Setting goals to save money

Set short-term and long-term savings goals.

 

You want to have short-term goals (1 to 5 years) and you want to have long-term goals as well like saving for retirement.

 

Have specific goals and know exactly how much you need to save in order to reach those goals. You need to know the exact amount you should be saving each month so that you know if you need to work on your budget. Do you need to add income? Is it possible for you to make the income needs to achieve your goals where you currently work? Are there others in your industry that make the kind of money that you want to make? Are you already at the ceiling and making the most you can make at your current job or is there room for growth?

 

If your income is good but you still are saving much money then it is time to look at expenses. After all, it’s not about how much you make, it’s about how much you keep!

 

Find what gets you motivated and excited so that you stick with your plan when times get tough. Saving doesn’t always equal sacrificing but you need to be willing to sacrifice if that is what is needed. Your goals will keep you on track in moments of weakness when you see that brand new car you really want or that purse you just have to have! In those moments, you need those things that are far more important to you to pop into your head.

 

Make a list of all of the things that you would like to have and be able to do. Picture what it will feel like when you are able to have those things, imagine the feeling of being able to give your family the things they deserve and what it will be like to help other families as well! Also, think about what it will feel like in 5 to 10 years if you don’t reach your goals and you are still in the same place you are in today. That car or purse will be long gone and so will the opportunity you had to reach your goals.

 

Want to buy a house? Want to buy a car? Pay for college? Pay for a wedding? Invest in the stock market? Invest in real estate? Be in a position to help others? Save for retirement? 

 

It’s good to have big goals and something to always be striving for but also set small goals so you are getting wins along the way to keep you excited and motivated. Reward yourself for achieving your short-term goals but the feeling you get when you see your bank account growing will become addicting and you will likely become even more frugal so that you can put everything you have into savings.