Back in January, thousands of people in the Moneybox community took steps to build healthy financial habits and set milestones to get closer to their financial goals. We’re midway through the year and deep into the busy summer months where weddings, holidays, and social events fill our calendars – making it all too easy to lose momentum on your goals.

Now is a great time to reflect on your progress and course-correct if you need to, using this handy guide. Plus, find some useful tips on how to balance multiple financial goals alongside a busy social life.

 

Reflect and course correct 🧭

Think back to the goals you set for yourself back in January and the habits you put in place to get there. Are you on track or have you veered off slightly?

If not – don’t be too hard on yourself. Instead, think about why. Have your priorities changed, did you set yourself too many goals, or are you struggling to find a way to save that’s right for you?

 

Easy steps to help you reset

If you’ve veered off track, don’t abandon your goals altogether. Instead, let’s reset with some simple steps to bring your focus back to your financial goals.

  • Log in. Even if you haven’t made lots of progress so far this year, there’s still another six months to work towards them! Log into the Moneybox app to see how you’re tracking against your goals and get an idea of what’s left to do between now and the end of the year.

 

  • Review your payment settings. What works for one person won’t necessarily work for another. If your current way of saving isn’t working for you, change it! With Moneybox, you can set up weekly, monthly, or one-off payments to your Moneybox account. Or, you could use our OG round-ups feature which allows you to save while you spend.

 

  • Set time aside every week. Checking in with your finances weekly can be really helpful – whether it’s to build healthy money habits, track your progress, or even just to know where you stand with your finances.

Remember – breaking larger goals into smaller, actionable steps will help you progress towards your financial ambitions.

 

How to juggle multiple goals 🤹

We know it can feel difficult to save and invest for your future while also “living in the moment”. But, with a little trial and error to find the best budget for you, it is possible. Here are four different approaches to saving that factor in major financial goals and short-term goals.

 

One goal at a time

This method is for people who live by lists. Tick one goal off the list and move onto the next. Here’s an example of how it works:

The goal: In the next six months I want to save £900 towards a deposit for my first home, £600 towards my retirement, and £300 towards Christmas.
The plan: I’m going to do that by adding £300 per month to my Moneybox Lifetime ISA for three months, £300 into my Moneybox Pension for two months, and £300 into my Simple Saver for one month.

 

All the goals, all at once

This approach is for those who want to make a habit of saving. The idea is that you work on all your goals at once, every month. You could split your money equally between them, or you could prioritise one over the others by contributing more towards it. Here’s an example of how it works:

The goal: I can afford to save £700 per month towards a deposit for my first home, investing, and spending money for my holiday.
The plan: My priority is a deposit for my first home, so I’ll contribute £300 to my LISA and £200 to both my Stocks and Shares ISA and Simple Saver each month.

 

Seasonal saving

This saving style would suit forward planners as it requires you to look at the whole year. It works by identifying recurring events that happen every year and the less busy months, and planning saving sprints around them. Here’s an example of how it works:

The goal: This year, I want to save £4,000 towards a deposit for my first home, £500 towards summer spending, and £500 towards Christmas.
The plan: I know my busiest and most expensive times of the year are around Christmas and summer. So:

  • I’m going to focus on saving towards a deposit for my first home by saving £666 a month between the quieter months of January-June. 
  • Since the tax year runs from April-March, I could save into my Simple Saver before moving into my Moneybox LISA in the new tax year. 
  • That means I can budget an extra £250 per month in the busy months of July and August. 
  • Plus, I can save £125 per month into my Simple Saver between September-December towards Christmas.

 

Round-ups

This is one for those who can’t afford to save large amounts of money right now, but still want to make progress on their goals. You’ll be amazed how quickly it adds up! Here’s how it works:

The goal: Make progress on my goals even when I can’t afford to save big amounts
The plan: Use the round-ups feature in the Moneybox app to save while I spend! Every time I make a purchase, it’s rounded up to the nearest pound and the difference is saved in my chosen Moneybox account.

To set up round-ups, head to the Settings tab in the app.

 

 

Important to know

All investing should be long term (min. 5 years). The value of your investments, including your pension, can go up and down, and you may get back less than you invest

A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement, and you may get back less than you paid into your Lifetime ISA