Make sure you achieve your bucket list ambitions - Savings - News - Moneyfacts


Make sure you achieve your bucket list ambitions

Make sure you achieve your bucket list ambitions

Category: Savings

Updated: 05/01/2015
First Published: 05/01/2015

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Do you have a bucket list? Chances are, you've got a few things you'd love to do before the time comes – and you probably daydream about them on regular basis! Well, rather than just thinking about it, why not see if you can make those dreams a reality?

The ultimate bucket list

Research from GE Capital Direct has revealed the ultimate bucket list, and perhaps unsurprisingly, travel destinations comprise much of the top 10. Seeing the Northern Lights came out on top, closely followed by visiting the Grand Canyon and the Niagara Falls, while a round-the-world trip and buying a dream home made up the top five.

The final spots were filled by going on safari, swimming with dolphins, visiting all seven new wonders of the world, getting married, and mastering another language – some of which will take more time, and money, than others! In fact, the research found that the typical bucket list has a price tag of £135,986, and with the average person saving only £141 per month, it'd take them a whopping 80 years to tick everything off their list.

As such, it's not surprising that many people aren't optimistic about their chances of completing their bucket lists. Around two-thirds (61%) think they're unlikely to tick everything off, with half putting this down to not having enough savings, while a further 40% admitted they hadn't even started saving for their bucket lists.

The picture is brighter for those who have already built up good savings habits, with savers almost twice as likely to have completed half or more of their bucket list ambitions than those who identify as themselves 'spenders'. However, the overall price tag could still seem far out of reach, so it's no wonder that 21% of respondents acknowledged that they aren't saving enough to reach their goals – so don't be one of them!

Make sure you get there

Whether you've got far-ranging ambitions or have a bucket list that's not quite so extreme, the ultimate aim will be to achieve as many of them as you can. The price tag may seem daunting, but don't let that put you off – if you have a clear plan of how you're going to get there, it can be much more achievable.

That plan should always start with saving. You'll want to save as much as you can on a regular basis, and while you'll of course need to save for that all-important emergency fund as well as other shorter-term goals, anything extra will bring you a step closer to achieving your ultimate ambitions.

Stay motivated

Daydreaming may not normally be condoned, but when it comes to achieving bucket list goals, it can come in handy. The research found that 41% of respondents said thinking about their aspirations kept them motivated, so in many cases, letting your mind wander could help keep your savings habits on track.

You'll of course want a savings account that pays a great rate of interest to maximise your chances of achieving your goals – check out our best buy tables to find the top rates out there – or even better, why not have an account that's dedicated to each bucket list goal? Even giving the account an appropriate name (Safari Fund, Dream Home Fund, etc.) could be all it takes to drive that ambition, as every time you log onto your online banking service, you'll see the account name and will be reminded of what you're saving for.

There's nothing quite like being able to imagine the moment you see the Northern Lights or buy that dream home, and given that many will be enduring the first full work day since the Christmas break, you're probably even more easily distracted than normal. So, turn that distraction into something positive – start planning your route to achieve those ambitions, and you could be ticking things off your list before you know it.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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