How To Save For Any Large Goal In 6 Easy Steps
Everybody’s got a secret (or not-so-secret) luxury dream. Maybe you want to spend a month hiking through the Australian Outback. You might be hankering for an extravagant RV. Or you might secretly be fantasizing about completely remodeling your kitchen.
Whatever your dream might be, we’ll show you how to make it happen!
Create a savings goalSpend some time researching the going price for your personal dream. This number will be your savings goal. Next, establish a target date. Now divide your savings goal by the number of months that will pass until you reach your target date. This number is the amount you will need to save each month.
Review your monthly budgetNow, let’s take a look at how much money you spend and earn each month. To do this properly, track your expenditures and income for a month or two.
Identify your trouble areasTake a closer look at how you’ve been spending your money. You can’t do much about fixed expenses, but you can always tweak the way you spend on fluctuating expenses, like groceries, clothing and entertainment.
What are your biggest pitfalls? Which spending category is draining your wallet dry? Once you’ve figured that out, you’ll be better prepared to cut back.
Trim your budgetStart with your biggest money hole and brainstorm ways you can tighten the strings. Once you’ve got a few good ideas in place, move on to other areas. Continue until you’ve trimmed enough fat to reach your monthly saving goal.
Make it automaticYou’ve got your numbers worked out – now let’s make it happen! The best way to ensure you stick to your plan is to make it automatic. You can do this by linking your checking and savings accounts and setting up an automatic transfer in your chosen amount to complete once a month. Give us a call at 888-794-1001; we’ll be happy to help you set this up.
Boost your incomeIf you want to speed things up, look for ways to earn extra money to put into savings. Consider freelancing for hire, consulting in your area of expertise or even taking on weekend jobs to help pad your pocket. A side hustle will help you reach your goal a whole lot sooner!
We’ve shown you how to do it; now get out there and make your dream come true!