Me and my husband have got various savings goals at the moment – some short term and some more long term – and I think it’s very important to have savings goals. We’re currently looking at re-doing our bathroom as it needs completely gutting and done from scratch as the previous owners did a DIY job that was poorly executed. We are going to pay for our complete bathroom project with cash and the only way we can do this is by having good, attainable saving goals.
It does not matter how small your goal is. It might be that you want to save £200 towards Christmas or you want to go away for a romantic weekend and not put it on a card. The main aspect is that you have a number in mind to reach. Then, you can work out how much you need to save each week/month so that you can reach your goal.
Having a goal means you are more likely to reach your target. Having a specific goal and number is an immediate motivational tool. You know what you want to achieve, and you are the only one who is in charge of that goal. I don’t know about anyone else, but as soon as I say “I want to save X amount for Y” I’m much more likely to actually achieve it. The competition aspect within comes to play! The closer you get to your target, the more this comes into focus.
If you are saving for a larger amount, then breaking it down into smaller, more manageable goals will make it seem easier. For our bathroom, we set ourselves a top budget of £4,000. This is because we will need the walls re-plastering, an exactor fan put it, some electrics changed and then everything else on top. It’s going to be expensive! So, we set ourselves a challenge of putting at least £200 into the bathroom fund every month since last year. £200 is a lot easier to manage than thinking about £4,000 in one go! Sure, it’ll take a while but then saving for multiple things (we’ve got lots of savings goals for different things going on at the moment!) takes time. Breaking it down into percentage points can also help. Thinking you are 25% of the way to your target, for example, can spur you on!
Don’t be disheartened when the going gets tough. The thing about saving goals is that sometimes, real life can get in the way. We try and save and/or overpay around 35% of our income every month, but sometimes unexpected expenses come up. And that’s alright – that’s what happens sometimes. But, we will get there in the end, thanks to our planing and saving goals all figured out.
Do you have any saving goals? Do you have any tips for staying motivated? I’d love to hear from you!
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