We are now 8 weeks into 2020, which also means we are in Week 8 of the 52 week impulseSave® challenge.
January always seems to feel like a long month, whereas February is always a nice and short one, but this year February will actually stretch out one day longer thanks to the Leap Year.
If you’re following the challenge, this week you will be contributing £8 . This would take your total amount invested so far to £36, if you are doing it by following the calendar. If you decided to complete the challenge in reverse, you would have invested £388 this year.
Whichever way you are doing it, here are some tips to keep you motivated:
- Use impulseSave® reminders so you never forget your weekly investment.
- Print our impulseSave® challenge calendar and tick the weeks off as you go.
- Track your progress by logging-in regularly through the True Potential app to see how your investment performs.
- To get around the issue of having one expensive month and one very easy month, you can check off as much as you can each week. If you top up £52 today, you can check off Week 52, and if you top up £36 next week, tick Week 36.
If you complete the 52-week impulseSave® challenge, this will add an extra £1,378 to your investment over the year. This investment could be worth £2,000 if left in a Stocks & Shares ISA for ten years based on an assumed 5% annual growth rate*. With the extra day of the leap year, why not add a little extra and do even more with your money?
How Can You Join the Challenge?
It’s not too late to join the challenge. Getting started with impulseSave® is easy, you just need to add a debit card to your account once and it’s securely saved for future top ups. You can access impulseSave® online and via our mobile apps.
To top up, all you need to do is log in, choose your amount and comfirm payment – it takes a few seconds.
Daniel Harrison, Chief Executive at True Potential, said: “Everyone kicks off a new year with the best of intentions but we all know it’s hard to stick to good habits. Unlike other resolutions, which often fall by the wayside, the impulseSave® challenge works because it’s quick to do and savers can see every day that it’s having an effect.”
With investing, your capital is at risk. Investments can fluctuate in value and you may get back less than you invest. Past performance is not a guide to future performance. Tax rules can change at any time. This blog is not personal financial advice.
*The calculations take into account our average annual fee of 1.16, they don’t take into account the impact of inflation, which will reduce returns, and assumes you only make the contributions as set out
< Back to Blog