How to save £20,000 in 2022: ‘Take your goal seriously’

AJ Bell expert discusses new 3.5% savings bond

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Saving money is often high on people’s New Year’s resolutions list, but saving more than the national minimum can seem like a goal far too overwhelming to even write down. However, Smaggle blogger Carly Jacobs shared nine simple ways to save £20,000 without even noticing, making these “unrealistic goals” far more believable.

Get rid of debt

The lifestyle blogger suggests that before even turning to savings, one should consider paying off all their debts first. 

Ms Jacobs noted that debts will always need to be paid off eventually, and while it may mean a few months of being skint it will be worth it further down the road. 


Everyone wants their home to be a luxurious place for them to relax in after long and stressful days at work, but many are paying far more in rent than they need to. 

When it comes to saving for a house deposit, it can be fruitful to consider downgrading one’s current living situation in order to save more each month. 

The property market is not saver friendly to begin with, so biting the bullet and moving into a house share or smaller apartment can shave hundreds off of one’s monthly expenses which can be put towards a more luxurious home that they can own. 

Start early

Ms Jacobs noted that saving as early as possible can pay off in the end, whether through interest or simply building good money management skills, it never hurts to be financially savvy. 

Have a goal 

Roughly 80 percent of New Year’s resolutions fail, with many not even making it to February usually because the resolutions are vague and have no tangible goal or plan to back them up.

As Ms Jacobs commented “A deposit on a house” is not a tangible goal, whereas saving £20,000 is. 

“Saving for an aimless theoretical chunk of money won’t help you take your goal seriously,” she commented. 

Through proper budgeting, one can estimate how much they can save in one year depending on their income and necessary expenses.

Sticking to a budget and remembering one’s goal is vital to helping one’s resolutions last until March and beyond. 

Save daily

Many financial experts recommend saving between 10 and 15 percent of one’s salary every month. 

However, as Ms Jacobs experienced, this type of savings strategy can be difficult for casual employees, freelancers and creators or gig economy workers. 

She suggested rather than a monthly savings amount, people should put away a specific amount every day “even when times are tough”. 

Sell dust collectors

Post-Christmas chaos in one’s home is natural, with a range of new items that are simply going to sit on a shelf, in a cupboard or a loft for the rest of the year collecting dust. 

Ms Jacobs recommends selling these items, as well as any others one doesn’t need anymore: “You could have an extra few thousand dollars sitting around your house in items that you never use.”

Automate savings

For those that do receive a regular paycheque it is advised that they direct debit or automate their savings. 

By putting a set amount aside every month right after one has been paid they are likely to not feel the pinch as much because they didn’t notice that the pounds had been taken in the first place. 

Be consistent

Ms Jacobs’ final tips for saving £20,000 is to be as consistent as possible. 

Saving monthly or daily is ideal as the pounds can quickly stack up, but regardless of the strategy one chooses, sticking to it throughout the year is key to even coming close to their financial goals. 

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