Money News
Data from the Nationwide Building Society has revealed that when it comes to finances, the number one New Year's resolution is to save more money in 2008 - 26% of men and 24% of women saying that saving more was the most important change they needed to make in the New Year.
18-24 year olds were most concerned with changing their saving habits - 65% saying they would like to improve their savings in 2008. 34% of savers aged over 55 also indicated they would also like to save more next year.
Respondents were asked what their number one financial New Year's resolution would be in 2008. The top 10 responses were: 1. Save more money (25%); 2. Start saving money (23%); 3. Find a better paying savings account (8%); 4. Get rid of unwanted credit cards (6%); 5. Sort out TV, phone, broadband, mobile deals (5%); 6. Sort out financial paperwork (3%); 7. Find a better mortgage deal (3%); 8. Cancel unused subscriptions or direct debits (3%); 9. Have a proper savings plan (2%) and 10. Get a current account that pays interest (2%).
If you are serious about saving here are some tips:
Ensure that you use your tax-free allowance every year.
If you want to save a certain amount every month, start a regular savings account but make sure you read the small print. Some accounts penalise you for making a withdrawal which can seriously reduce the return you receive on your savings.
Look for an account which offers long term good value. Many savings providers offer high headline rates which only last for a fixed period of between 6 and 12 months, after which the account will earn a lower rate of interest. If you're easily tempted to access your savings consider a notice account.
Review your current savings provider and see whether you could get a better rate elsewhere.
28 December 2007 © Moneyextra.com
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