Five money changes to make this month to help boost your finances by end of year
Money makes the world go round, but it can also make our heads spin, especially at the start of a new year. One-in-three adults struggle with mental health issues due to financial worries and just as many fear their situation will worsen over the coming year.
Gamblizard found that online searches for ‘financial resolutions’ this month have risen by 248 per cent, while searches for ‘how to save money fast’ are up by 134 per cent, according to Google data. However, an estimated 94 per cent of adults abandon their resolutions within two months of the new year starting, simply because they are too unrealistic.
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Jamie Wall, Personal Finance Strategist at Gamblizard has shared five game-changing hacks to help people break this cycle, stay on track and finish the year financially better off.
Five ways to boost your finances
Make saving a game you want to win
Turning your financial goals into an exciting challenge can help you stay focused. Start out by using a streak tracker - there are apps to help you set savings goals and reward consistent progress.
Consider joining a savings challenge online or with friends. Popular ones include the ‘52-week challenge’ or a ‘no-spend month’.
Automate it and forget it
Setting up automatic transfers to a savings account on pay day, can help you forget the money was even in your account and reduce the urge to splurge. It also removes any problems you might have with willpower.
You can also use your banking app to round up your purchases and save the difference - it’s like passive saving without even noticing. Schedule monthly payments for credit cards or loans to avoid forgetting important bills or unnecessary overspending.
Stop thinking long-term
Focusing on the big picture, like retirement funds or emergency savings, isn’t always helpful as it can feel overwhelming and abstract, making it harder to see any short-term progress. Instead, break it down into micro-goals.
Instead of aiming to set aside £5,000 in 2025, go for saving £125 in the coming weeks and always celebrate your small wins.
Review your progress every month, this way, a big resolution can be broken down into 12 mini-goals and can be adjusted as needed. This can take into account an unexpected overspend one month, by cutting back the next.
Go public to stay driven
Going public with your financial goals sounds terrifying, but it’s an effective way to stay on track. For some, telling close friends or family about their resolutions is the best option.
Make your goals tangible
Abstract financial goals often fail because they don’t feel immediate. If you are a visual thinker, create a vision board with images or quotes of milestones, like a dream trip or being debt-free.
If you’re more of a language-oriented person, note down what achieving your goals will feel like. Reread it when you feel your resolve sleeping or feel demotivated to remind you of what you’ve achieved so far and what you want by the end of the year.
