Wednesday, 24 February 2016

Financial Fitness Goals for 2016

I'll admit it, I'm really not the best with money.
If there was a prize to be won for mad, irrational spending each and every month, I'd be the winner.
In fact, as Carrie Bradshaw once put it: "I've spent $40,000 on shoes and I have no place to live! I will literally be the old woman who lived in her shoes!"
But in fairness, there comes a time in all of our lives where we have to get smart about money, and for me, that's 2016.

I've set myself a few goals to better manage my money in 2016 and get my finances in shape.

1. Don't Spend More Than You Put In
This is really a no-brainer but the reality is that many of us live beyond our means. A sure fire way of getting ourselves into debt is spending more money than we have coming in each month.

2. Distribute Funds Across Different Accounts
I've learnt there's simply no point having all your money in one account, it's far more effective (and motivating) to have different accounts for different types of saving. 
For example, I have a current account, a savings account, a building society account, and I've recently taken out an ISA to save for a house. 
Arty studio apartment with windowboxes, be mine.

3. Set Up Standing Orders
I only recently left my cave and started online banking, and having access to apps has made me so much more organised with my money.
I no longer have to walk into a bank like the dinosaur I am to pay in money, now I can do it all from the comfort of my phone/laptop. 
My main goal for this year is to carry on paying into each of my accounts religiously every month to make sure I actually am saving, which is why I've set up standing orders.

4. Save, Save, Save
My ultimate goal is to be able to actually afford to buy somewhere of my own, without having to do so jointly. This year I'm working hard on saving (but obviously also still spending, we can't expect miracles) to make that dream a reality. 

5. Pay Off Outstanding Loans
One thing I'm eternally grateful for is that I've never racked up too much in the way of loans. 
I do have a student loan that I'd really like to pay off so I can put the money I'm spending into one of my savings accounts instead.

I was challenged to share my 2016 financial fitness by Credit Card Insider, a comprehensive resource helping the younger generation make wise financial decisions. 

Do you have any money goals for 2016?



  1. These are such amazing tips! God when I was 18 I have no idea what I spent my money on.. I went to the shop to do a big food shop and there was nothing in my bank! Bloody nightmare haha! I'm quite savvy now, I save everything I don't spend!
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    1. Haha I know! Mind you I'm still pretty terrible, definitely need to be more savvy!

      Lucy x

  2. This is such a good goal! I recently just paid off all my school loans so I'm debt free. I also tend to use my credit card for every purchase so I can easily see on the statement where my money's going; if I use cash I'll completely forget where they went!

    xo, alice / T Y P E N U

    1. I bet being debt free is an amazing feeling, well done! I'm the same, I can't keep track of cash at all!

      Lucy x

  3. great tips! xx


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