3 minutes reading time (578 words)

Three-quarters of Brits have given up on their financial resolutions for 2019 - but there is still hope.

Many people make money-related resolutions at the beginning of the year, but as it turns to spring, around three-quarters of Brits will already have abandoned their financial plans according to the latest survey from Voucher Codes Pro.

But what is it about making changes to our finances that we find so challenging, and is there any way to set yourself up for success? Let’s take a look.

Setting realistic goals

Many people are over-ambitious with their goals. This includes estimating how quickly they can get out of debt, or how much they can save each month. It is no surprise that many people are looking to tackle spiralling personal debt as quickly as possible and so set unsustainable targets for themselves.

The recent study carried out by Voucher Codes Pro revealed that more than one-third of Brits set January goals to get out of debt, and another third wanted to save money for a variety of reasons. While the route to achieving these goals may seem to be to cut out as many luxuries as possible to make massive annual savings, the reality is that most people will slip-up with spending.

The resolutions most likely to fail according to the research are saving a set amount each month, and using no credit at all, which indicates that a lack of flexibility in your goals can be harmful to your progress overall.

Freedom Finance has also produced research which shows that it takes three attempts to complete a new year’s resolution, so there is still time to get back on track.

George Charles, a spokesperson for Voucher Codes Pro, said:

 “Having failed at a new year’s resolution doesn’t mean that you have to throw the towel in and wait until 2020 to try again.”

“There’s no time like the present. We’re all going to slip up along the way, but what matters is that you make a conscious effort to do better with your finances for the sake of your future.”

Keeping track is the first step

While many believe that paying a set amount back each month is the route to success, most people will derive more significant benefit from just accurately tracking their spending.

You should examine your finances and keep track of your spending in detailing - cutting out unnecessary expenditure where you identify patterns. Suitable examples include available subscriptions, insurance or TV bundles. You should also look into whether you are paying too much for energy, broadband and mobile contracts - even the smallest reductions in cost can add up over the year.

Set small, manageable goals

While at the beginning of the year you may have estimated how much you could hypothetically save, falling behind on these savings can affect your enthusiasm.

Nick Green from Unbiased.com said:

“A year is a long time, make it your resolution to set yourself small, regular goals over each week or month.

“Award yourself a small prize for achieving each one and tell your partner or a close friend about your goals, so they hold you to them.”

Contact us

We understand that facing up to financial challenges can be a tough and stressful time. However, you should be reassured to know that there are options available and, with the right advice and support, you can take the necessary steps to improve your situation. For specialist legal guidance on how you can get financially comfortable in Scotland, speak with one of our experts today via the online contact form

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