Setting goals is essential, but oftentimes, long-term goals can seem unattainable and all too easy to let fall by the wayside.
The good news is achieving your financial goals is all about making sure you have the right tools to set yourself up for success from the beginning – so we’ve created this four part series to do just that!
What do you say – shall we turn 2017 into twenty-save-enteen?
This week's key points
- What’s your goal?
- What’s your timeframe?
- Calculate your monthly savings
What’s your goal?
First things first: be clear about what your goal is. It’s next to impossible to successfully save for something if you’re not clear on the end goal.
Is it a new car? Spending your Gap Year road tripping across the States? Dream wedding in Bali?
The key is figuring out your total savings goal, so you always have that big number to work towards. Factor in a bit of a buffer to cater to fluctuations on non-fixed expenses like venues and flights.
What’s your timeframe?
The next step is understanding how much time you have to reach that big end goal.
When’s the wedding? Want to be sure you’re in Cali in time for summer?
If there’s no set date – pick one! Reaching big goals is much easier if they’re broken into smaller milestones (e.g. monthly savings goals), and in order to do that you’ll need to know your overall timeline.
Calculate your monthly savings
Finally, now that you’ve landed on a total number and given yourself a timeframe to work to, it’s time to calculate how much you’ll actually need to save each month in order to reach your goal successfully.
The Savings Goal Calculator is just the tool to calculate the payments required for you to achieve your savings goal within your specified timeframe, making it that much easier to figure out how much and how often you need to pack it away to reach your goal.
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