Setting a savings goal

So we are now in to the new “financial” year. Did you set yourself some big goals for this year and have not moved any closer to them yet? Do not let get disheartened, there is still time to get on track.

The most important step in reaching a goal is to create one. That’s right – it is as simple as setting yourself a target. The end of the year can be an expensive time so why not set some targets around this such as saving $1000 for Christmas or a holiday over the Summer.

Once you have a goal in mind the next step is to break it down in to weekly amounts. If we say there are about 30 weeks till December and our goal is to save $1000, then we need to be saving around $30 per week. Sounds easy and achievable right.

The next step with our goal is to take action. The easiest way to do this is to set up a direct debit each week taking the amount you want to save out of your account and in to your savings account. It could be worth talking to your bank about setting up an account for your savings that you can only make deposits in to and not withdrawals – this will really help keep you on track.

So you are really on the right path now but the key is to BE CONSISTENT. Ensure that you stick to your weekly targets and set yourself little milestones along the way to celebrate getting closer to your goal.

Good luck with your savings plan!

If you want to see some savings projections, click here check out the savings calculator on our website.