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.

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….

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Important Information

Important Information

This article has been prepared by IMB Bank and contains general information only. It is not intended to be relied on as advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal,  financial, taxation or other professional advice before you make any decisions about your business. Consider the relevant Terms and Conditions or Product Disclosure Statement and Target Market Determination available here before deciding whether to acquire any products or services offered by IMB Bank. Lending criteria, terms and conditions, fees and charges apply to IMB loan products.