Page 64 • The HERALD • 28th March 2024 v THE HERALD - Proud to be part of your community v ASK A PROFESSIONAL MAKING SAVING A GOOD HABIT!!! by Michael Osman, Oyster Financial Planning On average it takes more than 2 months before a new behaviour becomes automatic. In a recent study a di erent view was anywhere between 18 to 254 days for people to form a new habit. So anywhere between 2 and 9 months would seem fair. I’ve written before about how at Oyster we encourage our clients’ children to start saving 10% of their earnings once they start earning a decent wage. Start them saving 10% (once a small cash emergency fund has been established) into longer term type savings like a Stocks & Shares ISA with a suitable level of investment risk being taken. If they do this, rst o , a er doing this for a while they won’t miss the 10% being saved. Secondly, a er a few months of doing this and not missing the money they will see their savings start to grow and based on the numbers above, a er 2-9 months this new saving habit will become a habit. A good habit to create and stick to. is saving can then be used for a bigger purchase in the future, a house deposit for example. Especially important with the ratio between house prices and earnings being so stark right now. What I would also say is this 10% saving habit doesn’t have to be exclusive to young adults just starting work. It can apply to everyone. With a new tax year just starting why not start now! I know the cost of living is hurting many of us but if there is any disposable income available in your house why not start this savings habit today and see where it takes you!! To discuss longer term a ordable savings for your children, grandchildren or indeed you why not get in touch with Oyster Financial Planning in Hythe Village. 023 8084 8410 or email: michael@ oyster nancialplanning.co.uk Michael Osman
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