What do you need a saving plan for?
- Save for a rainy day – those inevitable things in life that you can’t plan for.
- Save up for those big bills – put enough away into a separate account every week so that when these bills come in, you’ll have the money!
- Save for sunny day – and best of all, it’s nice to save up for some luxuries or fun things just for you and your family.
Savings goals will allow you to achieve all of this, without any made rush scrimping at the end or going into more debt. You can even automate payments into your bank account so that your savings goals really are no hassle.
To prepare your own savings goals, just list down what you need to save for [and why], how much you need and when you need it by.
You can then work out how much you need to save from your pay every week [just divide the amount you need by the number of weeks you have to save that amount]. And hopefully this weekly amount can be accommodated by your budget!
For example, if you are saving for a nice weekend to celebrate your wedding anniversary in 10 weeks time, and you want to save $1000 for the celebration, you will need to save $100 per week. Can you afford this in your budget?
If it’s only a short term goal, you may be able to make some short term sacrifices [like cutting back on your daily latte from the coffee shop] to help, but long term sacrifices may make you feel trapped by your saving plan.
You MUST be committed to your savings goals, and stick to your plan every week. Don’t be tempted to dip into your savings account for other uses [unless it’s a REAL emergency] and be diligent with your weekly payments!
Trust me – you’ll be a super saver in no time, with your new personal saving plan.
There's a saving plan template in the ToolBOX under the section on 'Financial Tools' to help you with your savings goals. And chech out our sister site Your Money and Finance for more 'how-to' information on saving.
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