How To Create A Savings Goal Timeline
Are you wanting to save for something special? Purchasing a new car, saving for your wedding, or shopping for furniture will be a breeze with a savings goal timeline in place. No matter if this requires you to save three weeks, three months, or three years, outlining a goal roadmap will make this journey easier!
Use a Planner to Stay Organized
When it comes to forming a savings goal timeline, getting started is the hardest because you don’t know how or where to begin! The perfect way to manage tons of thoughts are when they’re written down. Your planner can help you remember ideas, while being a clear “one-stop-shop” to view your timeline.
Use your planner to name your goal, jot down quick notes, to-do lists, or deadlines. Color coordinate tasks for better memory and put stickers on important dates—get creative!
Set Your Savings Goal
What are you saving for?
How much money will be needed?
How long will you need to save?
Answering these three questions means you’ve officially made a commitment to your future accomplishments by choosing a specific reason to save! This is a starting point for motivating you and will be the foundation for further steps.
Calculate Your Monthly Income & Expenses
It’s time to bring out the calculators! If you have more than one source of income, calculate the total dollar amount you receive monthly. This ensures that you’re aware of all your regular earnings.
Analyzing your monthly finances is beneficial when deciding an achievable goal and knowing the dollar amount that you’ll have leftover to save. This includes adding monthly rent, groceries, entertainment, insurances, car notes, and any other recurring bills.
Build Your Budget
Using an online financial calculator is great for determining how much is needed, and how long it’ll take to reach your savings goal.
I know we all hate this part, but saving money comes with sacrifice! Take a moment to review your entertainment expenses, monthly subscription and membership fees, and restaurant expenses. These areas, along with any other spending you feel can be reduced, are great places to start.
Keep Tabs on Your Budget & Savings Goals
Finances are not something you just “set and forget.” Plug in dates that will serve as requirements for you to do reflections on your progress. Setting benchmarks provides time to figure out areas of improvement and make revisions. You don’t want to be halfway through your goal timeline and notice you’re behind $500 on saving---that’ll be a bummer!
Treat Yo’ Self
Once reaching milestones… treat yo’ self! Saving doesn’t mean you should stop enjoying life or not spend any earnings on yourself! Being encouraged will keep you working towards your goal, especially a long-term goal.
Work with a Financial Professional to Stay On Track
Periodically, speak with a financial counselor at your nearest credit union to examine your progress and financial activity. They are an asset for keeping you on track!
