Whilst New Year’s resolutions are a persistent trend in our culture (and particularly on social media), research shows that only 31% of Brits who made a pledge in 2023 actually stuck to it.
Something many of us want to improve is our relationship with our finances. So, if you’re thinking about setting yourself a savings goal, or sorting out your money matters, we’ve got some tips for making 2025 the year you don’t give up.
Set realistic goals
We’re often feeling optimistic when we set our New Year’s resolutions – buoyed on a river of Christmas cheer. In the cold, grey light of January, the challenges we’ve set ourselves can seem unrealistic, and therefore, much more likely to be thrown out with the festive chocolates no one likes.
That’s why it’s important, particularly when it comes to saving, to set goals that are achievable, or broken down into smaller parts. You’ll feel great each time you pass a milestone, and the success will mean you’re much more likely to keep going.
Set an initial target that is within your current means – even if it’s just £5 a month. You can always adjust your goal as the year progresses.
Find the right account for you
Saving can be made much easier and more rewarding if you find the right account. We’re all unique, with different values and needs, so it makes sense that our savings accounts should be too.
Saving for a big purchase, like a holiday, a house, or a new car? A fixed rate or restricted access account could be right for you. If you’re looking to round-up your spare change and need access to your funds in case of an emergency, an easy access account or ISA could be the way to go. Which leads us nicely on to our next point…
Talk to someone in the know
If you’re not confident with money or you have never paid much attention to getting the most out of your savings before, it can pay (literally) to speak to an expert. Many banks and building societies, including Newbury, offer free savings review appointments to new and existing customers.
These appointments outline the options available to you, what accounts might be suitable for your goals and allow you to ask questions – the key to really understanding how to make the most of your savings.
If you’d like to book a savings appointment with us (we do them in branch, over the phone, or virtually from the comfort of your own home), click here.
You can find out why savings appointments are beneficial from our Customer Service Advisers, Rachel and Ken, here.
Ask for help if you need it
Talking about money can often be seen as taboo, but there’s no reason for things to be that way. If you’re struggling with money, your resolution might not be to save, but to sort out what’s going on. If you’re facing financial difficulties, are worried about your mortgage payments, or something has changed in your life which means you need extra support when it comes to your finances – tell someone.
Your mortgage lender, bank, or building society is a great place to start, but there are also plenty of third-party advice organisations and charities that can support you.
If you’re a Newbury Building Society mortgage customer and you have worries about your financial position, please don’t hesitate or delay in contacting us. Our specialist Mortgage Payment Support Team are ready and waiting to help you.
Learn more about the support we can offer here.
