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When you set yourself a savings goal, it’s important to get a savings plan together so you can make your dream a reality. After all, a goal without a plan is just a wish. Some kind of pipe dream really. So if you have a saving goal, whether it’s a holiday or a house deposit, here are some tips to get you there.
To know where you are going to have to know where you are. Take a look at how much you are going to need for your savings goal. With a holiday, you will want to take into account any expenses you may have to cover while you are away, incidentals and the obvious things like transport, accommodation and food. There’s no point saving for a month-long vacation if you can’t afford to pay your rent while you’re gone.
Saving for something large like a house deposit can take you years, depending on your circumstances. So you need a plan to keep you on track. Work out what your small range targets are;
As you go along, take a look back at your savings plan and compare it with where you are at. Regular review of your goals means that you have time to adjust or make a correction of you aren’t going to make it. It can also be really exciting to see how far you have come!
For most ‘things, we want’ there is a deadline in mind, otherwise known as ASAP. Set a target to knock it out in 3, 6 or 12 months and get on with things. For other larger things, far off goals like buying a house or paying out your student debts, you need a timeframe to keep you going. It may mean you have a goal over the next 5 years to save enough for a house. That you want to pay a little extra each week for the next 3 years to your student loans to pay them off faster. Have a timeframe in mind and it gives you a finish line to focus on!
Those who review, remind themselves and publicly commit to their savings goals, are more likely to achieve them. In your case letting people around you know that you are saving for something may mean they are a little more considerate if you turn down the fourth dinner invitation for the week or the second movie outing… You are saving, it’s a real goal, and you may have to make compromises. Let those around you know what you’re up to so they don’t think it’s about them.
HOT TIP: For help tracking your savings goals Money Smart (an Australian Government website) have a great goal tracker you can use. Find it here TRACK MY GOALS.
Melissa is the Leave Home Blog Boss. She is living the high life in her hometown, didn’t finish her marketing degree & drinks too much on a Thursday night. Blogging since 2009, Melissa decided to put everything she knows into making The Leave Home Blog a light & easy how-to guide for being a grown up.