Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, research shows that many people have impressive targets.
According to Charter Savings Bank, 40% of UK savers plan to put aside more than £2,500 each in 2017, highlighting strong saving ambitions for the year ahead. The figures show that those planning to put money away hope to save an average of £228 every month, adding up to a total of £2,736 over the year – a healthy sum by anyone's standards!
The desire to save is clearly there, and many have specific goals in mind, too, with the top three reasons respondents gave for putting money aside being for a holiday (18%), a deposit towards a new home (10%) and saving for retirement (9%). Some were even willing to go to admirable lengths in order to save, with a quarter of respondents planning to take on extra work to help them achieve their monthly target.
Paul Whitlock, Charter Savings Bank's director of Savings, said it was "encouraging that two-fifths of the UK adult population have a savings goal for 2017", but was concerned that many have absolutely no target in mind.
"No matter how large or small, putting a target in place can be a huge motivation when it comes to regularly putting money aside," he said. "Knowing what you want to save for will also help determine the most appropriate type of savings account for your needs."
Whether you've set a goal or still need to get in the right mindset, the key to boosting your returns is finding the right savings account. You may want to opt for an account that pays interest monthly, for example, which will allow you to see your balance creep up and motivate you to keep going. A regular savings account could be another good choice to help you get in the habit, or perhaps a notice account, which will ensure that you can't just withdraw your hard-earned savings on a whim.
You may want an easy access account for an emergency fund, too, but whatever version you go for, make sure you're able to add to it on a regular basis. That way, you could be well on your way to achieving your savings goal before the year is out.
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