New year resolutions? We’ve got dozens!

Q: What’s the difference between an ice lolly and a new year’s resolution?
A: The ice lolly lasts longer.

At the start of every year we like to make lists of all those things we should be better at doing, but never quite got around to doing last year (or the years before).

It doesn’t matter how many inspirational quotes we lavish with likes on facebook or instagram, the truth is that actually changing our behaviour is HARD.

There are so many priorities in life - our health, family, the environment, … We know that savings are important too, but by definition they are for the future, not today, so they can often languish at the bottom of the list.

We all know that we’d be better off if we saved a bit more and spent a bit less, but somehow we never get around to it. All those other resolutions cost money - all those new bikes, new outfits, new diets, and new yoga classes don’t come cheap, we know, but we want to make your savings more rewarding than the “retail therapy” which ends up benefitting lenders and retailers, not you.

That’s why we are designing our dozens app to make savings easier and more fun. Set it up once and the savings take care of themselves.

So, with dozens helping you :white_check_mark: “Build up my Savings” off the list, what you will focus on instead?

(… even if it is just to spend more time enjoying your ice lolly).

In my own case, I spent a considerable sum in 2018 on upgrading the energy efficiency of my home. I’ve got solar panels, a new efficient gas boiler, a super-cool new-generation hot water tank (more on this another day), and a heat-pump technology dryer.

(aside: Never noticed the profusion of hyphens before :wink: )

My aim will be to find ways to make my remaining savings pot, now greatly diminished, to replenish itself to get my “cushion” back.

If the money can be taking care of itself, I can be focusing my mental energy on improving the efficiencies by cutting electricity and gas usage and also encouraging better family habits. That’s already enough of a challenge.

I will track the improvements we make, and the idea is to save that amount each month and to shorten the “payback” period of these investments.

Saving not only money but also doing a little bit for the planet at the same time. Can’t beat that for a “resolution” - or can you?

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Adding this a little late, but this year for me is to try and start on the path to financial stability. I started my professional career at the latter stages of 2017 and spent most of last year frivolously spending with my new steady income.

Dozens is just one of several prongs for me to start paving my path forward. I’ve set up several accounts to start building both short and long term savings.

I’ve set up a LISA on the off chance that I decide to buy my own place in the future (if not, there’s a bit extra for retirement).

I’ve got a stocks and shares ISA which I’ll be putting a small amount into each month and just seeing how it turns out in 10-15 years.

Then there’s the instant access saver, so that I can start building that cushion that I’ve never had.

There are also 2 credit cards I’m working down currently :see_no_evil: (making good progress though, and should have the Barclaycard paid off before the 0% period ends :+1:)

I think this post may have deviated slightly from the original point of new years resolutions :smiley: new years resolution is basically to start paving the way to financial stability and reduce my reliance on credit :slight_smile:


Mind saying who you’ve gone with for the LISA and the S&S ISA?

Oh don’t forget your SIPP too that’ll be next!

Sure, I went with Skipton for the LISA, because of the interest rate.

I have Moneybox for the S&S. Tbh, I didn’t really do any research into the S&S ISA options before going with Moneybox. I just saw an ad, liked the round up feature and fully managing it through the app, so went for it :slight_smile:

Be careful with the S&S ISA because fees are the real killer. I think Moneybox is pretty high iirc.

If you ever fancy reading up on this and how to build your own balanced S&S portfolio I’d highly recommend you check out Tim Hales Smarter Investing, was brilliant for setting up mine!

Also Monevator is a cracking blog for building and balancing portfolios: The Slow and Steady passive portfolio update: Q4 2018 - Monevator

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Yh, having done a small amount of reading on them since (still not enough to really make any sort of informed decision) Moneybox is fairly expensive.

I’ve just taken a quick look at what MSE recommends and there are a few options there that would probably be better. Thanks for the pointers, I’ll bare them in mind when taking a closer look at the S&S ISAs.

I’d probably prefer to stick to the “do it for me” type platforms personally though. I like just sticking my money in there to just grow (or not) without me having to really do anything other than provide the funds. But maybe that will change in the future :slight_smile:

Awesome! Best of luck with it!

If you ever do get sick of the charge, have a scour on the Monzos forums there’s a huge Wealthify circle that gives you a big discount on their fees.

Ah, that’s awesome! Thanks :blush:

I have transferred my LISA from HL to Skipton. 5% in the two years-ish, but a great deal of short term uncertainty and I am looking to buy a house in 2020. The interest rate from Skipton is not to be sniffed at mind. 1% on top of 25%, I’ll take that!