Establish savings goals, says expert

Whether it is saving a certain amount in accounts with the best savings rates or paying off a credit card, it is important for people to set themselves goals.

Eva Speakman, a celebrity inspirational life coach, said that in a poll of what people would spend money on if they won the lottery, there were a number of very "wacky" suggestions.

However, she said life ambitions and goals do not need to be on a grand scale with a large budget.

"Whether you are a lottery winner or you aren't, the most important thing in life is to plan what you want from your life. It is only when you have a goal, or a dream or an aspiration, that you will see it if the opportunity arises," she said.

Meanwhile, Martin Bamford, chartered financial planner at Informed Choice, said that people face tough decisions about savings as interest rates remain low.

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2011-10-21 15:07:43 © Moneyextra.com