Setting Saving Goals

Discussion in Savings & Investments Plans started by Denis Hard • Jul 1, 2015.

  1. Denis Hard

    Denis HardWell-Known Member

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    Without saving goals any attempts to save money would end in failure because you've got nothing to work towards. Think of it as a journey with no destination in mind. You could stop anywhere, even 10 miles down the road. Same could apply to saving with no clear set goals. It's be pretty easy to lose focus and start misspending your money.

    Set saving goals [long term or short term] — with your eyes on the goal it's easier to get what you want.
     
  2. xTinx

    xTinxWell-Known Member

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    I never run out of saving goals, but that's the problem. There's a big difference between just setting up a definite budget and making sure you don't exceed the amount you set, ultimately failing to comply with your saving goals. I guess for this approach to really work, the person should discipline him/herself. Without a strong willpower to stick to those goals, then chances of failing are high.
     
  3. Dora M

    Dora MWell-Known Member

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    I have always put money aside since I can remember. I don't necessarily need a saving goal. For me it's enough to think of possible emergency situations that make me stow away money in all kinds of places, even around my house. I simply don't like the feeling that I don't have any kind of back-up cash should I run into sudden problem. A certain feeling of financial security is essential to my well-being.
     
  4. Denis Hard

    Denis HardWell-Known Member

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    One could think of some good reasons why they must never allow themselves to fail. It could be something big — save enough money to start a business which would get them financial security, save money they'll use to buy a home or simply save some money which they''ll spend in case of emergencies. Having good reasons why they need the money should keep them motivated to keep saving no matter what.
     
  5. xTinx

    xTinxWell-Known Member

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    Well, yes. I guess you're right. One must have a strong compulsion - or a compelling reason - to save. When you're the type of person who lives in the moment, then savings may not really be a primary concern. However, if you are looking forward to the future, then it's like to actually comply with the goals you set for yourself. It's great to put out an emergency fund too. We tend to live so much in the here and now that we sometimes forget that we have a future to consider too. So points well taken. :)
     
  6. Lushlala

    LushlalaWell-Known Member

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    Yours are very wise words, Denis! I always observe them, but at the moment I'm just getting back on my feet and I'm currently focusing on keeping my head above water. BUT as soon as I've settled in, I'm going right back and saving, saving, saving. There's nothing as comforting as knowing that you have a safety net to fall back on, should anything go wrong. After all, nothing is guaranteed in life. I've just secured a job that could go belly up for whatever reason. I'm not being negative, just trying to be practical is all.