According to new data from NS&I’s Savings Survey, UK savers who set themselves goals are likely to save 44% (£42.50) more each month than those without a savings objective. That constitutes an additional £500 over a full year.
On average, Britons with regular savings goals are managing to set aside £139.79 each month compared with £97.28 for those without a goal.
Almost a fifth (19%) of people with a savings goal set aside more than £250 each month compared with just 9% of those without savings goals.
NS&I savings spokesperson, John Prout, said: “Our research shows that savers who set specific targets stand to reap the rewards.
“For instance, an extra £40 a month saved could cover the cost of insuring your car for a year, or perhaps pay for that very special weekend break.
“Setting a specific objective is a good way to stay motivated, even if it’s only a small amount being set aside each month.”