How To Succeed In Your impulseSave® Challenge
Please note this blog post was published over 12 months ago and so may not include the most up-to-date information, for example where regulation around investing has changed.
We are almost through the first month of 2018, and hopefully you are off to a great start with the impulseSave® challenge.
The idea of this is to top up your investment in a little and often routine that builds towards a bigger sum. For each week of the year you invest the amount attached to it – Week 1 is £1, Week 2 is £2 and so on. Your challenge is to impulseSave® an amount each week for 52 weeks. By investing little and often, you’ll have invested an extra £1,378 by the end of the year.
Here’s our top tips for keeping on top of your challenge…
Set a goal
Your first step in the impulseSave® challenge should be naming your goal. By focusing on your destination, you are more likely to do what is necessary to get there. Hold on to the thought of your goal.
Reverse the order
One of the first things to cross your mind when reading about the impulseSave® challenge is the thought of having to invest larger amounts towards the end of the year.
For many people, there simply won’t be a spare £52 to invest at the end of the year. The weeks around Christmas are likely to be a financial drain, so why not flip the calendar? This way you’ll impulseSave® the large amounts now, and finish the year with the low amounts. That means £2 in the week before Christmas, and £1 in the final week of the year.
An order that suits you
Another option with the impulseSave® challenge is to invest when you can, marking off the calendar amounts in an order that is more suited to your circumstances.
Perhaps you’ll make a big bonus at work, so you impulseSave® some of the higher weeks at that point. Make the challenge work for you, with the goal of investing the £1,378 by the end of the year.
Successful investors keep track of their money. How is your investment performing? If it is falling behind your goal, you may want to impulseSave® a little extra. If your investment is doing well, enjoy the satisfaction of seeing your money grow and keep investing towards your goal – you may end up exceeding your aims.
Investing is about discipline, you need to keep your emotions in check. Successful investors think in the long term, they don’t get carried away with short term losses or sudden gains. Keep your goal in mind, invest little and often in the impulseSave® challenge.
Take your time
Investments tend to be for at least five years. The advantage of patience is that it helps you ride out fluctuations in the market.
Top up extra
If you find yourself in a position to top up extra, go for it! The only thing more satisfying than meeting the impulseSave® challenge is exceeding it.