How to Save Up for Your Financial Goal
Here’s another helpful post from our friends at Savvy Sugar. Check it out:
Saving money can seem like a mission impossible when you’re already pushing your bank account every month. It’s not necessarily easy, but it is most definitely possible. Learn the most important tricks for saving money, and you’ll be that much closer to getting exactly what you want.
Make It a Priority
Whether you’ve set your sights on a vacation, a new bag or a security deposit on a new place, the best chance of reaching your goal is to make it a priority. Set up a separate savings account and have regular amounts transferred from your checking account.
Know Your Habits
Change is difficult to achieve when you don’t know where to start. How can you pinch pennies when you don’t know where those pennies are going in the first place? Use an online money management system to show you where you’re spending and track your spending with a good old pen and paper when using cash. After about a month, you should have a decent idea of your spending habits.
Formulate a plan including an ultimate deadline by determining how much you plan to save each month. Having a due date will cause your tendency to procrastinate to take a backseat.
It’s more likely that you’ll hold yourself accountable for your savings goal if you tell a friend or family member about what you’re trying to accomplish. If it’s something you don’t feel comfortable sharing, then simply write it down.
Pick Your Vices
Speaking of realistic, nothing threatens your goal from the start like swearing off all splurges. Allow yourself one or two things that would never be mistaken as prudent but always make you happy.
To see the rest of the tips on saving up for your goals, head over to Savvy Sugar.