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SETTING SAVINGS GOALS

Help yourself save by setting savings goals

So as we’ve said, 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 a whole lot 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 $60 a week – we need to re-think the goals, the timeframe and the plan….

 


 

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Any advice in this information is general and has been prepared without taking account of your particular objectives, financial situation or needs. Before you act on any advice you should consider whether it is appropriate for you. IMB Ltd trading as IMB Bank ABN 92 087 651 974 AFSL/Australian Credit Licence 237 391