5 tips for making saving resolutions you can stick to in 2022

06 January 2022


Jonathan Smith
Jonathan Smith
Woman looking at post it notes on a white board. She is focusing on a pink one she is holding and is about to write on it

Happy New Year! It may be hard to believe but 2022 is here already. With a fresh start ahead, there’s a very good chance that you’re thinking about your plans for the next twelve months.

When you’re considering the future, your finances are likely to be front and centre, especially if you would like to save more. However, before you jump into the New Year with ambitious goals, it’s worth making sure that you will be able to stick to them. After all, only a quarter of people are able to keep up all of their resolutions (YouGov), so making them realistic will help you stay on track.

Setting yourself saving resolutions you can stick to for 2022 is the key to keeping them up throughout the year. Here are a few tips to help you plan them.

Think about your motivation before setting goals

A lot of people make big plans with their resolutions just because it’s 1st January and not because they have real motivation to achieve them. If you take this approach, then you may find you’ve given up on your goals before long.

While putting money away just to save is perfectly fine, if you’re not a regular saver it can really help to have something that motivates you as you try to build a new habit. Think about the end goal: are you saving for something in particular, like a house, car or holiday? Want to build up a rainy day fund for the future? Just want to make Christmas less of a burden in 2022? These are all worthy goals and may be helpful to keep in mind when you’re tempted to ease off with your savings later in the year.

Don’t be afraid of making less ambitious resolutions

When you start a new year with a lofty savings goal, you’re setting yourself up to fail for a couple of reasons. For one, an ambitious target can weigh heavy on your mind and puts unnecessary pressure on yourself from day one. Secondly, a big goal needs to be broken down into smaller milestones if you’re going to have any chance of reaching it.

With this in mind, don’t be afraid to make less ambitious resolutions when it comes to your savings. Try not to make your target too vague — for example, “I will become financially independent in 2022” — or too high. Instead, take a more considered approach and either settle on a figure you’re comfortable with or break a larger number into smaller chunks that you can aim for along the way.

Give yourself room for improvement

We’ve already mentioned that it’s not healthy to put huge pressure on yourself as soon as the clock strikes midnight. Doing so can end up doing more harm than good, as you are likely to end up stressed or anxious about your finances. To avoid this, don’t forget to give yourself a break when it comes to sticking to your savings goals.

Dropping the “all or nothing” attitude to your New Year’s saving resolutions will give you the breathing room you need to succeed. For instance, if you find you’ve overspent one week, don’t beat yourself up about it and just make sure you take more care to save the right amount the week after. Always remember that just because you miss the target once doesn’t mean you have failed completely — you can still keep up the momentum.

Plan and track your progress through the year

When you’re serious about hitting your savings goals, it helps to have a plan and to track your progress. Have a think about the target you’re aiming for and the route you will need to take there. This means deciding on an end amount that you will realistically be able to achieve based on the amounts you can comfortably save on a regular basis without sacrificing your essential living costs.

You should also think about how saving will impact your financial situation overall and plan your approach with this in mind. For example, if you don’t have an emergency fund to cover unforeseen expenses that crop up through the year, choosing a flexible account to save into, like one of our Instant Savers, can ensure you have access to your money in a pinch and aren’t stuck looking elsewhere.

Tracking your progress as you save can give you a real sense of accomplishment and pride, which will hopefully help to spur you on towards reaching your resolution. Keep a log or spreadsheet to record each deposit you make and you will be able to see yourself getting closer to your target each time. If you save with us here at Atom bank, our app can give you a quick snapshot of your savings, as well as more detailed information.

Commit to your resolutions with a savings buddy

Making a commitment to save is very achievable if you’re doing it on your own, but with the support of someone else, it can be even easier. If you have a partner or friend who shares a similar goal, teaming up as savings buddies is a great way to keep each other motivated and accountable. By updating them on your progress, sharing challenges you have overcome and celebrating successes, then providing the same support in return, you will both find it easier to reach your resolutions for the year.

At Atom bank, we’re 100% behind you when you want to reach your savings goals. That’s why we offer fantastic savings products like our Instant and Fixed Savers to help you build up your money and an easy-to-use app so you can manage your funds. You can also visit our blog for more advice and tips on how to save better.