Polls / October 11, 2010

If you write a money goal down, do you think you are more likely to achieve it?

eZonomics poll respondents are divided on whether writing a money goal down makes it more likely for them to achieve it. Overall, 43% of respondents say writing it did increase the likelihood, while 57% say it did not.

Am I write to save?
A key part of making and sticking to a budget is setting goals and writing them down. The golden piece of advice to set a goal and write it down holds true no matter if it relates to saving for an early retirement or for other targets, such as a holiday, school fees or a wedding.
Research – as detailed in the eZonomics story When reminders make you rich – shows going a step further and arranging reminders of the goal can also increase the likelihood of the savings target being reached and boost the total amount saved.

Save often and watch your money grow
In addition to writing down savings goals, other simple steps can help reach money goals:
 

  • Name your account: If you’re saving for a Rolling Stones concert, calling your account One Night With Mick Jagger could encourage you to not miss a payment
     
  • Set up automatic payments: Having payments go into a savings account is a simple way to ensure you won’t “forget” to save
     

The eZonomics video I can’t possibly save that much gives handy hints, urging savers to get started and not delay, save often and to reinvest interest they earn (rather than spend it).

SavingShopping

eZonomics team
.(JavaScript must be enabled to view this email address)

Have your say

Should banks incentivise you more to boost your savings?