s realistic. Having an achievable savings goal can really help you get into the habit of putting money away regularly. You’ll get the buzz of knowing you’re hitting your targets, and the boost of watching your savings grow.
Charity shops stock much more than clothing – think homeware, kitchen essentials and gifts. A trip to a charity shop can often unearth a total gem and the fact that these items have lived a previous life, makes the purchase a little more special. It’s far more eco-conscious to buy preloved belongings and you’re also safe in the knowledge that you’re helping a good-cause. It doesn’t take long to jazz up a bedside dresser that’s looking a little tired, oftentimes a lick of paint and a new handle can breathe new life into it.
Transfer money into a savings account on Payday
It may sound simple – but this is the best savings advice. Keeping that money out of your total bank balance will keep it out of mind and you will automatically become more spend savvy. Get into the habit of this and your savings will start to grow! Make it automatic by deciding on a monthly amount you would like to put away and set a direct debit to your savings account.
Be honest about the progress of resolutions
If you plan to sign up to the gym in January – think about how many times you’ve actually gone. If you can’t justify the price, think about switching to pay as you go classes or outdoor activities now the weather is getting better. Alternatively, you could consider exploring the thousands of free online fitness classes you can do in the comfort of your own home. Most of the time all you need is a yoga mat and your phone to get a workout in. The same goes for other subscriptions. If you’re not using them, cut them and get the welcome boost to your current account.