Setting a saving goal is super motivating and such a valuable skill to have. When we get in to the habit of goal setting, we set ourselves up for savings success! Here’s 6 top tips to get you off to a great savings goal start!
- Define it. Give your goal a name
- Cost it. Work out how much you’re going to need
- Plan it. Work out how long it’s going to take
- Stick with it. Resist the temptation to spend
- Picture this. A visual reminder to keep you on track
- Reach it. Keep your eyes on the prize
First up. You need to define and name your goal. What are you saving for? Is it for a holiday, a festival, a new wardrobe, piece of tech or maybe a car? Whatever it is, once you’ve named it, it becomes a real objective to strive for and you’ll be much more focused than if you decided to just vaguely ‘save more money’.
Having defined your goal, you now need to work out how much you’re going to need to reach it. You might already have an idea on this cost, but if not, do a little research and talk to friends and family to get a sense of the pot of savings you’re going to need based on their experiences. Remember to be realistic and keep your savings goal attainable.
Now you know how much you’re going to need to reach your goal, set yourself a time frame on when you’d like to reach it and based on that, how much you’re then going to have to put by weekly or monthly. If you’ve a part time job or get regular pocket money, it might mean that at least 50% of what you receive will need to go toward your savings goal.
The one thing that can throw you off track when you’ve set your savings goal is the temptation to spend on other stuff. Before you do, ask yourself two important questions. 1. Do you really need it? 2. Will spending that money mean you might not reach your saving goal? You see, having money isn’t a reason to spend it willy nilly. You’ll learn it doesn’t come easily. A savings stash takes time and dedication to build. So, protect it and your goals and resist the temptation to spend or spend wisely.
Another great way to keep on track when it comes to your savings goal is to save a picture of it on your phone or put a picture of it on your bedroom wall, so that when those urges to dip in to your savings come knocking, you’re more likely to resist and stay on track.
Having a dedicated savings account for your savings goal is the perfect way to ring fence your moolah and protect it from those itchy spendy fingers. So create a home for your savings goal and watch it grow.
It’s such a great way to remind you of what it is you're aiming for and think how happy you’ll be once you get there!
