You’ve probably heard the saying: “Everything is a dream until you decide to make it happen.” And it’s true. Many of us dream of financial freedom – the freedom to choose where we live, how we educate our children, or where we travel on that once-in-a-lifetime adventure.
That part’s easy: the dreaming.
The real challenge lies in turning those dreams into a plan and then putting that plan into action to achieve your goal.
For many clients, achieving those dreams feels impossible. But here’s the truth: with a solid strategy and consistent effort, amazing things are possible. You don’t have to be a financial expert – you just need to start. So, let’s go back to the beginning.
Where do you start?
1. Set a specific goal
The first step to successfully saving is knowing exactly what you’re saving for. A vague idea like “I want to save more” isn’t enough to keep you motivated. Instead, define your goal clearly.
Think in terms of specifics:
- “£3,000 for a Japan trip by May next year”
- “£20,000 for a house deposit in 2 years”
The more vivid the goal, the more emotionally connected and committed you’ll feel. If it helps, create a folder on your phone and save images of the sort of house or trip you want to save for. Sometimes it’s hard to imagine without something to look at. Ask yourself: How will I feel when I reach this goal? What will it mean for my life?
2. Break it down into manageable milestones
Once your goal is set, break it down into smaller, manageable chunks. For example, if you’re saving £6,000 a year, that’s:
- £500 a month
- About £115 a week
- Roughly £16 per day
Suddenly, it doesn’t feel so daunting. In fact, it starts to feel doable.
Track your progress in a way that excites you – create a visual countdown, fill in a progress chart, or use an app that lets you see how close you’re getting. Get creative if it helps.
3. Automate your savings – set it and forget it
One of the easiest and most effective ways to build your savings is by automating the process. Set up a standing order or direct debit that transfers a set amount into your savings account each payday. That way, saving becomes effortless and temptation-proof. If excess money sits in your current account, you WILL spend it.
If you can see that your current account balance is less, you will unconsciously slow non-essential spending.
4. Cut or reduce unnecessary spending
Yes, it’s a classic tip – but there’s a reason it’s stood the test of time.
Take a hard look at your monthly outgoings and ask: Where is money leaking out without adding value to my life? Are there forgotten subscriptions? daily coffees? Or online impulse buys?
Sit and scroll through your online banking to see how much you can cancel and be really honest with yourself. Is a gym membership you use once or twice a month worth delaying your house purchase for?
Try this: Do a quick monthly review of your non-essential spending. Just 2 minutes, but the accountability will help keep you on track.
Top tip: Did you know that our secure online portal offers personalised spending insights to help you see exactly where your money is going? And don’t worry – it’s private to you, not shared with your adviser.
5. Practice the 24-hour rule
Impulse spending is one of the biggest enemies of saving. Give yourself a cooling-off period before making non-essential purchases. Wait at least 24 hours to see if you still want or need that item.
Often, the urge passes, and you can proudly add that money to your savings instead. The dopamine hit from buying something can be short-lived, so give it time to pass.
6. Boost your income with purpose
Sometimes, cutting back isn’t enough. Adding extra income through a side hustle can fast-track your progress. Whether it’s:
- Picking up locum shifts
- Tutoring or mentoring
- Selling unused items online
- Renting out a spare room or parking space
Any extra cash can be diverted straight into your savings pot.
Make a pact with yourself: All income from your side hustle goes directly toward your goal. You’ll see the rewards stack up faster.
There’s a great podcast from Medics Money on side hustles for medics: Listen here >
7. Track your progress – watch the wins add up
You’ve probably heard it before: What gets measured, gets managed. Tracking your progress isn’t just practical – it’s powerful.
Whether you’re using a budgeting app, a simple spreadsheet, or a good old-fashioned notebook, knowing where you stand keeps you motivated and accountable.
One of my clients even uses a sticker chart on the fridge right next to their 5-year-old’s reading chart! It might sound playful, but celebrating those small savings wins with a visual cue works. Every sticker is a step closer to the dream. Knowing exactly where you stand keeps you accountable and shows you how far you’ve come.
Visualising progress can also be incredibly satisfying – think of it like a financial fitness tracker. Watching that bar go up…
8. Turn saving into a game – make it fun
Saving doesn’t have to be a grind. It can feel like deprivation. Add some fun to the process by gamifying your financial habits:
- Try a no-spend weekend challenge
- Start a savings bingo card (tick off goals and reward yourself)
- Use cashback and reward apps to score extra funds
- Compete with a friend on who can save the most in a month
Making it enjoyable keeps you engaged and makes reaching your target more exciting. This is all about deferred gratification, not missing out!
9. Use visual reminders
Life gets busy, and it’s easy to forget why you’re saving. Visual cues can keep your goal front and centre.
- Change your phone wallpaper to a photo representing your savings goal.
- Stick a picture on your fridge.
- Use a physical jar or envelope system to watch their money grow.
Keeping your goal visible helps you stay mindful about your spending and more intentional with your savings.
10. Celebrate small wins
Reaching a milestone deserves recognition. When you hit a major target, say, your first £1,000 – treat yourself. Just make sure the celebration doesn’t derail your momentum. A low-cost reward, like a nice dinner or a mini staycation, can reinforce your progress and keep your spirits high.
Saving is a journey, not a sprint. By acknowledging each victory, you’re more likely to keep going until you hit the finish line.
Final thoughts
Start small, think big and stay consistent. Financial goals can feel daunting, but with the right mindset and strategy, they’re absolutely within reach. By making your goal crystal clear, building consistent habits, and adding a dash of creativity, you can achieve more than you thought possible.
Ready to start?
Just start with one small change. Habit stacking is great. This is when you attach a new action to a long-standing habit. Example:
- While your morning coffee brews, check your savings balance
- Keep your financial to-do list next to your vitamins
- Review your budget every Friday night while planning the weekend
Try applying one of these tips today. Set up an automatic transfer or cancel a subscription you can live without. Whatever it is, consider it your first victory toward smashing your savings goals.
Your financial advisor is always on hand to help you plan and visualise the target. Remember to update them on your new financial goal!
The concepts and suggestions in this article must not be viewed as advice. As always, we recommend you approach a Financial Adviser who will take your circumstances into full consideration before providing advice.