How to reach your saving goals quicker to make dreams a reality

VICKY SHAW

dream of going on the cruise of a lifetime.

However, with the average person putting away around £194 per month towards their goal it would take them about 25 years to achieve it, based on the average cost, Ford Money found.

There are ways to achieve savings goals more quickly, though. Ford Money said that by adopting a “little and often” approach, savers could halve the time it takes to achieve their goals.

Those surveyed said they could save up to £187 more each month, thereby reaching their savings target up to 12 years sooner.

Life and career coach Honey Langcaster-James noted that creating a realistic monthly savings plan that factors in little treats every so often can help when it comes to putting more aside.

She said it is important to never completely starve yourself of life’s indulgences as it can make it more difficult to stick to your plan.

Starting early is also recommended as it is easier to maintain good savings habits if you begin when you are younger.

Ms Langcaster-James added that the earlier you start saving, the more you will benefit from compound interest, which will feel particularly rewarding.

This means you will earn interest on the interest you receive each year, which can

Taking memorable trips with family was one of the amditions of people in their 40s, 50s, and 60s.

Picture: PA

help keep you motivated. It also builds your savings without you having to deposit as much to reach your goal.

Another way to achieve a particular savings goal is to consider having a no-spend week each month.

Prepare for it the week before and try to refrain from buying anything you have not planned for.

This exercise in self-discipline can make you more confident in your ability to manage savings effectively, while proving to yourself you can live without spending excessively and is a great way to change your mindset around money.

Despite these tips, the fact remains that rising inflation and low wage growth means many households are struggling to put money aside.

Indeed, as many as one in six adults across the UK are in danger of falling into a debt crisis, according to research from the independent Money Advice Service (MAS).

The service is urging people to look out for the following signs that someone close to them might have debt problems so they can receive help before the problems worsen.

They have been in debt in the past.

They have had a recent life event that has resulted in a loss of income or higher spending – for example, having a baby, being made redundant, illness, divorce or a death in the family.

They are living beyond their means or overspending; they always seem to have the latest must-have items although they do not have the matching income.

They seem anxious, withdrawn or depressed. They socialise less and avoid friends.

They may seem more secretive, hiding issues and avoiding talking about finances.

They have changed their spending habits, either reducing spending, for example by eating out less, or overspending, including spending without a plan for repayment, especially putting luxury items they do not really need on credit.