Your New Year saving resolution

New Year's resolutions often involve dieting, exercising more or drinking less, and most don't last beyond the end of January. However this year, why not focus on your finances for your New Year resolution? We offer some top tips and advice for helping you stick to your resolution and bulking up your bank balance.

1. Set a goal

"Saving more" isn't a good New Year resolution - you'll have much more success and motivation if you set yourself a particular goal. For example: "I will save £150 every month."

Of course, you can't just pick a number out of a hat. Setting a savings goal requires a decent analysis of your incomings and outgoings - and this in itself can help you to recognise areas where you might be able to make savings.

2. Pay yourself first

Set up a direct debit to transfer money from your current account to your savings account, and choose a date that is soon after your payday (the next day, if possible). This means that the money will be transferred before you have a chance to spend it.

3. Consider a different type of savings account

Easy access savings account seem to be the most appealing to modern savers, but if you're lacking the self discipline to avoid making withdrawals it might be a good idea to discuss other options with your bank. Savings accounts that can only be accessed by phone or that need a week's notice, for example, might be a better option.

4. Remind yourself of your New Year resolution

Don't lose sight of your New Year resolution. Award yourself along the way for meeting your goals (such as a shopping trip every three months or a dinner out every fortnight). Spreadsheets, charts or other diagrams can be great visual aids and motivators to help you save and help you to stay on track.

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