Start Now, Download Oval. App Store Google Play

Discover tips and tricks on how to save and invest money by Oval Money

In the UK alone, 1 in 5 Brits will make a New Year’s resolution on January 1st. Statistics also show that it is overwhelmingly the young (18-24 age group) who intend to better themselves in the coming year; with only 15% of the over 65s intending to make a resolution.

If you are looking for some inspiration about how to improve yourself and your life in the coming year, we’ve taken at look at the top financial resolutions from around the world and how you can achieve them too.

Italy: have economic stability

In Italy last year, 14.4% of poll respondents said that their New Year’s Resolution for 2019 was to have more economic stability.

Personal economic stability is something that each individual measures differently, but it is defined as the ability to maintain your standard of living - including paying current bills, rent, or mortgage payments - whilst having enough money to cover financial emergencies without causing long term damage to your financial situation.

How to achieve it

If this sounds like a resolution you’d like to make and keep in 2020 then you should focus on building an emergency fund over the next year by automating your savings and putting them into a separate savings account which is earmarked only for emergencies. Your emergency fund should have, at minimum, enough in it to cover a full month’s worth of expenses; although many experts recommend it should contain enough to cover three months.

United Kingdom: spend less money

In 2018, one of the most popular New Year’s resolutions in the UK was to spend less money.

Spending less doesn’t always equate to saving more, but if you manage to curb your outgoings you give yourself more disposable income, which you can then use to better your life through things such as further education, or travel, or you can look to the future and choose to save and invest.

How to achieve it

If you want to spend less in 2020 then it is important to start planning your monthly income and expenses so that you have a clear idea of all your cash movements. Follow this six step plan to help you build your first budget. By sticking to a clear budget your spending should become more disciplined over time. As this happens, you will find it easier to prioritise spending and stop spending on things that bring you no value.

Australia: get out of debt

An Australian poll at the end of 2018 found that the third most popular resolution for Australian adults in 2019 was to “get out of debt”.

Debt is no stranger to any of us, and living in its shadow can not only affect your mental and physical health, but it can stop you achieving long held dreams and ambitions by hindering your ability to save and invest as well as having a negative impact on your credit score.

How to achieve it

If your ambition is to get debt free in 2020 then there are a number of things you can do. You can start by speaking to a certified debt advisor, who will provide expert advice on helping you with your debt. You can also look at ways to earn an additional income, which will help you pay off your debt faster.

What’s your New Year’s Resolution for 2020?

Oval does not provide financial advice. If you need further information we suggest you look for expert advice.

Download the app


App Store Google Play