Financial Control – New Year Resolution

Published on 1 January 1970 by Raffick Marday

The most common New Year resolutions are to lose weight, get fit and start taking control of personal finances, new figures reveal.

For almost half, 44 percent, of Brits this year, getting their finances in good condition means focusing on savings, according to research by Lloyds TSB.

The most popular New Year resolution is for 25 percent to lose weight and get fit, with 11 percent intending to sort out their finances.

“For many of us, savings is a bit like going to the gym, we know we should do it but we keep putting it off,” said Greg Coughlan, Lloyds TSB savings head.

“We all start the New Year with good intentions but as the weeks go by it’s easy to let our resolve slip.”

The average savings target this year is £1,232.63, with 57 percent of the population planning to save more in 2011 to achieve this.

Almost a third of people aim to save up to £50 a month, with 35 percent of women aiming for this target, compared to 18 percent of men who intend on putting away £200 a month.

Prepaid Credit Cards to Help Save

The research also showed 78 percent do not have a savings timescale, indicating many have not planned by when they intend to have this money saved by, and could be disappointed when they do not see the results of their efforts immediately.

To help you save your targeted amount this year it is advised that you budget your income each month, and get into the habit of putting away what you can afford.

To aid this, a prepaid credit card can prevent you from spending more than you intend to as it does not have an overdraft facility.

Once the funds are loaded onto the card the user can use it to make purchases in the knowledge that they will not have to pay off a large credit card bill.

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