Where are you heading this year?


With a new year comes a chance to reflect on the last 12 months and resolve to make improvements for the next. Maybe this last year has been really difficult for you financially, which has taken a toll on you emotionally. Try to see the new year as an opportunity to wipe the slate clean and be hopeful about 2019.

At TWiCE, we believe in taking some time to reflect so here are 5 questions to ask yourself this coming year:

1.   What is my saving goal for 2019?

Write down an amount you think would be great to save this year. Say it’s £1000. Thinking about saving £1000 may be quite daunting but when divided into smaller amounts, it becomes more manageable. In order to save £1000 in 2019, you need to put aside £20 every week. That’s less than £3 a day! Instead of buying that £3 meal deal every day, put that in your savings! It’s a small start, but it is a start.

2.   Is there a purchase I made last year that I regretted?

Can you remember if you were you in a certain mood when you purchased it? How can you avoid that happening this year? What strategies can you easily implement to prevent you from spending unnecessarily? There is a really good saying, never make a decision when you are angry and never make a promise when you are happy. The same can be said for finances, it is better to make important decisions when you have a clear heart and mind.

3.   What things did I regularly spend money on last year?

Take some time to review your spending habits and sift through the extras from the essentials. These purchases are often things we can derive enjoyment from – a coffee catch up with a friend, giving charitably to causes you love, treating your kids to seeing a film in the cinema once in a while. While there is nothing inherently wrong with spending money, similar to question 2, are there purchases that weren’t necessary, that didn’t bring joy to you and your family?

4.   What am I saving up for?

Saving is great but the motivation to do so can be a little stagnant at times. Perhaps you are keen to save up for a car or a deposit on a house. Having these in mind can give you the inspiration you need to save.

5.   If I were to lose my job tomorrow, what would happen to me?

The reality is that an estimated 8 million people are one pay check away from being homeless. Emergency funds are something we talk about regularly at TWiCE, but they aren’t always talked about in society. Generally, an emergency fund is 3 times your net monthly salary. If 3x your monthly salary seems impossible at the moment, can you make that goal £1000 to start off with? What are some steps you can take to get yourself into a better financial position in 2019?

  • Michaela L

Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content.