If the January blues are getting you down and you are dreaming of that warm holiday destination, now’s the time to start saving for it. Not as easy as it sounds, according to Monster’s latest survey, which shows that over half of Brits (51%) save less than a month’s salary.
The Monster Meter asked, How much money does your current job allow you to save? 1,122 Brits placed a vote, revealing:
40% (447) - More than 4 weeks’ worth
35% (395) - 1 week’s worth
11% (126) - 2 weeks’ worth
9% (103) - 4 weeks’ worth
5% (51) - 3 weeks’ worth
Financial advisors suggest we should aim to save 10% of our salary, but this may sound unachievable for most UK workers, especially in January when extra pennies are non-existent. However, Hernan Daguerre, director of communications, Monster.co.uk offers encouragement:
The new year is a great time for reassessment and if you have made a resolution, whether it is setting up a savings account, finding a new job, or improving your work/life balance, make sure it happens! Also, with the economy set to improve this year, those who have sold themselves short in the past should feel more confident about exploring their career opportunities. Changing jobs is usually the best way to achieve considerable salary improvements.
Monster’s Top Tips for Saving Money in 2004:
-Take a packed lunch to work. Work out what you spend each day on coffee and sandwiches, and then work out how much you spend each week and month and realise how much you could save!
-Set up a direct debit. If you can afford to make savings each month, set up a direct debit into a savings account. However little each month’s contribution may seem, you are saving money without having to think about it.
-Don’t spend more than you earn! Set yourself a budget and stick to it. Even give yourself a daily allowance if it helps you to manage your money more effectively. It takes will-power but it will pay off!
-Lists, Lists, Lists! Are you always wondering where your money went at the end of each month? Start jotting down everything you spend - you will become far more aware of your expenditure and will be able to identify where to make savings.
-Clear your debts. Letting your debts mount up means that interest will spiral, making the situation worse. Even if it means having a meagre few months, paying off any debts should be your first priority, so you can start afresh.
The results of the current Monster Meter are based on votes cast by Monster.co.uk visitors from 8th December 2003 to 5th January 2004. Only one vote per user is counted toward the final tabulation.
The Monster Meter, a product of Monster,is a series of online polls that gauge users’ opinions on a variety of topics relating to careers, the economy and the workplace. Anyone interested in voting in Monster’s current online poll may do so by logging onto
Broke Brits save less than a month of annual salary
Over a third of British workers are able to save only one week’s earnings per year