Just a few weeks into the New Year here and everyone is working hard at sticking to their New Year´s resolutions!
One of the most common New Year´s resolutions is to save money, whether for a summer holiday, a new car, or as a deposit for an even larger investment such as an apartment.
However, when it comes to making positive changes and developing new routines, whether it's going to the gym, eating healthier, or saving money, according to US News, 80% of New Year´s resolutions are, unfortunately, broken by the second week of February.
Why We Break Our New Year´s Resolutions
One of the main reasons we break our New Year´s resolutions is because the goal wasn´t specific enough nor was there a structure to support our goal.
It´s one thing to know why we´d like to save money, however, we rarely give too much thought about the how.
Without laying down concrete steps to reach our goals, often, we lose our will. For example, we might have the goal to save money but in the first couple of weeks of the new year, we encounter unexpected expenses, and immediately, we stumble at the first block.
Make It Automatic
The key to sticking at your New Year´s resolution is to make it part of your routine, to integrate it into your daily life and make it as automatic as possible.
Consistency is key if you want something become a habit. When it comes to saving money, make your deposits regular. Set yourself weekly, bi-weekly or monthly goals – make it automatic.
Watching Your Progress
It´s true that momentum builds momentum.
Studies show that if we can see even just the slightest sign of progress or improvement in whatever we´re doing, we´re more likely to continue. We need signs that we´re moving forward.
With a mindset geared towards learning and development, we can ride the bumps and overcome setbacks and delays, knowing we´re moving forwards whether it´s in small steps or leaps and bounds.
Putting It In Action
With these points in mind, when it comes to saving money and seeing our goals through to the end, FerratumBank has designed a powerful mobile banking savings tool aimed to help you achieve your savings goal.
Within the FerratumBank app, you can set savings goals. First, name your goal, e.g. a vacation, a car etc. Next, set your target for when you´d like to achieve your savings goal.
You will now be able to see how much money you will need to save each week or each month to reach your savings goal. Now you have a plan! To make it automatic, set up the frequency of your recurring deposits – weekly or monthly, you decide! FerratumBank will take care of the rest.
To watch you move closer to your goal, watch the progress metre and stay motivated every step of the way.
At FerratumBank, we´re all about helping people go after the things that matter most in their lives and to reach their goals. So, what’s your goal? We can help you get there in just a few taps of the button!
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