(Please note – this competition is now over, but we hope you still find the information useful).
If you’ve never set a goal to improve your finances then now is the time and you could also be in with a chance to win £5k. Read on and see how.
We all want to achieve things in life – get fit, buy a new car, save for a holiday or to save for our children’s future.
But often we fail when it comes to saving for these dreams and desires. We start a diet to lose a few pounds but we don’t stick to it. We say we want a new car, but never manage to save enough and we want to make sure we can provide for our children when they are older, but again we don’t have a savings plan.
But why do we fail? Lack of goal setting has been cited as one of the key reasons we fail to deliver on the promises we make ourselves.
But according to research, sharing your goals could make a world of difference when it comes to achieving them.
So, why set a goal?
You’ll be surprised at just how much goal setting can change everything. For example, if an employee with 5-9 years’ experience typically earns £30,708, a ‘goalless’ saver is only likely to save £1,646 a year into a pension, whereas someone who sets a goal is more likely to stash away £2,226 a year, according to research from Zurich Insurance.
Sharing your goals can achieve:
You can share your goals with friends, family, a support network or even a professional.
Although it may take time to achieve the goal you want, sharing it means you are more likely to achieve it – after all, no one likes to go back on their word and the pleasure of sharing the success is also hugely motivational.
Financial moves to make to help with your goals
When you’re trying to save for something big, it’s not always easy, especially if you have children, where unexpected expenses are the norm.
But careful planning means you could put money aside each month, which could for example include putting it into a stocks and shares ISA, such as Zurich’s FutureYou ISA. With poor interest rates on traditional savings accounts, stocks and shares ISAs can deliver higher returns, as long as you are saving for the long-term – at least five years and ideally 10 years.
- Maximise your ISA allowance (£20,000 for tax year 2017/18)
- Make the most of other tax efficient saving, such as pensions. If you want to know how much you might need for retirement, see Zurich’s pension tool here.
- Do weekly meal plans to save money on food
- Carry out a financial MOT, which includes renewing service provider contracts and cancelling what you don’t need
- Ditch the take-away coffee – this will save you hundreds of pounds
And finally, how to win £5k
MMM has teamed up with Zurich Insurance to offer you the chance to win £5k.
All you have to do is Share Your Goal.
To enter – share a description, photo, or video of your life goal experience using hashtag #ShareYourGoal as part of your post – which you must tweet, or comment on the Zurich Facebook page. You can tag Zurich at @ZurichFutureYou on Twitter.
Four winners will win £5k to put towards their life goal, a bespoke life-goal experience and a financial assessment.
All winners will be announced by April 17. You can see the full terms and conditions here .
This is a collaborative post with Zurich Insurance.
MMM does not give financial advice and is not responsible for any action you may take based on the content of this article.
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