Savings goals will help improve balances

Britons who set themselves goals will contribute more to accounts with the best savings interest rates.

New research by NS&I shows that people in the UK who set themselves savings goals save 44 per cent more than those who just pay in what they think they can afford.

It found that people with targets save around £40 a month more, which adds up to around £500 more saved each year.

"We would encourage people to think carefully about their daily expenditure, and use a goal to motivate them to help boost their savings pot. Keeping a weekly diary of spending can be a good way to keep track of outgoings," said NS&I savings spokesperson, John Prout.

He added that setting achievable goals, such as bringing coffee and a packed lunch to work instead of buying them, is an easy way to start and can make a significant difference.

This view was echoed by Eva Speakman, a celebrity inspirational life coach, who said it is important to have inspirational goals.

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2011-10-24 15:36:21 © Moneyextra.com