Each year in January many people make New Years Resolutions. However, I always hate the feeling of making resolutions of losing weight, read a book a month, enrol on a course etc and never sticking to them. It just feels like too much pressure that will eventually add up to me failing miserably. New goals or things to achieve I can do throughout the year when I am ready to try. So as you can tell I rarely set resolutions.
There is one thing that I have been working on and we will continue this year and that is managing our money. For the past 4 months, I have been working part-time and do you know what? Bringing in money again feels really good. One thing I did straight away was to join the company pension scheme. So yes, finally at 32 years old I have a pension. It is definitely something I regret not taking seriously when I was younger. This year will be a test for the spreadsheet I have put together to work out our retirement plans. I can see how much we have and what age we can retire at. It is a long way down the road but we want to be prepared.
Along with spending money on our house this year we still want to be able to save some. I have seen lots of savings challenges on social media including the save 1p for each day it is, increasing it each day to eventually save £670 over the year. However, I feel that would be too tempting to delve into it when I need change. Instead, I am looking to open up a new account, a savings account and a joint account. By doing this not only will we get a little bit of money for switching, with the offers currently on, but it means a little bit of money can be put away each month. This way if it is out of sight I would not think to touch it.
Managing money doesn’t just mean with us but we also want to oversee where the girl’s money goes. They have recently had bonds opened up in their names which will be great for the family to put birthday money in if need be. We have also arranged that any winnings to be funnelled back into the account. This we feel will be a great and easy way for us to save for the girls for their future. Not only that but we are looking at the best children’s savings account to open for them. Some more research needs to be done to see which ones are best though.
So this year is going to be all about saving money, earning more, budgeting and managing our future. If your idea is to do the same then you ming find the Pension Calculator, The Budget Planner, and Savings Calculator helpful.