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Setting savings goals

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Whether it's for something big, like a house deposit, an event, or simply for your peace of mind, having a specific goal to save towards can help you stay focused.

By setting savings goals, you have a clear sense of purpose.

Studies into savings behaviour indicate that people who set savings goals save more, and reach their goals faster, than those who don't. And although Bloomberg research suggests that our default human behaviour is to live in the moment, making saving money hard, the good news is that this can be easy to overcome with a few prompts or nudges.

So why not set some savings goals for yourself? You could start by thinking about the answers to some of these questions:

  • What do you want or need to buy in the next 12 months?

  • What breaks or holidays do you plan to take?

  • What high interest debts would you like to clear?

  • What are your medium term plans (e.g. saving for a home deposit)?

  • What savings might you need for your long term future (e.g. your retirement)?

  • What help would you like to be able to provide for your loved ones?

Once you've turned your answers into a savings plan, you'll need to keep focused on it. Here are some ways to do that:

Write your goals down: Place them somewhere visible like the fridge door, record them in a savings app, or make a note in your phone.

The idea is to make sure you see them often so you're reminded of them regularly.

Break big savings goals down: Break down big savings goals, like saving for a house deposit, into a series of smaller targets. Big goals can seem daunting, and when you don't seem to be getting much closer to them it can be tempting to give up.

Breaking them down into smaller goals will make it easier to see the progress you're making and keep you motivated.

Get friends or family involved: Share your savings goal with them and ask them to check up on your progress on a regular basis. Better still, make it competitive and encourage them to set their own savings goals.

Sharing goals can make you feel more accountable for them, and encourage you to keep going.

Think about timescales: It can be helpful to think about your savings goals in terms of short term (like a holiday or a new car), medium term (e.g. a house deposit) and long term goals (e.g. pay off your mortgage or save towards a retirement fund).

By separating out your goals in this way, you can enjoy the gratification of reaching short term goals, while still having plans in place to reach your longer term goals.

HSBC China offers you a wide range of products and services for savings accounts and time deposits, empowering you to accumulate and manage your wealth with ease for all your future plans.

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