Setting savings goals

Help yourself save by setting savings goals

Different people have different reasons for saving money. You could be saving for a short term goal (concert tickets, new jeans), a longer term goal (gap year, new car) or anything in between. Whatever you’re saving for, it can be easier if you’re working towards a goal.

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And by goal, we don’t mean, ‘I’m saving to buy a car one day’ we mean ‘I want to buy a car next year, so I want to save $3,000 over the next 12 months – but that seems too hard so I’m going to split the amount and time by 4 and focus on saving $750 in 3 months instead. There’s around 13 weeks in each 3 months, so I need to save $60 a week to reach $750 in the timeframe. When I do that I will reward myself with $30 to spend on whatever I want. (saving $60 a week over 13 weeks will actually give you $780 so you have factored in your reward already - hurrah) then if I can just do that 3 more times…’

Here's how that looks in pictures:

See the difference?

Make it easier to win at saving by having

• a goal
• a timeframe and
• a plan to meet your goal within the timeframe.

SIDE NOTE: If you can’t save your preferred amount per week – you need to re-think the goals, the timeframe and the plan….