How Has The Caa Managed To Save The Nation So Much Money?

Finding a better mortgage rate, ditching the credit card and generally being more careful with our money – despite creating these massive life to-do lists, come mid-January it's all too easy to feel the tasks are too big. The result? We end up doing nothing.

But we've got the approach all wrong: taking control of your financial matters should be empowering – and the secret to sticking to our resolutions? Not making them so mammoth that we fail at the first bumpy patch but still making them aspirational enough to look at the bigger picture too.

Take a look at these five top money resolutions and apply Good Housekeeping's pared-down approach so you do something rather than nothing.

#1 I'm going to save my whole ISA allowance this year

Really? The full annual ISA allowance is £20,000 or £1,666 a month, plus the tax year runs April to April. If you haven't already put money into your ISA, that's only a few months to save A LOT of cash.

Do this:
Set up a direct debit from your current account and start drip feeding into your savings now.

#2 I'm not going to even touch my overdraft this year

Really? Never mind the whole of 2018, January is a long month and while we don't encourage living on the overdraft edge, authorised overdrafts are there for a reason and can be used for essentials.

Caucasian woman paying cashier at grocery store checkout

Jacobs Stock Photography Ltd Getty Images

Do this:
Ask your bank what your authorised overdraft rate is – if you're a loyal customer it may even offer a 0% buffer on a certain amount. First Direct charges 0% on the first £250 its customers borrow.

#3 I must start investing NOW

Really? Before getting all Wolf of Wall Street, ask yourself first what emergency savings you have in place?

Do this:
Build up a savings pot that would cover you losing income for at least three months, then think about investing.

#4 My pension contributions are going to be cranked to the max

Actually, we wouldn't disagree with this...

Do this:
Up your pension contributions as much as you can – especially if your employer is matching them. Use this pensions calculator to work out what you can afford.

#5 No more take away coffees and lunches for me

Really? The transformation from Miss Pret a Manger to the next Martha Stewart seems a big leap.

Do this:
Set a target, like 'I will bring a packed lunch three times a week' to start, then work on building up. Treat yourself to decent coffee and a cute thermos flask so you don't feel like you're missing out, and allow yourself a weekly takeaway treat.

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