Have you stuck to your 2024 savings plan?

The first quarter of the year has already flown by, and it's a good time to take stock of your financial progress. Did you manage to stick to your savings plan, or did unexpected expenses and financial challenges derail your goals? 

4 Tips to get savings back on track

If you find yourself falling short, don't be discouraged. The past year has been a tough one for many people financially, and it's not uncommon to struggle with keeping up with a savings plan. The good news is that there are several strategies you can implement to get back on track and make the most of the remaining year.

1. Make (or reassess) your budget

If your savings plan isn't going the way you wanted, then it's possible that your budget isn't giving you any benefit. However, they can be pretty good for tracking how much you can reasonably expect to save or how much you may overspend. Consider using a budgeting app or spreadsheet to help you track your income and expenses more effectively.

Make sure to double check what your budget is like at the moment and if your financial situation has changed. Remember to account for any new expenses or changes in income as they can change how the numbers turn out.

2. Focus on paying down or reducing interest on debt

If you've got a fair amount of debt on hand, especially something like credit card debt, then it might be worth focusing on paying it off. Part of this is because high interest debt can eat away at your finances, so making an effort to reduce it over time can be helpful to your overall financial plan. 

Alternatively, If you've got lots of smaller debts, then a debt consolidation loan might be preferable. With one of these, you can effectively bundle all your debt into one personal loan and, sometimes, at a much lower interest rate. This can also help bring down repayments faster. Just be sure to read the fine print and understand any fees or charges associated with the loan.

3. Write down your savings plan

It might be tempting to keep it all in your head, but writing down your financial plan is a far better option. Not only can you keep referring to a concrete plan, but you can also display it on a white board or pin it on the fridge. Make sure your plan includes specific, measurable goals and a timeline for achieving them. This will help you stay motivated and on track.

4. Compare savings providers

Getting a savings account with a good interest rate is a great way to make sure your savings plan is progressing at a good pace. Higher savings interest rates mean faster compounding and quicker growth in your cash. Take the time to research different savings account options and compare their interest rates, fees, and minimum balance requirements. Don't be afraid to switch providers if you find a better deal elsewhere.

With any of these tips, just keep in mind that even small changes can add up over time, so don't be afraid to start small and build momentum as you go. If you want to compare high interest savings accounts to get started, then click the link to our hub page.