Video: 6 impulseSave® Challenge Savings Tips
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.
Jodie McGrath-Hayes Jodie McGrath-Hayes presents these tips to keep you on track with your goals. If you haven’t started the challenge yet, it isn’t too late to catch up!
We’re now a few weeks into the impulseSave® challenge. 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 some tips to keep you going
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
Reverse the order
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
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.
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.
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
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.